SBI Saving Bank account types Overview

January 10, 2020January 21, 2020 Banking Finance different types of bank accounts in sbi, sbi account bank types, sbi bank account types, sbi bank types of accounts, sbi current account types, sbi home loan account types, types of accounts in state bank of India, types of bank accounts in sbi, types of savings account in sbi, types of sbi savings account

Planning to open Saving Bank in SBI then he is the list of the all the account that one can avail from any SBI Branches across the country. All saving account come with different facilities and has different guidelines as prescribed by Reserve Bank of India.

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1. Basic Savings Bank Deposit Account

This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. This type of account is available at all branches. There is no minimum balance. There is no Maximum balance upper limit. No Cheque Book facility is available on this account. The Withdrawals can only be made using withdrawal slip at Branches or through ATMs. Basic Rupay ATM-cum-debit card will be issued

2. Basic Savings Bank Deposit Account

This account can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to Regular Savings Account upon submission of KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. 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. The Withdrawal can be made from branch or through ATM. Basic RuPay ATM-cum-debit card will be issued. There is no minimum balance to maintain . Maximum balance of Rs. 50,000

3.Savings Bank Account

This type of account is the most famous account opened in SBI. This type of account is held by normal individuals for the purpose of saving money for future purposes. The rate of intrest provide on this saving account is 3.5% annually. This type of account provides facilities of Mobile banking. SMS Alerts, Inter-Net banking, YONO, State Bank Anywhere,SBI Quick Missed call facility. This account provides 25 free cheques per annum. This account provides 25 free cheque leaves per annum. Further cheques will be issued with charges based on Quarterly Average balance maintained by the customer. Restricted free withdrawals based on Monthly Average Balance maintained. The facility of transfer of accounts through Internet Banking channel. Nomination facility is Available on this account. One need to maintain a monthly Average Balance Rs. 3000/ in metro cities and urban and semi urban cities. Rs. 2000/. In Rural areas one need to maintain a balance of Rs. 1000. There is no limit on Maximum balance. A Pass Book is issued to record the transactions. Duplicate pass book can be issued if original is lost, on payment of charges. Statement of accounts can also be sent through e-mail.

4. Savings Bank for minors

Under this two account are opened Pehla Kadam and Pehli Udaan, both are complete bouquets of banking products, that will not only help children realise the importance of saving money. Both Pehla Kadam and Pehli Udaan Savings Accounts are fully loaded with banking features like Internet Banking, Mobile Banking, etc. which will not just acquaint children with the different channels of modern-day banking but also teach them the nuances of personal finance. All these features come with ‘per day limits’ to ensure that they spend the money wisely. The Monthly Average Balance requirement not applicable. Maximum Balance Rs. 10 lakh. Monthly Average Balance (MAB) requirement not applicable. Maximum Balance Rs. 10 lakh. Cheque book. Photo ATM-cum-Debit Card. Mobile Banking. Auto sweep facility with a minimum threshold of Rs. 20,000. Sweep in multiple of Rs 1,000 with a minimum of Rs. 10,000. Over Draft for Parents/Guardians. An option of setting up of one Standing Instruction for Recurring Deposit, free of charge. Personal Accident Insurance Cover (offered by SBI General) for the Parent (in case of Pehla Kadam account only). Smart Scholar (Market Linked) – Child Plan offered by SBI Life with inbuilt premium waiver benefit and loyalty additions to fulfil the child’s dreams. This account comes with Internet Banking

Detail Overview of both Minor Account:

Pehla Kadam Minor account: Cheque-books facility is available on this account. The Mobile No. Of the account holder is kept in records . Personalised chequebook (with 10 cheque leaves) are issued to the Guardian in the name of minor under guardian. Child’s photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000. Card will be issued in the name of the minor and Guardian. The ATM-cum-Debit Card comes with a limited transaction right like per day transaction limit of Rs. 2,000. Overdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions. Other facility includes With Opening e-Term Deposit (e-TDR), e-Special Term Deposit (e-STDR), e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000.

