Launch of YONO

By Express News Service

Take any smartphone and it’ll be loaded with apps enabling users to connect with friends, shop, dine, transact, and do much more. But the increasing number of apps could be trying at times and this is where SBI’s new offering –YONO--- comes in handy. None expected such a game- changing initiative from a banking behemoth considering the over- crowded technology startup space. It also appears that SBI is moving beyond its core banking space dabbling with lifestyle choices of consumers.

But if you look closely, all apps involve banking transactions and that’s the market SBI intends to colonize. YONO will not only enabling banking transactions like account opening, making deposits or borrowing a loan, but di much more, tells P K Gupta, MD (Retail & Digital Banking), SBI in an interview with.

What makes the app unique?

This is the country’s first such app that aggregates several apps on to a single platform. That’s why it’s called You Only Need (YONO). Basically, the idea is that, if you know one app, through this, you can do everything. To begin with, we have apps covering 14 categories including shopping, dining, entertainment etc. We have roped in all major players like Amazon, Ola, Uber, and Airbnb. Besides, it also combines all SBI group offerings, where we have enabled SBI cards, SBI Cap Securities, and SBI LIFE. If you have an SBI account, you enter your credentials and your card gets linked and you can monitor from the app itself all transactions. You can even link your Demat account and track your share transactions. As we go further, we will on board more merchants.

What is YONO all about?

This goes beyond what any app does. There are a few things that can be done on this app, which cannot bone on any existing apps. It allows you to open a full- fledged savings account online simply by authentication the account using aadhaar and a one-time password. But you need to visit the branch just once, for biometric authentication after which it gets converted in to a regular account. The simplicity of the app is it can be operated on a mobile or a computer. We looked at consumer usage pattern and intended to make it easier for customers to transact. We looked at how to reduce the number of clicks to transactions and make it more intuitive.

What makes the app unique?

This is the country’s first such app that aggregates several apps on to a single platform. That’s why it’s called You Need One (YONO). Basically, the idea is that, if you know one app, through this, you can do everything. T

How secure is the app?

 We have stringent security layers and we have been extensively testing the app for the last three to four months. In fact, some of our partners thought that our standards are much tougher than what they have seen elsewhere.

What’s next?

It’s a question of scaling up and we have the ability to do it. We will keep adding new features. Right now, it’s in phase 1, and in next 6-12 months, there will be more features. Basically, we are reimagining all journeys, we are looking at existing Apps and seeing how we can do better. That’s why it is taking time. Otherwise, if it’s just migration, it’d be simpler. In fact, we have been working for the past 14 months on the app. This isn’t something we developed overnight. In the longer- run, we will be integrating all apps to the extent possible on to YONO. That’s the basic idea.

MUMABI: State Bank of India (SBI) new app ‘YONO’ (You Only Need One) fancies itself as a digital banking platform that allows customers to instantly open accounts. Carry out transactions, apply for loans and indulge into online shopping all at one stop.

The app which is already available on Android and IOS plat forms will be formally launched by Finance Minister Arun Jaitley at an SBI event, later in the day.

Briefing about the app on Thursday, SBI chairman Rajnish Kumar said that all financial service products from SBI and its subsidiaries—SBI Life, SBI general, SBI mutual Fund, SBI caps able to make home loan and auto loan proposals from the app. Moreover, customer can open an SBI account digitally, transfer funds, avail pre- approved personal loan without paperwork and get overdrafts against fixed deposits.

How can we measure the app’s success?

We have the advantage of having a huge number of existing customers of about four Crore. Currently over two Cr. customers are already using our mobile app and we hope at least 50 percent will move to YONO in next 6-9 months. Even if you take non-SBI customers, people go by the most convenient offering available and we think that this is the best in the market. So it’ll help us do more new customer acquisitions. The app should be available in other languages, (starting with English now). Smartphone prices are coming down and connectivity is improving, so we expect more consumers should be able to use the app as we move towards digital transactions.

9. The cash back (under this offer) will be credited in Amazon Pay Balance account of the eligible Cardholder within 90 days of the transaction date.

10. SBI will not be liable for any product or delivery related issues or claims made by the end-users of the Website.

11. SBI and/or Amazon do not endorse any of the products or brands being offered on Amazon in and will not accept any liability pertaining to the quality, merchantability, fitness, delivery or after sales service of such products.

12. All existing offers or discounts etc. that are being offered on the Website can be availed by the Cardholders in addition to this offer.

