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SBI Savings Accounts: Good news! SBI offers these 8 types of savings accounts, know what are their features

Most of the people in the country open a savings account. And do you know that there are 8 types of savings accounts available in SBI. Let us know the features of all these accounts.

New Delhi. State Bank of India is a government bank. SBI is one of the largest banks in the country. This bank has the largest number of branches in the whole country. SBI is a very popular bank from city to town. A common man opens a savings account or savings account in banks. Savings account is the simplest way of saving for the common man. SBI gives people the facility of 8 types of savings accounts.




1. Basic Savings Bank Deposit Account:

According to the information available on SBI’s website, it can be opened by any person who has valid KYC documents. This is mainly for the poor sections of the society, to encourage them to start saving without any charges.

Properties:

  • It is available at all branches.
  • Minimum balance amount is zero.
  • There is no limit on the maximum balance amount.
  • Check book facility is not available for the account.
  • Withdrawal can be done only through branch or ATM.
  • Basic RuPay ATM-cum-Debit Card will be issued.

2. Basic Savings Bank Deposit Small Account:

This account can be opened by any person above the age of 18 years and who does not have any officially valid KYC documents. In this, concession has been given in KYC. Later it can also be converted into a regular savings account by submitting the KYC documents. This is primarily meant for the poorer sections of the society, to encourage them to start saving without any charges and without the tension for KYC.

Properties:

  • It is available in all branches except specialized branches.
  • Withdrawal can be done through branch or ATM.
  • Basic Rupay ATM cum Debit Card will be issued.
  • Minimum balance requirement is zero.
  • The maximum balance limit is Rs 50,000.

3. Savings Bank Account:

Properties:

  • Mobile banking.
  • SMS Alerts.
  • Internet banking.
  • Yono.
  • State Bank Anywhere.
  • SBI quick missed call facility.
  • The first 10 checks in a financial year are free. After that 10
    checks cost Rs 40 plus GST and 25 checks cost Rs 75 plus GST.
  • Free withdrawal is restricted on the basis of monthly average balance.
  • Monthly average balance requirement is zero.
  • There is no limit on the maximum balance.

4. Savings Account for Minor:

According to the bank’s website, Pehla Kadam and Pehli Udaan help children learn the importance of saving money, both the accounts offer internet banking, mobile banking, etc.

Properties:

  • Monthly average balance requirement is not applicable.
  • Maximum balance that can be maintained is Rs 10 lakh.
  • Check book facility is not available.
  • In both Pehla Kadam and Pehli Udaan, an ATM cum Debit card with the photograph of the child is issued with a withdrawal or POS limit of Rs 5,000.
  • Mobile banking comes with viewing rights and limited transactions like bill payment, top up.
  • The transaction limit per day is Rs 2,000.

5. Savings Plus Account:

Savings Plus Account is a Savings Bank Account linked to SBI Multi Option Deposit Scheme (MODS), in which the surplus funds in excess of the limit from the Savings Bank Account are transferred to Term Deposits, open in multiples of Rs.1000.

Properties:

  • The tenure of the deposit is from 1 to 5 years.
  • ATM card facility is available.
  • Mobile banking.
  • Internet banking.
  • SMS Alerts.
  • Loan against MOD deposit.
  • Minimum limit for transfer in MOD- Rs 35,000.

6. Motor Accident Claim Account (MACT):

The Motor Accident Claims Tribunal (MACT) remits the amount of compensation or interest on the Motor Accident Claim Annuity Deposit to the injured.

Properties:

  • Current bank interest rate applicable.
  • Nomination facility available.
  • Passbook facility.
  • Welcome Kit.
  • Check book facility.
  • ATM cum Debit card available.
  • Internet banking available.

7. Resident Foreign Currency (Domestic) Account:

According to the bank’s website, one can open an Indian foreign currency account, with which he can hold foreign currency, the account can be kept in USD, GBP and Euro currency.

Properties:

  • This is a current account without interest.
  • Check book or ATM card is not available.
  • Minimum balance to be maintained is USD 500, GBP 250 and EURO 500.

8. Insta Plus Video KYC Savings Account:

Properties:

  • Can open your SBI Insta Plus Savings Bank Account through Video
    KYC.
  • Paperless process of account opening and no need to visit branches.
  • Only Aadhaar details and PAN are required.
  • Customers can transfer funds using NEFT, IMPS, UPI etc using YONO app or online using SBI.
  • RuPay Classic card will be issued.
  • SMS alert, SBI quick missed call facility is available.
  • Account transfer facility is available through internet banking channel.
  • Nomination facility is mandatory.
Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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