State Bank of India (SBI), country’s largest public sector lender has launched Saral Money bank account product, which allows customers to open an account using Aadhaar card as address as well as identity proof.
The RBI has recently directed banks to accept Aadhaar letter as the proof of both identity and address, if the address provided by the account holder is the same as that on the Aadhaar card.
Saral Money account is Visa payment settlement-based account and will enable the customer to make purchases, send money or receive government disbursements at the existing ATMs, point of sale terminals and proposed micro ATMs.
