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Different types of Savings Account in SBI
Bank savings account is used to keep money that you don't need right
away. The country's largest bank, State Bank of India (SBI) provides several
different types of savings account to choose from.
Each SBI savings account has different features and serving a different purpose and need. It is important to understand what options are available for opening a savings account with the bank.
In this post, let’s take a look at the different types of savings account provided by SBI to keep your money safe while paying you interest. At present, SBI bank offers 3.5% interest rate on savings account. Interest is calculated on a daily balance.
Each SBI savings account has different features and serving a different purpose and need. It is important to understand what options are available for opening a savings account with the bank.
In this post, let’s take a look at the different types of savings account provided by SBI to keep your money safe while paying you interest. At present, SBI bank offers 3.5% interest rate on savings account. Interest is calculated on a daily balance.
Types of Savings Account in SBI
1. Savings Plus Account
2. Basic Savings Bank Account
3. Small Account
4. Savings Bank Accounts for Minors
a) Pehla Kadam
b) Pehli Udaan
5. Digital Savings Account
6. SBI Salary Account
Savings Plus Account
This is a savings bank account linked with Multi Option Deposit Scheme
(MODS) where the money above a threshold limit from your savings account is
transferred automatically to a fixed deposit scheme.
After maintaining a minimum of Rs. 25000/ in your savings account, the surplus money will be transferred as Term Deposit with a minimum of Rs. 10,000/- at one instance.
In a savings account, you will get an interest rate of 3.5% p.a. but for a term deposit, you will get a higher rate of interest.
Any individual can open savings plus account. You will get all facilities such as ATM card, mobile banking, Net banking, SMS alerts in this account.
After maintaining a minimum of Rs. 25000/ in your savings account, the surplus money will be transferred as Term Deposit with a minimum of Rs. 10,000/- at one instance.
In a savings account, you will get an interest rate of 3.5% p.a. but for a term deposit, you will get a higher rate of interest.
Any individual can open savings plus account. You will get all facilities such as ATM card, mobile banking, Net banking, SMS alerts in this account.
Basic Savings Bank Account
Basic Savings Bank Account can be opened by any individual above 18
years old. He/she should have valid KYC documents. This account is primarily
meant for poorer sections of society to encourage them to start saving without
any burden of charges or fees.
The facility to open this account is available at all branches. There is no requirement to maintain a minimum balance in this basic savings bank account.
You will get the interest rate as applicable to savings bank account. You are not allowed to open a savings account if you have a basic savings bank account.
You will be allowed for a maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs.
The facility to open this account is available at all branches. There is no requirement to maintain a minimum balance in this basic savings bank account.
You will get the interest rate as applicable to savings bank account. You are not allowed to open a savings account if you have a basic savings bank account.
You will be allowed for a maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs.
Small Account
Small Account can be opened by any individual above 18 years old, who do
not have officially valid KYC documents. This account has certain restrictions
in operation due to the relaxed KYC.
After submission of KYC documents, this account can be converted to a regular savings account. This account is also meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.
The balance in this account should not exceed Rs 50,000/- at any point of time. The total amount of all withdrawals and transfers in a month should not exceed Rs 10,000/-. You will get the interest rate as applicable to a savings account.
After submission of KYC documents, this account can be converted to a regular savings account. This account is also meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.
The balance in this account should not exceed Rs 50,000/- at any point of time. The total amount of all withdrawals and transfers in a month should not exceed Rs 10,000/-. You will get the interest rate as applicable to a savings account.
Savings Bank Accounts for Minors
Pehla Kadam and Pehli Udaan are complete bouquets of banking products. Both
the savings accounts are fully loaded with banking features like Net Banking,
Mobile Banking, etc. that will not just acquaint children with the different
channels of modern-day banking but also teach them the nuances of personal
finance.
Pehla Kadam account can be jointly opened with the parent/guardian whereas Pehli Udaan account can be opened in the sole name of the minor above the age of 10 years and who can sign uniformly.
Pehla Kadam account can be jointly opened with the parent/guardian whereas Pehli Udaan account can be opened in the sole name of the minor above the age of 10 years and who can sign uniformly.
Digital Savings Account
Digital Savings Account can be opened by any resident Indian over 18
years of age with the capacity to
contract in accordance with applicable laws in India, without any tax liability
outside India is eligible for opening SBI Digital Savings Account.
He/she must have a valid Aadhaar number and valid Permanent Account Number (PAN). He/she must also have a valid and active local mobile number registered in his/her name, a smartphone, and a valid and active email address.
He/she will have to complete e-KYC via biometric authentication in SBI branch. Only one digital savings account can be opened from one Mobile Phone. At any given point of time, he/she can have only one digital savings account.
He/she must have a valid Aadhaar number and valid Permanent Account Number (PAN). He/she must also have a valid and active local mobile number registered in his/her name, a smartphone, and a valid and active email address.
He/she will have to complete e-KYC via biometric authentication in SBI branch. Only one digital savings account can be opened from one Mobile Phone. At any given point of time, he/she can have only one digital savings account.
SBI Salary Account
SBI salary account is also a savings account where your salary gets
credited every month. The main features of SBI salary account are zero balance,
free ATM/Debit card, free Net banking, free multicity cheques etc.
If your salary is not credited for 3 consecutive months then your SBI salary account will be treated as a regular savings account.
There are four types of salary accounts such as Silver, Gold, Diamond, and Platinum depending on the employee's gross salary or designation.
These variants of SBI salary accounts have different facilities on offer.
If your salary is not credited for 3 consecutive months then your SBI salary account will be treated as a regular savings account.
There are four types of salary accounts such as Silver, Gold, Diamond, and Platinum depending on the employee's gross salary or designation.
These variants of SBI salary accounts have different facilities on offer.
Also read: SBI Recurring Deposit Account
Also read: How to open PPF account in SBI?
Also read: SBI Quick - Missed call banking
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Different types of Savings Account in SBI
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