Memory cell transistors with back-channel isolation are produced without using an SOI substrate. With the word line stack acting as a mask, the semiconductor material is etched on both sides of the world line, first anisotropically and then isotropically to widen the etch hole and form an undercut beneath the gate electrode and at a distance from the ONO storage layer forming the gate dielectric. The undercut is filled, whereby a buried oxide layer of at least 20 nm maximum thickness is formed underneath the channel region. The latter is p-doped at a density of at least 10.sup.17 cm.sup.-3.