Pehli Udaan Minor account : Cheque-books are available in this minor account. The Mobile No. Of the account holder is kept in records. Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly. Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor. Comes with limited viewing rights in terms of transactions like the per day transaction limit should not exceed Rs. 2,000. No overdraft facility is provided to minor under this account. Other facility includes With Opening e-Term Deposit (e-TDR), e-Special Term Deposit (e-STDR), e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000.

5. Savings Plus account

Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000. Period of deposit is 1-5 Years. ATM card facility is available in this account. SBI provides other features like State Bank Anywhere, Mobile banking, Inter Net banking,SMS alerts, Loan against MOD deposits available. The Minimum threshold limit for transfer to MOD is Rs. 35000. Minimum amount of transfer to MOD Rs. 10,000 in multiples of Rs 1,000 at one instance. In this account 25 free cheque leaves per annum is provided for free. Further cheques will be issued with charges based on Quarterly Average balance maintained by the customer. Restricted free withdrawals based on Monthly Average Balance maintained. Comes with a facility of account transfer through Internet Banking. There is no limit on Maximum Balance. A Pass Book is issued to record the transactions. Duplicate pass book can be issued if original is lost, on payment of nominal charges. Account Statements can also be sent through e-mail. The Monthly Average Balance required under this account is Rs. 3000 for metro cities, Rs 3000 for Urban cities, Rs 2000 for semi-urban cities and Rs 1000 for rural cities.

6. Motor Accidents Claim account (MACT)

This account provides facility of Cheque book, Debit Card, ATM Card, Welcome Kit, Internet Banking, Mobile Banking facility with the permission of the Court only.(System Development to block these facilities is in progress. Till such development is made, branches should not provide these facilities without the permission of the Court.). It is single operation account only. In case of Minor accounts, the operation will be through guardian. The Withdrawal can be made by withdrawal slips only. Only New accounts will be allowed to open this account. Conversion from existing SB account to this product and vice versa is not allowed. The account is available at all branches of the Bank. However, as per the directions of the Court, the account should be opened only at the branch near to the residence of the claimants. Account Transfer is not allowed without the permission of the Court. Nomination in this account is available. The minimum and Maximum Balance is not required. Passbook is available in this account. The Statement is send my e-mail.

7. Insta Saving Account

This account can only be opened by residents of India over 18 years of age with capacity to contract in accordance with applicable laws in India, without any tax liability outside India. The account holder need to maintain minimum balance as defined for normal Savings Bank Account whereas the maximum balance in the account can be Rs. 1.00 lakh only. Total credit summations in a year allowed for the account is Rs 2.00 Lacs. Can be opened through the YONO SBI app. Insta Savings Account for selected content is handset/operating system dependent. This Service is currently available on iPhone with iOS 8 and above, Android Phones with Android version 5.0 and above. There will be no obligation on the Bank to support all versions of Mobile Phone software. Branch selected by the applicant will be tagged as Home Branch for opening Insta Savings Account. The Nomination Facility is available within the Yono by SBI app and is mandatory for Insta Savings Account. Nomination can be made in favour of only one nominee. A basic Rupay Debit Card will be issued to the account holder. ATM PIN to be generated through Green PIN process. Passbook will not be provided in this account. Customer will be sent an audio-visual statement by email. No Cheque book facility will be provided for this account. A monthly Electronic Statement will be available as per the Bank’s record; however, this duration is subject to discretion of the Bank

8. Resident Foreign Currency ( Domestic) account

This account can be opened by any individual who wills to maintain a foreign currency account to retain the foreign exchange acquired through various means. Account can be maintained in USD, GBP and EURO currency. No interest is paid to the account owner for maintaining this account. No cheque book facility or ATM card is provided. The Minimum Balance required to be maintained in this account for USD is 500, for GBP is 250 and for EURO is 500. The balance in the account is freely repatriable .

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