Scheme

IOB Insta Digital Savings Account

Mode of Opening

The account can be opened only through Web channel by the customers.
Click here to Open Account

Scheme Code

SBIND

Eligibility

All resident individual having valid Aadhaar & PAN card and are 18 years & above.

The facility is only for New to Bank customer

Customer should not have any OTP based Aadhaar verification-based account with any other Bank/Financial Institution

At any given time, customer can have only one Insta Digital Savings Account and no other accounts

Mandatorily Requirement

Customer should have a valid Aadhaar number and valid Permanent Account Number.
In case Customer's name as reflected in Aadhaar is different from that as reflected on the PAN Card, the details as per Aadhaar will be taken on record.

Customer should have a valid and active local mobile number registered in his/her name, and linked to his/her Aadhaar number

A valid and active email address

Type of Account

Resident SB

Age Group

18 years and above

Mode of Operations

Account can be opened in single name and operated by self only.

Minimum Balance Requirement

As applicable to regular SB Account

Period of Account

Maximum 1 year only; within which once Full KYC of customer is done, account number can continue in any other SB scheme preferred by customer.

Internet Banking Facility

Yes, subject to restrictions applicable for OTP based accounts

Mobile Banking Facility

Yes, subject to restrictions applicable for OTP based accounts

IMPS/ UPI Transaction

Yes, subject to restrictions applicable for OTP based accounts

Debit Card

Rupay Classic/ Platinum Debit card (available only after account funding of Minimum Rs. 1000/-)

SMS Alert Facility

Yes

Fee & Charges

As applicable to regular SB Account

Restrictions on OTP based Account

Savings Limit

Upper Cap on aggregate credits in all accounts

Aggregate of all credits in a financial year, in all deposit accounts together, shall not exceed Rs. 2,00,000/-

Upper cap on balance in all accounts

Aggregate balance of all deposit accounts shall not exceed Rs 1,00,000/-

Transaction Limit

Transaction limit cap at Rs. 49,999/- per transaction.

Cash Transactions

No cash credit transactions are allowed

No Cash withdrawal at branch

Other Restrictions

Any type of Branch channel transactions is not allowed

No Passbook facility

No Locker facility

No cheque book will be issued until full KYC is completed

Statement of account can be accessed through Internet Banking or Mobile Banking

No Demand Draft or Foreign Currency

No Temporary overdraft facility

Facility for Investment in IPO is not allowed until full KYC is completed

Other Conditions

The customer will not be allowed to open any other account until full KYC is completed for this account and scheme is changed to regular SB account.

KYC formalities can be completed by visiting any of the Branch, after which the Insta Digital Savings Account will be upgraded to a Regular Savings Account and the customer can enjoy all the facilities applicable to regular SB account without any restrictions.

The Insta Savings account can be closed by making a written request at the home branch only, after completing the KYC formalities. If KYC exercise is not completed within 1 year of opening the account, the account should be closed and Demand Draft favoring the customer should be issued against the balance payable in the account.