SBI Yono registers 15 lakh users in 1 month; This app helps you open zero balance account

Largest lender State Bank of India (SBI) missed analysts estimates during fourth quarter ended March 2018 results by reporting a disappointing earnings. SBI posted a net loss of Rs 7,718.17 crore in Q4FY18 compared to net loss of Rs 3,442 crore in the corresponding period of previous year. Q4FY18 net loss widened compared loss of Rs 2,416.37 crore in the preceding quarter.

A Bloomberg poll of analysts expected SBI to report of Rs 1,728 crore during this quarter. The bank’s net loss widened on the back of higher provisions and gross NPAs. While posting Q4FY18 financial audit, SBI also highlighted that it’s Yono app has witnessed 14.9 lakh users getting registered in just one month of it’s launch.  So far 7.7 lakh transaction has been carried by these users. 

According to SBI, about 4.37 million downloads have been made of this app, with 1.90 lakh logins per day. 

SBI’s Yono app enables customers in opening a savings account instantly, right from the comfort of your own home. It offers all kinds of financial and lifestyle products of SBI. BSBD account can be opened either through paperless 'Digital savings account' or 'Insta savings account' offered on Yono.  

A BSBD account can be  opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Here are salient features of Digital savings account

• For Resident Indian Individual above 18 years of age
• Paperless account opening
• Free personal accident insurance cover of Rs 5 Lacs
• Single visit to branch for Aadhaar biometric verification
• Personalized Platinum Debit Card
• Aadhaar and PAN is mandatory

As for Insta savings account the features are: 

• For resident Indian individual above 18 years of age
• Paperless account opening
• Personalised Rupay Card
• Maximum balance in account can be Rs 1 Lacs
• This account can be converted to Regular Savings Account within 1 year; by visiting your home branch