13. Nothing contained herein amounts to a commitment by the Bank or Amazon to conduct further, similar or other offers.

14. The above offer is by way of a special offer and nothing contained herein shall prejudice or affect the terms and conditions of Cards. These offer Terms are in addition to and not in derogation of the terms contained in the Card’s terms and conditions.

15. All disputes between the Cardholders and the Bank will be resolved inter se and amazon will not nor will be liable or obliged to mediate or resolve any dispute or disagreement between the Cardholders and the Bank.

16. Pictures of products shown in the communication sent to the customer either through mailers or advertised on the website are representative only and may not bear a resemblance to the actual products neither Amazon nor SBI shall not be responsible towards the same under any circumstances.

17. The purchase of product (s) by Cardholders equated monthly installments (EMI) will also eligible for this offer. The prevailing rate of interest at the time of the transaction will be applicable on monthly reducing balance for EMI transactions on the credit Card issued by SBICPSL.

18. Products offered under this offer are subject to availability and accordingly the Bank and/or Amazon, in no circumstances, shall be liable for non-availability of any product.

Existing Customer of SBI:

·        With INB credentials: Can access the web application straightway be clicking on yonosbi.com. For accessing mobile app, the customer has to download the all and register it on a particular mobile device. Registration process includes m-PIN creation. Once registered customer will be able to access the mobile app by using INB user ID / Password or m-PIN

·        Without INB Credentials: Customer has to create INB credentials by obtaining pre-printed Kit or by using account / debit card details. The functionality of creating INB credentials by using debit card & account details is provided in the application. Once the INB credentials are created, customer can access the application as mentioned above.

Non-Customer to SBI:

Pre log in links and features can be accessed by non- customers. Simple and quick on-boarding of non-customers by opening Instant-Savings or Digital Savings account is provided

SBI YONO app is providing good cash back on various stores when redirected through its app note that the cash back/ discount is over and above the other offer applicable on product. Few good ones are:

SBI-Amazon 5% offer

Frequently Asked Questions (FAQ) for Amazon in & SBI YONO offer

1.     What is the SBI-Amazon 5% offer (offer)?

(a)  The offer is for customers who visit Amazon in after being directed from SBI YONO App/ Portal and there after purchase products on Amazon in using heir SBI Debit / Credit Card / net banking to avail 5% cash back on eligible transaction as Amazon Pay. The cash back amount will be credited as Amazon Pay balance to the eligible customer’s Amazon account within 90 days of the eligible transaction, subject to the terms and conditions available at http:// www.amazon.in/b?node=13940....31 The

(b) The transaction can happen on the Amazon desktop site, mobile website or app platforms © Any Cancelled or returned order(s)will not be eligible for the offer and the amount of such orders will be adjusted from the transaction amount for the purpose of the offer.

2.     How can I avail this offer?

Visit Amazon.in via SBI YONO app/ Portal & shop as usual and pay with your SBI Debit/ Credit Card/ net banking. For detailed terms and conditions click here https://www.amazon.in/node=13940....31

3.     When will I get the cash back?

The applicable cash back under this offer will be credited to the Amazon account of the customer as Amazon Pay balance within 90 days of the transaction if you satisfy the terms and conditions for the offer.

4.     What is the minimum transaction size for the cash back for the duration of the event?

There is no minimum or maximum value of the transaction.

5.     Would I get cash back make a part payment using my Amazon pay Balance?

You would get cash back only on the amount charged on your SBI Debit/ Credit Card/ net banking and note for the amount paid through Amazon Pay Balance.

SBI MD PK Gupta said, “It 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. 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.” Besides banking and financial services, the platform will allow customers to meet their lifestyle needs across 14 categories. The bank has partnered with over 60 e- commerce players to provide customized offers and discounts to customers. Some of its key e-commerce partners include Amazon, Uber, Ola, Myntra, Jobong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.

6.     What is the maximum cash back that I can avail?

There is no maximum cash back value.

7.     Is cash back under this offer applicable on credit and debit cards?

Yes, the cash back is available on both- SBI debit, Credit Card and net banking.

For the purposes of this offer, SBI Debit card means debit cards issued by the following:

a.     State Bank of India;

b.     State Bank of Hyderabad;

c.      State Bank of Bikaner and Jaipur;

d.     State Bank of Travancore;

e.     State Bank of Mysore;

f.       State Bank of Patiala;

8.     Can I avail cash back on credit card on EMI?

Yes, the cash back under this offer is also applicable on EMI including Cost EMI availed on SBI Credit Card.

9.     Can I avail cash back on card payment for cash on delivery orders? Are net banking transactions also included in this offer?

