SBI YONO App: India’s first Lifestyle & Banking app launched

SBI YONO App: New Lifestyle & Banking app launched

On 24th of November, a new unified integrated SBI YONO (You Need Only One) app has been launched by Union Finance Minister Mr. Arun Jaitley at an SBI event in New Delhi.

The app, which is already available on Android and iOS platforms, will allow customers to instantly open accounts, carry out transactions, apply for loans and indulge into online shopping – all at one stop platform.

SBI YONO App

Through YONO app, the State Bank of India (SBI) has integrated all financial service products from SBI and its subsidiaries:

  1. SBI Life
  2. SBI General
  3. SBI Mutual Fund
  4. SBI Caps and
  5. SBI Cards.

SBI YONO Services

The omni-channel platform will allow customers to meet their lifestyle needs across 14 categories from booking cabs to paying for medical needs — all under one roof.

Customers will also be able to make home loan and auto loan proposals from the app. Furthermore, they can open an SBI account digitally, transfer funds, avail pre-approved personal loan without paperwork and get overdrafts against fixed deposits.

Specific Features of YONO

  1. Open an SBI bank account digitally in less than five minutes.
  2. Transfer funds in just four clicks.
  3. Avail of pre-approved personal loan sans any paperwork.
  4. Get overdraft facility against fixed deposit.
  5. Have one view of their banking and financial portfolio of SBI Group companies.
  6. Benefit from intelligent spend analyser.
  7. Utilize conversational banking guide through Chat bot.

How to get started with SBI YONO App?

  1. If you are not a SBI bank customer and want to open SBI digital a/c, all you need is your Aadhaar and PAN details and complete your digital account opening on the YONO app.
  2. If you are an existing customer of SBI bank, use your internet banking credentials for first time log in and registration on YONO and you are set to go.
  3. If you do not have internet banking credentials, you can generate temporary internet banking password using your debit card. After log in YONO is at your fingertips.

Note RBI rules place limits for transactions without biometric authentication. Once the biometric is done in any branch, there will not be any restrictions on the account.

Speech by Finance Minister Arun Jaitely on SBI YONO app

Partner players for financial services

To provide customized offers and discounts to customers, SBI has partnered with 60 e-commerce players such as Amazon, Ola, Myntra, Flipkart, Yatra, Swiggy, Jabong and BYJU’s. Offline players such as Thomas Cook, Shoppers Stop and Cox & Kings are also part of the SBI partnership.

SBI Buddy & SBI YONO

SBI also owns a digital wallet called SBI Buddy and has apps for almost all its services. Over a dozen different apps will be integrated into YONO.

Statements regarding SBI YONO

Rajnish Kumar, the Chairman of SBI, said:

The portal has been designed to offer maximum customer convenience and that the product has been developed by SBI using artificial intelligence, predictive analysis and machine learning.

SBI MD P K Gupta said:

YONO app is practically a digital bank, but it is part of SBI. The biggest feature is opening a full-fledged savings account from the comfort of your home by authenticating the account using Aadhaar and a one-time password.