SBI savings account (SB) helps to keep your money safe and offers a fixed return on the deposited amount. It has several features such as SMS alerts, mobile banking, internet bank, quick missed call service, YONO app, nomination facility, no limit on maximum balance in most of the cases, no monthly average balance requirement, transfer of funds to other accounts, and a lot more. The State Bank offers savings bank accounts for women, salaried individuals, entrepreneurs, minors, senior citizens, and many others.
Note: State Bank of India has recently waived SMS charges that were earlier levied on a quarterly basis. It has also waived the requirement for the maintenance of average monthly balance.
State Bank of India being one of the largest public-sector banking firms provides the following features:
Below-given are the eligibility criteria for SBI Savings Accounts in India:
All individuals/State/Central Government Departments, who are also eligible to open State Bank Account, include:
Below-mentioned are the different types of State Bank of India Savings Accounts:
If you have officially valid KYC (Know Your Customer) documents, then you can open this account as an individual. This account is especially for the poorer section of the society. The service is to motivate the section to save money without burdening the people with charges or fees.
Terms and Conditions
If you are over 18 years of age, you can open this account. Even if you do not have valid KYC documents, you can access this service. Due to relaxed norms for KYC, there are many restrictions for the operation of this account. This account is basically for the poorer sections of the society. The intention is to encourage these sections to start saving but without the burden of fees or charges. You can convert it into a Regular Savings Accounts after when you submit the officially valid KYC documents.
This is an SB linked to MODs (Multi-Option Deposit). If your Savings Account has a threshold limit for balance, then the surplus amount over the maximum capping, is transferred to the Savings Plus Account. This is a Term Deposit. The deposit period is for 1 to 5 years. It is opened in the multiples of Rs. 1000.
Break Open of TDRs
There two types of Savings Account for Minors – Pehla Kadam and Pehli Udaan. Both these SBs come with banking facilities such as mobile banking and internet banking among others. It teaches children about the different mediums of modern-day banking and personal finance management.
Features of Pehla Kadam and Pehli Udaan
Photo ATM-cum-Debit Card
Overdraft for Parents/Guardians
Eligibility for Pehla Kadam
Eligibility for Pehli Udaan
KYC Requirements for Pehla Kadam and Pehli Udaan
This account comes with a variety of concessions, add ons, and services. If you are 18 years of age and above, also a resident Indian, then you can open this account. SMS alerts, nomination, and e-statement facility are available. Personal Accident and Health Insurance from SBI General Insurance Company Ltd is provided at discounted dates. Visa ATM or Master cum Debit Gold card is provided.
This account is for independent and young adults for a restriction free banking experience. Eligible applicants are resident Indians of at least 18 years of age to 30 years. An ATM cum Debit Card is offered. Facilities include SMS alerts, e-statement, and nomination. There is no requirement for non-maintenance of charges. Personal Accident and Health Insurance from SBI General Insurance Company Ltd is provided at discounted date
This is a savings bank account where you will receive a one-time lump sum amount as decided by the Tribunal/Court for your Motor Accident Claims. The amount is deposited as EMI with principal and interest amount.
As a resident Indian, you can open a foreign currency account in State Bank of India. This account is to retain the foreign exchange you receive through different mediums as we shall discuss further. You can maintain the account in USD, EURO, and GBP currency.
Permissible Methods of Receiving Foreign Currency
Permissible Withdrawals for Payments
Withdrawals are allowed for any of the current account transactions as we will discuss below:
Under FEMA (Permissible Capital Account Transactions) Regulations, 2000, the following capital account transactions are allowed:
Below-mentioned are the FAQs about State Bank of India Savings Account:
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