No the offer in not valid for Cash on Delivery orders. Net Banking orders are eligible.

10.    Is the offer applicable on purchase of all products?

No, the cash back under this offer is not applicable on purchase of:

·        Amazon Pay balance

·        All Xiaomi, Lenovo, One plus, Motorola, HTC and Honor mobile phones

·        Gold and Silver coins

·        Gift Cards including Bank cards (such as RBL and ticket compliment GCs)

·        Gold and Precious jewelry items

·        Annual paid prime membership and echo devices

·        Kindle e-books

·        Amazon pay recharge and mobile recharge

Hence, if your order contains any of the above, your cash back under this offer will be the amount bet of the amount towards the above items.

11.    May payment failed while placing the order; will I be eligible for the cash back under this offer?

If your payment failed while placing an order, Amazon.in gives you an option to revive your payment for such order. If you revise your payment within the offer duration, you will be eligible for the cash back. For more information on revise payment, click here AMAZON.IN & SBI YONO OFFER TERMAS AND CONDITIONS

These terms and conditions (“Offer Terms”) for his offer (“amazon.in & SBI YONO offer”) are in addition to the Amazon.in Conditions of use & Sale and privacy notice to which you agree to by using Amazon.in. In the event of any conflict between the Conditions of use & Sale and these Offer Terms, these offer Terms will prevail, only for the purposes of the offer.

1.     All residents of India holding a valid and current: (i) debit card issued by State Bank of India (“SBI”); or (ii) credit card issued by SBI Cards and Payment Services Private Limited (“SBICPSL”), (each a “card”); or (iii) internet banking credentials issued by Bank are eligible to avail the offer. For the purposes of these offer Terms, SBI and SBICPSL are collectively hereinafter referred to as “Bank” and such residents of India described above are referred to as “cardholder(s)”).

2.     This offer is valid from November 24^th, 2017 to December 24^th, both days inclusive (“offer period”). To clarify, the Offer is not valid during Amazon Great Indian Sale, Amazon Great Indian Festival & Amazon Prime day on www.ama...in or its mobile application/ site (collectively, “Website”). The Offer period may be extended or revoked, without any notice and without any liability by either the Bank or Amazon.

3.     Under this Offer, a Cardholder who, during the offer period: (i) clicks on the SBI YONO web-portal / mobile app; and(ii) thereafter is redirected to the Amazon.in Website / Mobile application; and(iii)makes any purchase from the website / Mobile Application; and(iv) makes payment for the purchase using a Card or by using the internet banking facility of Bank; will be entitled to receive cash back in the form of Amazon Pay Balance equivalent to 5% of the total purchase value for the successful purchase transaction (s) made through the website.

4.     The use redemption of the Amazon Pay balance is governed by the Terms and Conditions available at: https://www.amazon.in /gp/help/customer/display…

5.     This offer is not applicable on the purchase of (i) Amazon.in Gift Cards; (ii) Bank cards (RBL, ticket compliments etc.); (iii)Amazon Prime subscription and echo devices; (iv) any gold and silver coins, gold & precious jewelry items (including silver,diamond, platinum); (v) Kindle e-books; and/or (vi) Amazon Pay recharge and mobile recharge; (vii) All Xiaomi, Lenovo, One Plus, Motorola, HTC and honor mobile phones.

6.     This Offer is also applicable on payment made by Cardholders using the ‘Cash on Delivery’ payment option provided that: (a) the order (s) is placed by the Cardholders on Amazon.in during the Offer Duration; and (b) the cardholder, at the time of delivery of the order, makes the payment via a card accepting machine carried by the delivery associate, using a Card / Internet banking credentials issues by the bank. In the event, for any reason, the card accepting machine is not available or is not working, the cardholders will not be entitled to avail the Offer.

7.     In case of cancellation of your transaction(s)(for any reason whatsoever and either by cardholder or the seller of Amazon), the concerned purchase transaction will not qualify for the Offer. If a part of your order is cancelled, you will qualify for the Offer only on the net amount you pay for the concerned purchase transaction (after accounting for the cancellation).

8.     In a scenario where the Cardholder returns the order, the Cardholder will not qualify for the Offer. If a part of your order is returned, you will qualify for the Offer only on the net amount you pay for the concerned purchase transaction (after accounting for the return).

22. Cardholders are not bound in any manner to participate in the Offer. Any such participation is voluntary and purely on a best effort basis.

