SBI Savings Account

State Bank of India (SBI) has many branches in the country and overseas as well. The bank offers many financial products to its customers. Its savings accounts offer lots of benefits. The best feature is that you need not to maintain only a minimum balance in your account. You get a debit card and enjoy the facilities like mobile banking and net banking.

Advantages of SBI Savings Account

• Mobile Banking and Net Banking
• Kiosk banking
• You may change the branch, without changing your account number
• No charge for passbook
• Facility of multi-city cheques
• Locker facility
• Facility for Nomination
• Transfer transactions without any inter core charges
• Different kinds of debit cards like gold and International
• Very low premium for personal accident insurance

Other Advantages

• Through mobile banking, you may transfer funds, make payments, do any enquiry and view/get account statements, request for cheque book, recharge your mobile, pay bills and enjoy M-Commerce.
• You may open and close recurring or fixed deposits. Use NEFT, RTGS or Western Union Money Transfer to transfer funds.
• You may do e-tax filing, pay utility bills, operate your Demat account, and set standing instructions.
• With the help of your debit card, you can know your balance, shop, withdraw cash, pay the premium of insurance, donate money and do card-to-card transfers.
• You can link your savings account to a Multi Option Deposit. If you do not have the required money in your account, you can still issue a cheque. The automatic break up of MOD takes care that your cheque won't get bounced. You can break MOD via withdrawals from ATM.

Interest rates for SBI Savings Accounts

The interest rate is 4% per annum and the calculation of interest is done on daily basis.

Online Opening of SBI Savings Account

• Visit the official website of SBI. Go to the option 'personal banking' and from there, go to 'deposit schemes'. You can see the option of savings bank account there.
• Before hitting the button- 'apply online', you should go through the rules and benefits.
• Give the required details in the online form.
• By doing this, you will generate a TCRN-Temporary Customer Reference Number that you will get on your registered mobile number.
• Now you have to go to a nearby branch with necessary documents (original) to open your account.

Documentation

• Hard copy of the form you generated online.
• Identity and address proof such as Voter ID, PAN card, Passport, Aadhaar Card, Driving license, NREGA.
• Two passport size photos (recent and coloured).
• Minors can also open the account. Regular process will be followed if the minor is capable to operate his/her account But if his/her age is less than 10 years, then the person who will handle the account, have to submit his/ her documents.