Opening a Bank Account During This Lockdown

SBI or the State Bank of India, in June, re-introduced its SBI Insta Saving Bank Account. This facility is for those people who wish to open a digital savings bank account online. One can create the account through SBI’s online integrated banking platform, YONO.

However, SBI is not the only bank right now to give this facility. Other providers include ICICI Bank, Axis Bank, RBL and Kotak Mahindra Bank. With this facility, people won’t have to go to bank branches in this pandemic to open savings bank accounts. 

Have more questions? We have all the answers right here!

What’s the process to open a savings bank account online?

To apply for a savings bank account and to open one, you need to download the mobile app of the bank where you wish to open the account at. For instance, if you choose SBI bank, then you have to use YONO. At these apps, you need to register yourself with information like name, PAN and aadhar card numbers, and several other details.

Is it necessary to give Aadhar card details?

Yes, it is. You can’t open an account online without giving this detail.

Who is eligible?

 Are you an Indian citizen, above 18 years of age, and have a PAN and Aadhar card number? Does your Aadhar link to your mobile number? If so, then you are eligible.

Do these online savings bank accounts have a fixed validity?

These are valid only for 1 year. If you want to continue beyond this period, you need to submit the complete KYC service details by visiting the nearest branch. Documents you need to submit in that case include voter ID, passport and PAN card.

Is it necessary to maintain a necessary balance in the digital savings bank account?

It is necessary to maintain a certain minimum balance. If you fail to do so, charges shall be applied. For ICICI Bank for instance, one needs to maintain a minimum monthly average balance of Rs. 10,000. As for charges, you’ll be charged with Rs.100+5% of shortfall amount.

Will there be an acknowledgement from the bank once the account is opened?

 You will get an SMS and a welcome email on your registered mobile number and email. Additionally, you may also get complimentary services from some banks. You can choose to get a debit card, but its delivery shall be delayed due to the pandemic. You’ll get a checkbook only after giving all your KYC details at the nearest bank branch.