The Digital Insta Savings Account mobile app of Andhra Pradesh Grameena Vikas Bank (APGVB) and Telangana Grameena Bank (TGB) was launched recently by State Bank of India chairman Dinesh Kumar Khara.
The app will be at the heart of the Digital Insta Savings Account (DISA) launched by the two regional rural banks. The benefits of DISA include zero balance account, can be opened within 10 minutes and activation of mobile banking and SMS alerts immediately.
Rupay debit card will be issued and the account holders need to successfully complete e-KYC at home branch or video-KYC within one year.
Pre-requisites
The account can be opened by individuals aged above 18 years, who do not have any existing relationship with the bank as well as any OTP-based Aadhaar verification based account with any other bank/financial institution.
The customer must be having valid Aadhaar number linked to his/her mobile number. A maximum balance of ₹1 lakh can be maintained in the account and the transaction limit is capped at ₹49,999 per transaction. Total credit summations in a year is restricted to ₹2 lakh, the release said.
Mr. Khara said APGVB and TGB are among progressive RRBs and better than small finance banks with a brand, reach, network and fair understanding of risks. He complimented both banks for promoting home and gold loans, their quality of books, stress on recovery of NPAs and on leveraging CSPs. The SBI chairman underscored the need for RRBs to adopt state-of-the-art technology. He was happy to note that video-KYC facility will be shortly launched in RRBs, the release said.
APGVB chairman K.Praveen Kumar and TGB chairman V.Arvind briefed about the insta savings account. SBI managing directors Ashwini Kumar Tewari and C.S. Setty; CGM (A&S) Devendra Kumar and General Manager (RRB) M.N.Aravind Kumar participated in the launch programme.
