SBI Account Opening Online - Zero Balance

SBI Account Opening Online - Zero Balance

Friends State Bank of India is such a bank of India that everybody trusts

A bank that we all know will never collapse

A government bank, State Bank of India is the most secure bank

Now the best part is, the State Bank of India

provides us with a zero-balance savings account opening facility

So in this video, I'll be explaining the entire process step by step

on how you can open your zero balance account in the comfort of your home using video KYC

I'll explain the entire process

Let me show you on the screen first, how I'm going to do every step.

But the first thing we'll discuss in this video

is what the features of this account are

what are the debit card fees, is chequebook facility available or not

passbook will be given or not, what is the interest rate offered

we'll discuss all such questions first

After that, we'll check out the entire process

on how we can open a zero-balance account in State Bank of India from our home.

Now first, we can open 2 types of accounts in the State Bank of India.

First is Insta Plus Savings Account and the second is Digital Savings Account.

The Insta Plus savings account

is zero balance, the digital savings account is also zero balance

But this Insta Plus savings account

can be opened using video KYC and without visiting the branch

The second one, Digital Savings Account

For this also you have to apply online through the app

but it only generates a reference number which you have to go submit at the branch

So we're not going to open this Digital savings account

because we don't want to go to the branch.

We'll open Insta Plus Savings Account.

Now how do we open Insta Plus Savings Account?

So first, as you can see on your screen, go to Playstore

and download the SBI YONO app, OK?

The entire process I'll be telling you later in this video.

Next thing is, suppose the account is opened

so the debit card I'll get, what kind of card it is and what the annual fees will be

So in this case, after this zero balance account is opened

you will get a RuPay Classic debit card

and the fee of it is Rs 125

plus 18% GST, and this is the annual fee charged

Other than all this, once the account is opened

the money you keep in your savings account will generate an interest rate of 2.70%

and the money you deposit in your FD will generate an interest of 6.80%

Now one thing is that interest rates in public sector banks are usually low

I'll also tell you alternate options for this

where you can open zero balance account in your home

The first one on that list is AU Small Finance Bank

which offers much higher interest rates than SBI.

The second one is zero balance savings account of Kotak Mahindra Bank

So the account opening link for both banks

will be provided in the description box by me.

So now, let's go back to SBI, and understand its entire account opening process

Now first you have to go to Play Store and install the YONO SBI app

After that, you have to open the app and you will be shown 2 options

The first option is for existing SBI customers

and the second is for new customers of SBI

So since we're opening a new account, we have to select the second option- New To SBI

Then on the next page, we have to select the first option Open Savings Account.

Then you will be shown 2 options on the next page

The first one is- Without Branch Visit

and the second one is- With Branch Visit

Now I told you at the start of the video

like this second option is- 'With Branch Visit'

where you have to go to the branch to open an account

So this is the Digital Savings Account that we are not going to open

because we want to open SBI zero balance savings account in our home using video KYC.

So we'll select the first option- Without Branch Visit

because we want to open Insta Plus Savings Account

So here I'll click on the first option, Without Branch Visit

Now on the next page, it is showing Insta Plus Savings Account

So we have to first click on this option and then click on Submit button.

If you want to open it to use it as a salary account

then you can check this box below and then click on Submit

Now since I'm not opening a salary account

so I'll just click on the account option, and then click on Submit

After that, 2 options will show on the next page

If you've already completed some steps, then you can click on the Resume Application option

Otherwise, since I'm applying for the first time, I'll click on the Start a New Application

Then it is asking you on the next page to put in your employer details

meaning where you work, but you don't have to worry

You can see a checkbox below My Employer Details Are Not Listed Above

So you have to check this box and then go on to the next page

Then on the next page, it is telling you something about video KYC

that you can open the account at your home and you don't have to visit the branch

that's all it's showing, you have to select the checkbox and move to the next page

After that, on the next page too they've described the account opening process

We already know all this.

So we just have to click on the Next

After that, you have to enter your mobile number and email ID on the next page

the mobile number and email ID you want to register with the bank

Then you simply have to click on the Submit option.

Then on the next page, the OTP you received on your mobile number and email ID

enter the 2 OTPs here, and then click on Submit below.

Then on the next page, it is asking you to create a password, so make a strong password of your choice

The password has to be re-entered below,

and below it's asking you a security question

Select any security question provided in the list and type the answer below

So that if you ever forget your password, you can log in using this security question.

So after doing all this, you have to proceed to the next page

Then on the next page, it is showing you the FATCA declaration

So here you simply have to select the checkbox and then click on the Next option.

