A Guide to SBI Savings Account

Customers can get a State Bank of India Savings Bank Account open if they want to keep money safe for the future along with earning interest on their deposits. Interest can be earned on the outstanding balance a customer has in his/ her account. For that customers can check their SBI Bank account balance with the help of different ways. 

Following are some of the popular methods for SBI Balance Check:

• SBI Balance Check by calling SBI toll-free number
• SBI Balance Check via Missed Call Banking
• SBI Balance Check via SMS Banking
• SBI Balance Check via Mobile Banking
• SBI Balance Check by visiting the ATM
• SBI Balance Check via Net Banking
• SBI Balance Check via SBI Passbook
• SBI Balance Check via SBI USSD
• SBI Balance Check via SBI WhatsApp Banking
• SBI Balance Check via UPI

Users can open a savings account at any of the SBI branches nearest to them. Also, they can withdraw money at any time as per the SBI Bank Timings, subject to a limit on monthly withdrawals.

Eligibility Criteria:

All individuals/Central/State Govt Departments (if eligible to open SB accounts) such as:

• Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programs/schemes sponsored by Central Government/State Governments subject to production of an authorization from the respective Govt depts to open a Savings Bank account.
• Development of Women and Children in Rural areas
• Self-help Groups, etc.
• Mode of Operation: Single/Jointly/Either or survivor/ Former or survivor, Later or survivor, etc.

Documents Required to Open SBI Savings Account

To be eligible for the SBI Savings Account, customers will have to submit the following documents along with the account opening form:

Types of SBI Savings Accounts:

• Insta Plus Savings Bank Account through Video KYC

        Features:

• Customers can open the SBI Insta Plus Saving Bank Account with the help of Video KYC.
• It is a paperless account opening and no branch visit is required.
• Only Aadhaar details & PAN (Physical) is required.
• Customers can make a fund transfer via NEFT, IMPS, UPI, etc. through the YONO app or Online SBI i.e. Internet Banking.
• A rupay classic card will be issued.
• It allows users to experience 24*7 banking access through the Yono app, internet banking, and mobile banking.
• SMS Alerts, SBI Quick Missed call facility available.
• The signature would be captured during the Video KYC process. Also, the customers can apply for a chequebook through YONO/INB/Branch after the account is successfully opened.
• A passbook will be issued if requested by the customer.
• Charges for all other services will be in accordance with extant service charges applicable to the Regular savings bank account.

• Basic Savings Bank Deposit Account

Features:

• Minimum balance amount: Nil
• Maximum balance /amount: No upper limit
• Withdrawals only using withdrawal forms at Branches or through ATMs.
• A basic Rupay ATM-cum-debit card will be issued.

• Basic Savings Bank Deposit Small Account

Features:

• It is available at all branches except specialized branches e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches.
• Cash withdrawals are available from the branch or through the ATM
• The minimum balance amount is NIL
• Maximum balance of Rs. 50,000/-

• Savings Bank Account

Features:

• Mobile banking
• SMS Alerts
• Inter-Net banking
• YONO App
• State Bank Anywhere
• SBI Quick Missed call facility.

• The first 10 cheques leave free in a financial year, thereafter:
• 10 Leaf Cheque Book at Rs 40/-+GST
• 25 Leaf Cheque Book at Rs 75/-+GST

• Restricted free withdrawals based on Monthly Average Balance maintained.
• Fund Transfer via Net Banking
• A nomination facility is Available
• Monthly Average Balance: NIL
• No limit on the Maximum balance
• A Pass Book is issued to record the transactions. A duplicate passbook can be issued if the original is lost, on payment of charges. Statement of accounts can also be sent through e-mail.
• Free Consolidated Account Statement

• Savings Account for Minors

Features:

• Monthly Average Balance (MAB) requirement: Not applicable
• Maximum Balance: Rs. 10 lakh
• Cheque book facility
• Mobile Banking
• Auto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-

• Savings Plus Account

Features:

• The period of deposit is 1-5 Years
• ATM card facility
• Mobile banking
• Internet alerts
• Loan against MOD deposits available
• Minimum threshold limit for transfer to MOD – INR 35000
• The minimum amount of transfer to MOD is INR 10,000/- in multiples of Rs 1,000/- at one instance.
• 25 free cheque leaves per annum. Further cheques will be issued with charges based on the quarterly Average balance maintained by the customer.
• Restricted free withdrawals based on Monthly Average Balance maintained.
• Transfer of accounts through Internet Banking
• Maximum Balance No Limit
• A Pass Book is issued to record the transactions. A duplicate pass book can be issued if the original is lost, on payment of charges. Statement of accounts can also be sent through e-mail.
• Monthly Average Balance: NIL

• Motor Accidents Claim Account (MACT)

Features:

• Existing SB Interest Rate applicable
• Nomination Facility for individual only
• The passbook facility is available
• Welcome Kit
• Cheque Book facility available *
• ATM cum Debit Card available *
• Internet Banking available *

• Resident Foreign Currency (Domestic) Account

Features:

• 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.