SBI YONO Mobile App Lets You Open Savings Bank Account With Zero Balance: 5 Things To Know

Mobile app YONO enables users to open a zero balance savings account with State Bank of India (SBI). This was said by the country's largest public sector bank on microblogging site Twitter. According to SBI, users can open a new savings bank account with no minimum balance via mobile app YONO till August 31, 2018 under a limited-period offer. SBI launched YONO or 'You Need Only One', an unified integrated app, last year. YONO offers all kinds of financial and lifestyle products of SBI. Customers can download YONO app on an Android-based smartphone from Google's Play Store and open a savings account instantly, right from the comfort of their home, according to SBI.

Also read: Important Things To Do Before March 31 If You're SBI Customer​

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Here are five things to know about who can open an SBI (digital) savings bank account via mobile app YONO:

1. Only Indian residents over 18 years of age with the capacity to contract in accordance with applicable laws in India, without any tax liability outside the country, are eligible for opening an SBI digital savings account, according to the bank's corporate website - sbi.co.in.

Get your Zero Balance Account today. No waiting in queue, No papers, No branch visit. The account requires no minimum balance till 31st August, 2018 as a limited period offer. Download the YONO by SBI App now: https://t.co/VFpiAhO7NR#SBI#StateBankofIndia#YONO#YONObySBIpic.twitter.com/QMDyLG52jA

— State Bank of India (@TheOfficialSBI) March 23, 2018

2. The customer must have a valid Aadhaar number - the 12-digit personal identification number issued by the UIDAI or Unique Identification Authority of India - and valid Permanent Account Number (PAN), according to SBI. 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, noted SBI.

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3. The user must have a valid and active local mobile number registered in his/her name, a smartphone and an active email address in order to avail this facility.

Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer. Download: https://t.co/VFpiAhO7NRpic.twitter.com/xgeAWGPnzF

— State Bank of India (@TheOfficialSBI) March 23, 2018

4. The user will have to successfully complete e-KYC (Know Your Customer) through biometric authentication by visiting an SBI branch. He or she also has to comply with all other requirements including KYC requirements as may be specified by the bank for SBI's digital savings bank account.

5. Only one Digital Savings Account can be opened from one mobile phone/device, mentioned SBI. At any given point of time, the customer can have only one SBI digital savings account.