23. Any person availing this Offer will be deemed to have accepted these Offer Terms.

24. Bank and Amazon reserve the right, at any time, without prior notice and without assigning any reason whatsoever, to add/alter/modify/change or vary all of these terms and conditions or to replace, wholly or in part, this offer by another offer, whether similar to this Offer or not, or to extend or withdraw it altogether.

25. These Offer Terms are governed by the laws of India and the courts in New Delhi will have exclusive Jurisdiction over matters in relation to this Offer.

SBI extra offer on Myntra T&C

This Offer is sponsored by SBI. It is subject to the T&C on the SBI website and the Terms of use on Myntra platform, www.mynt...om

A customer who is coming on Myntra website SBI marketplace portal & is using SBI card for order- payment on Myntra for an eligible order, will be eligible for extra reward. If a customer does RTO, Cancellation or Return post order placement on Myntra his/her order shall not be considered as an eligible order for the reward & she/he shall not be eligible not be eligible for extra reward.

Extra reward details is as follows- A user who is incurring an eligible order first time ever on Myntra, shall be rewarded with coupon worth “400Rs. Off on min. purchase of 1199Rs. On selected catalogue”- This coupon can be used on next purchase only (within specific time limit) A user who is incurring an eligible order second or more time ever on Myntra, shall be rewarded with coupon worth 300Rs. Off on min. purchase of 1198Rs on selected catalogue. This coupon can be used on next purchase only (within specific time limit)

1.     A users who is incurring an eligible order first time ever on Myntra, shall be rewarded with coupon worth 400rs off on min purchase of 1199rs on selected catalogue. This coupon can be used on next purchase only (within specific time limit)

2.     A users who is incurring an eligible order second or more time ever on Myntra, shall be rewarded with coupon worth 300rs off on min purchase of 1199rs on selected catalogue. This coupon can be used on next purchase only (within specific time limit)

3.     The coupon is only applicable on limited catalogue. Link for the same will be shared along with the coupon.

4.     Total discount, including product and coupon discount, that can be availed on any product will be capped by product level caps as suggested by respective seller

5.     Minimum purchase amount to avail the coupon is Rs.1199

6.     Coupon will be valid for 2 months only from the date of issue and it can be used only once per user

7.     Coupon will be personalized for the customer and can be applied only from his/ her account.

8.     The coupon will be communicated to the eligible user post 15 days & before 25 days from the date of successful transaction online. The communication of the same will be done by Myntra through e-mails and notifications to all the eligible customers.

9.      All customers shall ensure that the mobile number(s), e-mail address and /or other details provided by them to Myntra are true, accurate and in use, at the time of the online retail transaction. Any liability, consequence or claim arising on account on account of any incorrect or outdated information provided by the customer to, same shall solely borne by the affected customer. Myntra shall not be liable to verify the accuracy and/or correctness of the information so provided by the customer.

10.             Customers are advised to check the serviceability with the area pin code before placing any order with Myntra.

11.            Extra VAT may apply addition to the unit sale price on certain products, but the final inclusive price will not exceed the M.R.P. The customer shall be liable to pay the cost.

12.            The images of the products shown are for visual representation only and may vary from the actual product.

13.            Customers are responsible for maintaining the confidentiality of their mobile phones, e-mail accounts and passwords.

14.            The prices of the product may vary during and after the Happy hour is over. Thereby Myntra shall not be held liable for such difference in the price of the product as they are offered by the participating seller/s.

15.            Product warranty shall be regulated by the terms and conditions mentioned on the warranty card of respective products and Myntra shall not be liable of responsible to the customer in for any indirect or consequential loss or damage.

16.            Coupon cannot be combined with any other online offer on Myntra sponsored and/or offered by the participating seller/s.

17.            The balance amount, after the discount has been availed, will have to be paid by the customer at the time of purchase.

18.            Myntra Return & Exchange Policy offers you the option to return of exchange items purchased on Myntra Mobile app within thirty (30) days of the receipt. In case of return of the purchase item, please refer to the Return Policy on our website or call +91-80-61561999.

19.            Orders may be split into separate shipments depending upon the products ordered for, despite the customer having made one single consolidated payment against one order ID. Separate shipments, after being split, shall have separate expected delivery period.

20.            All eligible customer agree to be bound by these Terms and conditions, the Terms of Use, Privacy Policy and other relevant documentation that are available on Myntra including any modifications, alterations or updates that may be made either by Myntra or the participating seller/s. Myntra shall not be liable or responsible to the customer in for any indirect or consequential loss or damage.