Then on the next page, there are some personal details regarding terms and conditions, so just read it

scroll down, select the checkbox, and then click on Next

Then on the next page, you have to enter your AADHAAR card number

After entering it, the mobile number linked with the AADHAAR number

will receive an OTP for verification from the bank

You have to enter that OTP here, and then click on the Submit option below

Then you have to enter some personal details on the next page, like title

then name, gender, then date of birth

Then click on the Next option.

Then put in your address details on the next page

state details, district details, and village details if applicable

After putting in all this, you have to select the checkbox below, then click on Next

On the next page, it's asking you for your correspondence address

the address where the bank will deliver everything like welcome kit etc.

So the place you're staying at right now

put in the address of that place.

When you scroll down the page

select all 3 checkboxes shown, then click on the Next option

Then on the next page, enter your PAN number.

After that, click on the Next option.

Then on the next page, your photo will be shown. You just have to click on Next below

Then on the next page, you have to select your educational qualifications, like graduate or post-graduate, etc.

You have to select your educational qualification

Then it is asking your marital status on the next page, select whichever is applicable.

Then on the next page, it is asking you for additional details like place of birth

then your maiden name, fill it in if it is applicable

Then father's name, mother's name

So you have to fill in all these additional details and then scroll down

Then you have to click on the Next option.

Then on the next page, it is asking your occupation details,

like if you have a job then select Service

if you have a business then select that

if the mode of operation of the business is unknown then select Not Categorised

So the person I'm applying for works in the Service sector, so I'll select that.

Then it is asking where you work in the service sector like the public or private sector

So the person I'm applying for works in the private sector, so I'll select Private.

Then on the next page, it is asking for nominee details

Nominee simply means that if something happens to the account holder

the bank gives all the money to the nominee.

So first put in the name of the person you want to make your nominee.

Then put in the relationship with the nominee, like if it's your husband or wife

or parents, so put in the relationship that is applicable

You have to put in the date of birth of the nominee below.

If your nominee is a minor, i.e., less than 18 years of age

then you have to put in their guardian's name here

and put in the age of the guardian in the box labeled Guardian's Age

If the nominee is not minor then you can keep these boxes empty.

Then put in the address details of the nominee and the pin code

then select the state of the nominee and after all this, click on Next

Then on the next page, it is asking you to select the branch you want to choose as your home branch

So there are 2 options, either enter the branch code

or you can select by putting the name of the branch

So I advise you, here to put the nearest branch to you as your home branch

So here, click on the option for Branch Name

and put in the name of your branch, like wherever you live

put in that name, and the SBI branch of that place will appear

As the branch name appears, select it and then click on the Next option.

Then the Accept Terms & Conditions page opens, so scroll down below

you have to select the checkbox, and then click on the Next option.

Now on the next page, another OTP will be sent to your mobile number

you have to put that OTP in, and then click on Next

Now on the next page, it is asking you the name you want on your debit card.

So the name you used to open the account, enter the same name here

This name will be printed on your debit card as it is.

Then you have to click on Next

Now on the next page, a token number is generated

Keep this token number safe.

Then the process of video KYC will start

You can schedule video KYC, or opt for doing it at the time

So if you schedule video KYC

then you have to complete it within 3 days.

But keep in mind

Suppose you are applying for the account at night

and since employees would not be available for your video KYC at night

so suppose you schedule it for the next day at 11 AM

So you have to remember that you have to open this app again the next day at 11 AM

go to Resume Application, and then start the video KYC.

It's not like that, you will receive a phone call from their end for video KYC

You won't receive a call. If you have selected the 11 AM slot for the next day

Then exactly at 11 AM

you have to open the app, click on Resume Application and start the video KYC process.

Then when you scroll down, select the checkbox, then click on Next.

Then on the next page, it is explaining the process of video KYC

which we already know, so simply click on the Next option.

Now on this page also it is asking you to get ready for the process I explained

You then have to click on the option to Start a Video Call below

Then on the next page, it is telling you that you will be redirected to the website

to complete the process of video KYC.

So generally it takes you to Google Chrome, and then your video KYC will start.

So here, give the app these permissions

So the permission for camera etc. whatever it asks, allow it

Then it will take some time

and your video KYC will start

where in a way an employee of the State Bank of India will be in front of you

They will request you to put your signature on a blank paper.

They will request you to show your original PAN card in front of the camera and they will capture the photo

Then if you have any questions, you can ask them.

So this was the simple process.

Then your video KYC will be complete

and the account-opening-related details

will be emailed to you by the State Bank of India.

So this was a simple process

of opening a zero-balance savings account in the State Bank of India.

I hope you found the video informative.

If you did, then please subscribe to the channel and Like the video

For now, this is the end of the video.

Thanks for listening. And thank you all.