New Delhi: The State Bank of India (SBI) has relaunched its Aadhaar-based instant digital savings account facility for those who wish to open an online account using the YONO platform. Also Read - State Bank of India to Divest 2.1% Stake in SBI Life

In a statement, SBI said, “The instant savings bank account will offer a complete paperless and instant digital savings account opening with just PAN and Aadhaar number. Also Read - State Bank of India Customer Alert! SBI Card Finalises IPO Price Band at Rs 750-755 Per Share

“This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch,” the statement further quoted SBI chairman Rajnish Kumar as saying. Also Read - SBI Bank Customers Alert! State Bank of India May Freeze Your Account After Feb 28, Here's Why

A basic personalised RuPay ATM-cum-debit card will be issued to all the new account holders of insta saving bank accounts.  Here’s how one can open such an account: download YONO app, enter PAN and Aadhaar details, submit one-time password, and fill other relevant details.

Nomination facility, SMS alerts and missed call service are also available to account holders. Once this process is complete, the account will get activated instantly and transactions too can begin immediately.

Additionally, customers will get 12 months’ time to upgrade to full Know Your Customer (KYC) account, which can be done by visiting their nearest SBI branch.

Notably, YONO, which stands for ‘You Only Need One’ is an integrated digital banking platform offered by the SBI. Launched on November 24, 2017 by the-then Finance Minister Arun Jaitley, it helps users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments.

It is available as a smartphone app for both Android and iOS.

(With PTI inputs)