State Bank of India (SBI) Savings Account

State Bank of India (SBI) is an Indian multinational and a financial services body, headquartered in Mumbai, Maharashtra. It bagged the 236th rank in the Fortune Global 500 list of the world’s biggest corporations.

The State Bank of India has an interesting history. In British India, Bank of Madras merged with Bank of Calcutta and Bank of Bombay to become the ‘Imperial Bank of India’, which later became the State Bank of India in 1955. SBI has over 9,000 branches all over India.

SBI offers around six different types of Savings Account. This helps the customer to select the savings account that suits their financial needs the best. The bank caters to all the age groups, thereby a child, a teenager and young adult in all.

Types of SBI Savings Account

1. Savings Plus Account

savings plus account is all about your money getting transferred to a term deposit. This happens because the account is linked to a Multi Option Deposit (MOD). This scheme will retain a minimum of Rs. 25,000 in your savings account. Above Rs. 25,000, the funds will automatically get transferred to term deposits. The bank can open the term deposits in multiples of Rs. 1000, with a minimum of Rs. 10,000 at one instance. The account holder has the right to choose the tenure of term deposits between 1-5 years.

Some of the prominent features of Saving Plus Account are as follows-

• Easily mobile banking Facility
• Internet banking option
• SMS alerts
• Loan against MOD deposits
• Monthly average balance: NIL

2. Basic Savings Account

The common man can access basic banking facilities via Basic Savings Account. It’s targeted at the lower-Income section of the society to encourage savings. This account can be opened with a zero balance and it is exempted from any charges or fees. However, it’s limited to those who don’t have an account with the SBI.

Some of the key features of this account are -

• No minimum balance or upper limit required to maintain
• Basic Rupay ATM-cum-Debit Card will be issued
• The Basics savings account can be opened in any of the SBI branch

3. Bank Deposit Small Account

This account is mainly meant for poorer sections of society to encourage them to start saving without any burden of fees or charges. The small account is eligible for anyone who is above 18 years of age, and who do not have Valid KYC documents. However, due to relaxed KYC, there are many restrictions in operation of the account. This account can be converted to a regular savings account upon submission of KYC documents.

Some of the features of Small Account are as follows -

• Basic RuPay ATM-cum-debit card will be issued by the bank
• No minimum balance amount is required to maintain
• A maximum balance of Rs. 50,000 should be maintained in the account

4. Savings Account for Minors

As the name says, this account is targeted to help parents/guardians acquaint minors with banking facilities and savings. It's a joint account between a minor and parent/guardian. The parents/guardians are required to submit relevant documents and can save a maximum balance of Rs. 5 lakhs.

This minor account is divided into two segments - Pehla Kadam and Pehli Udaan, which are loaded with complete banking features to help children understand the importance of saving money. The account comes with 'per day limits' to ensure that they spend the money wisely.

Here're the features of Pehla Kadam and Pehli Udaan accounts -

5. SBI Salary Account

This SBI savings account is targeted at the salaried section of society for the crediting of monthly salary. The account caters to varied sectors such as Central & State Government, Defence Forces, Police Forces, Paramilitary Forces, Corporates/ Institutions, etc. The salary account comes with a wide Range of unique benefits with most advanced and secure net banking and mobile banking services.

This account will get converted into a regular savings account if the salary is not credited for three consecutive months. With respect to the gross monthly income of the employees or their designation, there are four types of accounts, which the account holder can choose to open- i.e. Silver, Gold, Diamond and Platinum.

6. Resident Foreign Currency (Domestic) Account

This account gives an opportunity for Indian residents to open and maintain foreign currency to retain the foreign exchange. The account can be maintained in USD, GBP and EURO currency. A person singly or jointly along with a person resident in India can open Resident Foreign Currency (Domestic) Account.

Some of the key features of this SBI Savings Account are -

• It is a Non-Interest bearing current account
• No cheque book or ATM card
• The minimum balance required to be maintained is USD 500, GBP 250 and EURO 500
• The balance in the account is freely repatriable

Steps to Open SBI Savings Bank Account

You can open an SBI savings account via both the modes- offline and online.

Offline- In a Bank Branch

Visit the SBI bank branch near you. Request the bank executive for an account opening form, and ensure all the fields in the form are correctly filled. The details mentioned in the application form should match those mentioned in the KYC documents. You then need to make an initial deposit of Rs. 1000 for opening an account. The bank will verify the duly filled form along with the supporting documents.

Once approved, the account will be opened and the holder will be given a passbook, cheque book and debit card.

Online- Internet Banking

• Visit the official website of SBI
• Under 'Personal Banking', go to “Accounts”, you will find the option of a savings bank account
• Ensure you read the rules and regulations before clicking on the Apply option
• Fill in all the details in the online form, and submit

Visit the nearest SBI branch within 30 days along with the required original documents. Your account will be opened.

Eligibility for State Bank of India Savings Account

Customers should meet the following criteria to open a savings account with the SBI bank-

• The person should be a citizen of India
• The individual should be 18 years of age or above
• The parent or guardian can open the account if the account holder is a minor
• The customers need to submit valid identity and address proof

Once the bank approves the submitted documents, the applicant will have to make an initial deposit depending upon the type of the savings account.

SBI Savings Account Customer Care

For any query or doubt, the account holders can Call the SBI’s toll-free numbers 1800 11 2211, 1800 425 3800. The account holders can also call on toll number 080-26599990 of the State Bank of India.

Conclusion

SBI encourages savings as a habit to develop among all sections of society. Choose the SBI savings account as per your needs make your Financial goals come true.