New Delhi: State Bank of India (SBI) is known for making significant decisions frequently. Now, SBI has launched YONO 2.0, a major upgrade to its digital platform. This new version includes both mobile and internet banking facilities, providing relief to customers. The new YONO app will also offer easy KYC and re-KYC facilities.

This will eliminate the need for repeated verification for products and services. YONO stands for “You Only Need One,” meaning you can easily make changes to your KYC and register. You can understand the important details related to this in the news below, which will clear up any confusion.

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Many Features in the YONO SBI App

The YONO SBI app is an excellent platform. It provides the facility to integrate and manage savings and current accounts from multiple banks. Whether you have accounts with SBI or other banks, you can link them all to the YONO SBI app. You can make payments from any account. The best part is that it eliminates the need to use separate apps for different banks.

What is the difference between KYC and Re-KYC?

It might surprise you to know that KYC is the initial process of verifying a customer’s identity. Re-KYC, on the other hand, is a periodic process of updating that information to ensure that records are current, accurate, and secure.

Why is Re-KYC necessary?

Through the re-KYC process, banks and other financial institutions can stay updated on the customer’s latest contact details and personal information. This ensures that the information a client provides when opening an account or choosing a service is not outdated.

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According to the Reserve Bank of India, re-KYC should be done regularly. Banks are also advised to conduct re-KYC based on a risk-based approach.

How to Register on the YONO App

You’ll be happy to know that registering yourself on the YONO app is easy. If you already have SBI Internet Banking (INB) credentials, you can register on the YONO SBI app directly using your existing credentials.

If you do not have existing internet banking credentials, you can create them using your ATM card details and then register on the YONO SBI app. If you do not have an active ATM card, please register using your account details on the mobile app. You can then visit a branch if needed.