21.            Myntra reserves the right, in its sole discretion, to disqualify any Customer that tampers or attempts to tamper with the deals/ offers or violates these Terms and Conditions or acts in a disruptive manner.

22.            If Myntra has suspicion or knowledge, that any Customer has been involved in any fraudulent or illegal activity directly or indirectly and/or is using the platform to order products not for his/her direct usage, then Myntra reserves the right to disqualify that Customers and any related Customers.

23.            Myntra shall not be responsible if some purchase is not registered or is lost due to any network problems such as breakdown of machinery, unclear / disruption in the network or non-receipt of payment from banks/ payment gateways and /or the cost(s) charged by the network operator(s). Any dispute in connection to the same shall be settled between the end customer and the network operator without involving Myntra.

24.            Myntra shall not be liable for any loss or damage due to act of God, Governmental actions, force majeure circumstances, or any other reason beyond its control, and shall not be liable to pay any monetary compensation or otherwise for the same.

Raymondnext.com Terms and Conditions

1.     This is applicable only for customer coming from SBI portal and using SBI cards and Net Banking.

2.     Auto discount coupon applied during checkout under discount section.

3.     10% off with minimum purchase 1000. Maximum Rs.750 off.

4.     No limitation on the coupon usage.

5.     Coupon is valid until 31 September 2018.

6.     The offer can be changed anytime.

CROMA Coupon Code: CRMASBIYONO (5% Discount Up to 1000, No Min purchase value)

Tata click Coupon Codes: SBISTYLE (On apparels, 10% discount up to 400, No Min purchase on SBI Credit and Debit Cards)

SBITECH (On Electronics, flat 300 off, Min purchase 5000, on SBI Credit and Debit Cards)

Other Offer Terms and conditions: 

LOUIS OHILIPPE Coupon Code: SBILP10

Allen Solly Coupon Code: SBIAS10

Van Heugen Coupon Code: SBIVH10

Peter England Coupon Code: SBIPE10

People Coupon Code: SBIPPL10 (Min. Purchase of 500 Max discount of 300

This is applicable only for customers coming from SBI portal and using SBI cards Net Banking. Coupon should be applied during checkout under “coupons & Loyalty” section. 10% off with minimum purchase 1000 Maximum Rs.300 off. No limitation on the coupon usage. Coupon is valid until 30 September 2018 the offer can be changed anytime.

2. Reduction in NEFT, RTGS charges

In view of growing consumer complaints against increasing banking charges as well as guided by the government’s thrust on giving digital transactions by up 75%. The reduced charges are applicable on the transactions done through the internet banking (INB) and mobile banking (MB) services offered by the bank. Additionally, the bank also waived charges for fund transfer of up to Rs1000 done through immediate Payment service (IMPS).

3. Reduction in IMPS charges

The bank has also recently slashed Immediate Payment Service (IMPS) charges by up to 80 %, which came as a huge relief for its customers. If the users are doing an online transaction of money after selecting the IMPS option, them they will have to pay up to 80 % less charge than what they used to pay earlier. After the revision, no IMPS service charge is imposed on online transactions under Rs.1000 For transactions.

4. Names, IFS codes of around 1300 branches changed

Post the merger of its five associates, SBI changed names and IFS codes of 1295 of its branches. The bank has also published on its website the full list of all those branches whose names and codes have been changed. These include the branches located in Mumbai, Delhi, Bangalore, Chandigarh, Ahmedabad, Jaipur, Kolkata, Chennai, Hyderabad, Patna and Bhopal, among others. This means that you need to be careful and check the changed names and branch codes while doing any transaction with any of the 1295 branches whose manes and codes have been changed.

5. Link Aadhaar number to your SBI account by December 31

If you haven’t linked your Aadhaar number to your bank account yet, then you must do it now or latest by December- end your bank account may besuspended. SBI has recently tweeted that “Avail benefits of the digital life. Simply link your Aadhaar number with your bank Account”It further said, “In terms of amended PMS rules dated 1^stJune2017 all existing customers are requested to submit Aadhaar number.

1.     Launch of YONO

SBI has recently Launched India’s first lifestyle and banking digital platform YONO (You Only Need One). This is an integrated lifestyle and banking digital platform from SBI and was launched by Union Minister for finance and Corporate Affairs Arun Jaitley on 24^th November 2017 in Delhi. Besides providing an array of banking and financial services, YONO also allows customers to meet their lifestyle needs across 14 categories, medical needs and soon. The bank has partnered with over 60 e-commerce partners include Amazon, Uber, Ola, Myntra, Jobong,  shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.