Insta Savings Account

 

Eligibility

Only Resident India Individual, over 18 years of age with capacity to contract in accordance with applicable laws in India, without any tax liability outside India is eligible for opening Insta Savings Account.

  • Customer should not have any existing relationship with SBI.
  • Customer must be having a valid Aadhaar number and valid Permanent Account Number. In case Customer’s name as reflected in Aadhaar is different from that as reflected on the PAN Card, the details as per Aadhaar will be taken on record.
  • Customer must be having a valid and active local mobile number registered in his/her name, and linked to his Aadhaar number, a valid and active email address.
  • Customer should not have any OTP based Aadhaar verification based account with any other Bank/Financial Institution.
  • SBI reserves the right to reject request for Insta Savings Account without assigning any reason.
  • At any given time, customer can have only one Insta Savings Account and no other accounts

Features


a) Mode of Operation: Account will be opened in single name only. There will be a transaction limit cap at Rs. 49,999/- per transaction. Cash transaction services for this account are not permitted in branch

b) Available at:Can be opened through the YONO by SBI App/ https://www.sbiyono.sbi portal. Customer needs to download the YONO by SBI App on his/her Mobile phone/device or use the SBI YONO portal

c) Minimum Balance: Customer will be required to maintain minimum balance as defined for normal Savings Bank Account. However, Minimum balance charges for Insta Saving Account have been waived till 31st March 2019.

d) Maximum Balance/ amount:Maximum balance in the account can be Rs. 1.00 lakh only. Total credit summations in a year allowed for the account is Rs 2.00 Lacs.

e) Upgradation of Account:Customer will have to successfully complete e-KYC through biometric authentication by visiting home branch within one year of opening his account and have to comply with all other requirements including KYC requirements as may be specified by the bank for Insta Saving bank account. Customer cannot open any other account till KYC is completed by visiting the home branch.

f) ATM Cum Debit card: A basic Rupay Debit Card will be issued. ATM PIN to be generated through Green PIN process

g) Passbook Book:Passbook will not be provided in the account. Customer will be sent an audio-visual statement by email.
h) Cheque Book :No Cheque book facility will be provided for this account

h) Statements of Account: A monthly Electronic Statement will be available as per the Bank's record; however, this duration is subject to discretion of the Bank

i) Technology Dependent:Insta Savings Account for selected content is handset/operating system dependent. This Service is currently available on iPhone with iOS 8 and above, Android Phones with Android version 5.0 and above. There will be no obligation on the Bank to support all versions of Mobile Phone software.

j) Home Branch: Branch selected by the applicant will be tagged as Home Branch for opening Insta Savings Account.

k) Nomination Facility: The Nomination Facility is available within the Yono by SBI app and is mandatory for Insta Savings Account. Nomination can be made in favour of only one nominee.

l) Closure of Account by the Customer:The Insta Savings account can be closed by making a written request at the home branch only, after completing the KYC formalities. If KYC exercise is not completed within 1 year of opening the account, the account will be closed and banker Cheque favouring the customer will be issued against the balance payable in the account. The banker Cheque will be handed over to the customer only after completion of KYC formalities.