What is YONO Cash - Yono (2024)

FAQs

What is YONO Cash - Yono? ›

It is Convenient: It enables customers to withdraw cash from ATMs, POS or CSPs even if they forget their wallets at home and only carrying their phone. The YONO Cash transactions are free of cost and are counted over and above the ATM withdrawal.

On YONO Cash landing page, under “Request New” tab, click on the ATM option under YONO Cash. Select the account to be debited and enter the amount to be withdrawn. Click on Next. Create your YONO Cash PIN for specific transaction and click on Next.

It enables an account holder to withdraw money instantly from any of the SBI ATMs and most of SBIs Merchant POS terminals or Customer Service Points (CSPs) within India without using any physical card or filling up any physical withdrawal slip.

YONO SBI employs multiple security layers to keep your money safe, including biometric login, unique 6-digit MPIN generation, and many more. Your payment details are secured by advanced encryption, and additional OTP/permissions apply for high-value transactions.

Sbi Yono and Sbi net banking are both digital product of the bank. Customer can use same credintials(user id and login passward) to avail the facility. Both can be used to remit the money to beneficery account. We can do various transaction like neft, Imps, transfer, Fd, Rd, etc.

Log into Yono Lite SBI Application using internet banking credentials. Select “Quick Transfer” >> Send Money using Account Details. Enter the Beneficiary details manually and click “Submit”. Confirm the details and complete the transaction with OTP received on the registered mobile number of the Bank.

Yes, A user must have SBI bank account number to use YONO Web/App. A user can login using ATM card details as well, He needs to keep his registered mobile number with him as OTP would be sent on that number.

Upon approval of your registration, an activation code shall be received on the mobile by SMS. You send a SMS - <MBSREG> to 9223440000 or 567676. You will get a User ID and default MPIN over SMS. Enter this User ID and MPIN within the SBI mobile banking app to complete the activation process.

In case you do not have credentials for internet banking, you may use your debit card to generate a temporary internet banking password. After signing in you can manage and experience the benefits of YONO SBI App at your fingertips.

What is the minimum balance in Yono account? ›

There is no minimum balance requirement and no upper limit for the maximum balance. Although the account does not provide a chequebook facility, withdrawals can be made through a branch or ATM visit. Customers have the option to apply for a free RuPay Basic Debit Card that is free of annual maintenance fees.

“Due to Annual Closing activity, the services of Internet Banking, Yono Lite, Yono. Business Web & Mobile App, YONO, and UPI will not be available between 12:20 Hrs IST and 15:20 Hrs IST on 1st April 2024. During this period, services of UPI Lite and ATM will be available,” SBI mentioned on its site.

Development and Launch

Yono emerged from SBI's initial plan to make an "online marketplace" to attract millennials. The initiative was named "Project Lotus". It was nurtured for initial four years by Rajnish Kumar as an MD and then as the Chairman of bank. The app was launched in November 2017.

It is Secure: Eliminates most of the risks associated with physical cards like no risk of shoulder surfing, no card trapping, no card skimming risk, no lost card/pin. The PIN is generated dynamically for every transaction.

YONO stands for You only need one. It is an integrated digital banking platform offered by State Bank of India (SBI) to enable users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments. In sbi yono means you only need one .

SBI YONO Cash Withdrawal limit

Under YONO Cash facility, customers can withdraw minimum Rs 500 (in multiples of Rs 500) and maximum Rs 20,000 from an account in a day. There is a ceiling of Rs 10,000 per transaction.

Yes, A user must have SBI bank account number to use YONO Web/App. A user can login using ATM card details as well, He needs to keep his registered mobile number with him as OTP would be sent on that number.

If you do not have Internet Banking credentials, you must register for SBI Mobile Banking using the ATM card and the registered mobile number.