SBI Saving Account: Features, Interest Rates, Types, How to Apply
SBI Saving Account: Why Choose SBI Savings Account? Through its network of branches in India and overseas, SBI provides a range of financial products including the SBI Savings Account. The savings account has a variety of benefits and services. The most attractive features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.
State Bank of India (SBI) is the largest public sector bank in India. Launched in the first decade of the nineteenth century the bank has played a pivotal role in establishing the organized banking services sector across India by way being repositories to savings and lenders to leading businesses across India. State Bank of India has thus played a key role in the economic development of India. SBI commits to nation-building is complete & comprehensive. State Bank of India is actively involved since the year 1973 in non-profit activity called Community Services Banking. All the SBI branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. SBI business is more than banking because they touch the lives of people anywhere in many ways.
Key Benefits Of SBI Savings Account
SBI provides a range of financial products including the SBI Savings Account, through its network of branches in India and overseas. The savings account has a variety of advantages and many easy to use services. The most beneficial and useful features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.
- Transfer accounts to any SBI Branch without changing the account number
- Passbook issued free of charge
- No inter core charges for transfer transactions
- Multicity cheques
- Safe Deposit lockers
- Internet Banking, Mobile Banking, Kiosk Banking
- Nomination facility
- Personal Accident Insurance available at a nominal premium
- Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card, etc.
- Can be linked to Multi Option Deposit (MOD) Account
SBI Savings Account Interest Rate India Feb 2018
|SBI||Basic Savings Bank Account|
|Interest Rate||Upto Rs. 1 Cr : 3.50%
Above Rs. 1 Cr : 4.00%
|Minimum Account Balance||Nil|
|Debit Card||Basic RuPay ATM cum debit card|
Types Of SBI Savings Account
1. Small Account With SBI
- A small account is provided to people who cannot meet the KYC (Know your customer) requirements. The procedure for opening this account is liberalised and a simplified account opening form is used. There are a number of benefits to this account:
- No minimum balance or initial deposit required
2. Savings Account for Minors With SBI
- This type of account aims at exposing minors to banking and the current features like mobile and Internet banking so that they are acquainted with modern-day banking and also understand the importance of savings and personal finance.
3. Yuva Savings Account With SBI
- This type of savings account is specially designed for youths between the age of 18 and 30 years.
- The account debit card has concessionary and complimentary facilities which are given free of cost.
- The account will continue even after the account holder has attained the age of 30 years.
4. Savings Plus Account With SBI
- Savings Plus will retain a minimum of Rs. 25,000 in the savings account.
- The term deposits will be opened in multiples of Rs. 1000 with a minimum of Rs. 10,000 at one instance.
- The account holder can choose the tenure of the deposit of 1 to 5 years.
5. Basic Savings Account With SBI
- This account is to enable the common man to access basic banking facilities.
- A basic savings account cannot be opened if the person already has a savings account. If the person holds a savings account, it needs to be closed within 30 days of opening this basic account.
How To Open SBI Savings Account Online?
The SBI online savings account opening procedure is simple.
- Any Indian resident can open a SBI savings account online by visiting the SBI website. Under personal banking, go to “Deposit schemes”, you will find the option of savings bank account.
- It is important to read the benefits, rules and regulations before clicking on the “apply online” option.
- Fill in all the details in the online application form.
- A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.
- Visit the nearest SBI branch within 30 days with the required original documents and your account will be opened.
- Account Opening Form (AOF)
- Proof of identity and address ( Aadhar card, NREGA card, PAN card, Passport, Voter’s ID, Driving Licence)
- 2 recent passport-size colored photographs
- In the case of minors below the age of 10, ID proof of the person who will operate the account is required. If the minor can operate the account independently, the regular procedure will be applicable
Q1 Can I open a joint account? Who are eligible for joint account holders?
Opening a joint account is same as having a savings account except that two people will operate the account instead of one. Anyone above the age of 18 can open a joint account. Minors can also open joint accounts with one of their parents as the other signor of the account.
Q2 At what rate will I earn interest on the balance in my Savings Account?
The rate at which interest is calculated in a savings account is usually in the range of 4%–7% per annum. SBI usually offers 4% on its deposits while Yes Bank, RBL Bank and Kotak Bank offer 6%.
Q3 When is the interest earned on my saving account deposited/credited into my account?
Interest earned on your Savings Account balance is credited to your account on a half yearly basis. However, the interest is calculated either monthly or on an average daily balance basis.