SBI Insta Savings Account

Last Updated : March 18, 2024, 5:13 a.m.

SBI offers a wide range of savings accounts to you. With these, you can save money and get 2.75% per annum interest. And one such account is Insta Savings Account. This is for resident Indian individuals aged 18 years and above. Here, you need to maintain a minimum balance as per the SBI Normal Savings Account. The deposit in a year should not exceed INR 2 Lakh. Suppose you deposit INR 10,000, 12,000, 8,000, 30,000 at different intervals in a year, so the sum of them should not be more than INR 2 Lakh. Let’s learn more about the Insta Savings Account SBI on this page below.

Check Out SBI Insta Savings Account Features

When you decide to save money with SBI Insta Savings Account, make the most of the following features –

Account Opening with YONO App

This SBI mobile app helps you open a savings account in a few clicks. To open a Yono Insta savings account follow these steps –

• Download YONO App from the play store or apple store on your Android or IOS smartphone
• Click on the ‘New to SBI’ button
• Select the ‘Open Savings Account’ option
• Click on the ‘Without Branch Visit’ button
• Choose ‘Insta Savings Account’
• Enter your PAN and Aadhaar Card details
• Enter the OTP you’ve received on your Aadhaar registered mobile number and other details
• Complete the video KYC
• Now, your Insta Savings Account SBI is open
• Your account gets activated for debit transactions after the verification made by the bank officials

Select Home Branch for SBI Insta Savings Account Opening

If you do not prefer YONO SBI Insta Account Opening online, use the offline service. SBI allows you to select any nearby branch office as your home branch. Visit the same and open a savings account. To apply for the Insta Saving Account, follow the below steps –

• Fill in an application form and mention all the details
• Attach the required KYC proof and passport size photograph
• Submit the same at the counter and wait for the bank’s approval

Nomination Facility

You can add a nominee to your Insta Savings Account SBI using the YONO app. As per the guidelines of SBI, you can add only one nominee. This facility is mandatory for all deposit accounts. If you open a savings account in an individual capacity i.e., singly or jointly, the nomination is necessary. But for representative capacity accounts, you don’t need a nomination.

You can do a nomination in favor of one person only. However, nomination in favor of more than one person is allowed in jointly operated locker accounts. Make or cancel the nomination anytime you want. But if you do the same, you need a witness. And all the account holders need to sign such requests.

Can a Minor Become the Nominee for SBI Insta Savings Account?

Yes, a minor can also be a nominee. But the natural guardian will receive the amount on their behalf unless they attain the age of 18 years or above. If you have an existing SBI Savings account and haven’t added a nominee, visit the branch and fill in an application form for the same.

Your nominee has to receive payments from SBI only after your death. And in the case of a joint account when both the account holders die.

If you don’t wish to nominate, mention that in your SBI savings account opening online form with your signature. But if you want to add a nominee, check out the below registration process –

• Visit the official website of SBI
• Log in to your account
• Click on the ‘Request & Enquiries’ button
• Select ‘Online Nomination’
• Enter account number and nominee details
• Click on the ‘Submit’ button
• Registration of Nomination through YONO
• Log in to the YONO app
• Click on the ‘Services & Request’ button
• Press the ‘Account Nominee’ button
• Click on the ‘Manage Nominee’ button and select the account number from the drop-down
• Fill in the nominee details and submit

You can do a nomination through Home Branch by submitting a duly filled nomination form. Download the same from the official website of SBI.

Rupay Debit Card for SBI Insta Savings Account Holders

You’ll get a basic Rupay Debit Card from SBI to withdraw cash or make transactions. This card comes with numerous features to make your transactions easier. The classic debit card does contactless transactions and helps you get five liters of petrol at discount. You don’t need to pay any additional charge for the debit card.

With the Green PIN process, you can easily generate your debit card PIN. Upon receiving the SBI ATM cum debit card, go to the SBI ATM and follow the below steps –

• Insert your card into the ATM
• Select the option of ‘PIN Generation’
• Enter your SBI Insta Savings Account number
• Click on the ‘Confirm’ button
• Enter your mobile number and press ‘Confirm’
• This – ‘Your green PIN will be shortly delivered to your registered mobile number’ – will pop on the screen
• Press ‘Confirm’
• The following will display – ‘Your Green PIN generation is successful and you will receive the same on your mobile number’
• You will get a One-time PIN (OTP) on your mobile
• Remove and reinsert your debit card
• Select ‘Banking’
• Choose language
• Enter the OTP
• Select the ‘PIN Change’ option
• And enter a new four-digit PIN of your choice

You can generate a PIN by sending an SMS PINand < last four digits of the savings account> to 567676. Now, you will receive an OTP which will be valid for two days. Visit the SBI ATM and follow the above-mentioned steps.

Electronic Statement

SBI will send you an e-statement for your savings account . With this, you can track the total number of deposits and withdrawals made in the previous month. However, its duration is subject to the discretion of SBI. You’ll receive these statements at your registered email address. Else you can check SBI Savings Account mini statements using the YONO app.

SBI Insta Savings Account Minimum Balance Requirements

Previously, SBI required a minimum balance of INR 3,000, 2,000 and 1,000 in metro, semi-urban and rural areas. And in the case of non-maintenance of the SBI Insta Savings Account Minimum Balance, you had to pay a penalty of INR 5-15 + GST. But since 11th March 2020, SBI has waived off the minimum balance requirements for savings account holders .

Eligibility for SBI Savings Account Opening Online

You can open an SBI Insta Savings Account if you meet the following –

• No existing relationship with SBI
• A valid Aadhaar number and Permanent Account Number are required. If the Aadhaar and PAN Card details are different, SBI will record the Aadhaar details
• An active local mobile number linked to the Aadhaar number
• You shouldn’t do any OTP-based Aadhaar verification with any other bank or financial institution.
• Open this SBI Savings account singly
• A maximum transaction limit of INR 49,999 is valid per transaction
• Cash transaction is not permitted in branch
• Complete e-KYC through biometric authentication at the SBI home branch within one year of opening the account

Note – You can have only one Insta Savings Account and no other savings account. SBI can reject Instant Savings Account requests without mentioning any reason .

SBI Insta Savings Account Closure Norms

To close an SBI Insta Savings account, make a written request at the home branch. If you don’t complete the KYC within a year of opening the account, the account is closed and a banker cheque favoring the customer will be issued against the balance amount as in the account. You can get the cheque only after the completion of KYC formalities.