SBI Savings Account – Get Information about SBI Account Services, Account Types, Account Features, Benefits, Details, Account Kit, Debit Card.
State Bank of India offers savings bank account through which you can access your money anytime and anywhere. You can also take up the net banking facility in order to ensure 24×7 handling of your account. Nomination facility is available with SMS Alerts & e – statement facility. Cheque book along with pass book net banking kit (If opted) is offered. Varied type of savings accounts are offered by the State Bank of India.
Features & Benefits of SBI Savings Account
- Safe deposit lockers are provided as per the availability.
- Savings Bank account can be linked to Multi Option Deposit (MOD) account for earning higher term deposit interest on surplus money.
- ATM cum Debit Cards are offered in different variants like silver, gold, platinum cards. International ATM-cum-Debit Cards.
- ‘State Bank Anywhere’ app is available which can be downloaded for android, windows, blackberry & iOS
- As an account holder you can get personal accident & health insurance at discounted rates from SBI General Insurance Company Ltd.
- On every transaction get rewarded with SBI Rewardz.
Types of SBI Savings Account
Premium Savings Account
- Premium savings account acts as a improvised version of your regular savings account which comes with concessions and add-ons.
- Auto sweep facility available.
- Term Deposits / Special Term Deposits subject to a minimum amount of ₹ 10,000/-. Auto sweep will be available after retaining ₹ 25,000/- in the account.
- Free of cost ATM-cum-Debit Gold cards issued.
- TD/STD shall be opened for a period of 1 year to 5 years.
- Internet & Mobile banking facility available.
Savings Plus Account
- Any individual who is eligible to open a savings bank account can open savings plus account. It is a savings account linked with MODS, wherein surplus fund above a fixed limit from the saving bank account is transferred automatically to term deposits opened in multiples of ₹ 1000/-.
- Minimum Monthly Average Balance (MAB) is required to maintained as per the location of the account holder, starting from ₹ 1000 to ₹ 5000/-
- ₹ 35,000/- is the minimum threshold limit for transfer to MOD.
- Minimum amount of transfer to MOD is ₹ 10,000/- in further multiples of ₹ 1000/- in one instance.
- The period of deposit will be 1 year to 5 years.
- Loan against MOD deposits available.
- Any surplus funds retaining a minimum of ₹ 25000/- in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of ₹ 10,000/- and in multiple of ₹ 1,000/- at one instance.
Basic Savings Bank Account
- SBI saving account does not require to maintain any minimum/maximum balance amount. Basic RuPayATM-cum-debit card will be issued by the account.
- The debit card issued will be free of cost with no annual maintenance charges.
- Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
- No account closure charges will be applicable and also no charges will be levied on activation of inoperative accounts.
- Maximum 4 withdrawals in a month is allowed including ATM withdrawals & transactions through RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc.
- Small accounts are especially for those individuals who are above 18 years of age and does not have officially valid KYC Documents. It targets the poor section of the society to encourage savings habit. This account can be converted into regular savings account upon submission of KYC Documents.
This account facility is available at all branches except specialised branches e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches.
- There is no minimum balance amount to be maintained.
- Maximum account balance to kept is ₹ 50,000/- and not more than that under any circumstances.
- If the balance exceeds ₹ 50,000/- or total credit in the account exceeds ₹ 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed
- Aggregate of all withdrawals and transfers in a month should not exceed ₹ 10,000/-.
- Aggregate of all credits in a Financial Year should not exceed ₹ 1 lac.
Savings Bank Accounts For Minors
Two types of accounts can be opened in name of minors; one is Pehla Kadam & the other is Pehli Udaan. It comes with ‘per day limits’ to ensure that children spend money wisely. Maximum of ₹ 10 lacs can be deposited. It comes with per day transaction limit of ₹ 5000/-. cheque books are available with child’s photo embossed ATM-cum-Debit cards with withdrawal limit of ₹ 5000/-. Nomination facility is available. Monthly Average Balance is required to maintain as per the location :-
- Metro – ₹ 5000/-
- Urban – ₹ 3000/-
- Semi-Urban – ₹ 2000/-
- Rural – ₹ 1000/-
Features of Pehla Kadam
- Minor of any age can open this account jointly with parent or guardian.
- Overdraft facility against fixed deposits for parents or guardian is available.
Features of Pehli Udaan
- Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
- It comes with an option of setting up of one Standing Instruction for Recurring Deposit, free of charge.
- No overdraft facility under this product.
KYC Documents Required to Open a Regular Savings Account
- Voter’s Identity Card
- Driving License
- Aadhaar Card/Letter
- NREGA Card
- PAN Card
If minor is less than 10 years of age, ID proof of the person who will operate the account to be submitted.
|DOCUMENTS REQUIRED FOR MINORS|
|Date of Birth proof of minor|
|Aadhaar card, PAN Card or Form 60 of the minor’s parent|
|If PAN is not submitted then, OVD(Offically Valid Document) along with Form 60 is to be submitted|
|Aadhaar card enrollment proof in case no aadhaar is presented|
|Recent passport sized photograph|
SAVINGS ACCOUNT INTEREST RATES
|INTEREST RATES ON SAVINGS BANK DEPOSITS w.e.f. 31/07/2017|
|PARTICULARS||RATE OF INTEREST (ROI)|
|Savings Deposits Balance upto ₹ 1 Crore||3.50% p.a|
|Savings Deposits Balance above ₹ 1 Crore||4.00% p.a|