SBI launches Video KYC based savings account opening via YONO – Check Feature

Customers can open new SBI savings account without having to visit the bank branch.

State Bank of India (SBI), has launched a Video KYC based account opening feature on its mobile banking app – YONO. The Video KYC based account opening feature functionality will help individuals open an account with SBI without having to visit a bank branch. The feature is a digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process.

This Video KYC feature will be available to people planning to open a new savings account with the State Bank. SBI is offering a paperless and contactless online account opening feature on its YONO mobile banking app.

Here is how you can open your online savings account;

To avail of this new facility, one needs to download and install the YONO App, then click on ‘New to SBI’, and select ‘Insta Plus Savings Account’. They will have to enter their Aadhaar details in the app and once the Aadhar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process. On successful completion of Video KYC, the account will be automatically opened. Hence, customers can open new SBI savings account without having to visit the bank branch.

Dinesh Khara, Chairman, SBI says, “The launch of online Savings Bank account opening facility which is much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India.”

Since, its launch in Nov 2017, YONO has gained wide acceptance among customers with 80 million downloads and over 37 million registered users. SBI has partnered with over 100 e-Commerce players in more than 20 plus categories on the YONO platform. Other initiatives on this platform include YONO Krishi, YONO Cash, and PAPL with more features lined up for the future.