The national bank, State Bank of India offers an array of saving account schemes for the people who want to invest in the savings account. The bank provides hosts of benefits like competitive rate of interest, internet banking, ease of banking through mobile banking, special salary account, and rewards program to earn redeemable points. The most attractive feature is that you don’t have to maintain a minimum balance. Let’s discuss the features of the SBI savings account and see how an individual can apply for the same.
Features of SBI Savings Account
Here are some of the salient features of SBI savings account:-
- A person opening a saving account will also be able to avail a Safe Deposit locker service.
- Nomination facility is available
- Every month an e-statement is mailed to the account holder.
- Time to time account holders receive SMS alerts.
- To earn higher interest on a term then an account holder can link it to the Multi Option Deposit account
- Corporates, Government Employees and Defence Personnel get special salary benefits.
- Digital banking is available 24*7, even account holders can give a missed call to avail the services
- According to the eligibility, account holders are offered debit cards- Silver, Gold, and Platinum as per eligibility.
- Reward points are earned on the debit card which can be used for shopping or any lifestyle activity with which the bank has partnered.
- Account-holders are given a personal accident and health insurance at a discounted rate from the SBI General Insurance Company Ltd.
SBI Saving accounts interest rate:-
|Particulars||Rate of Interest|
|Balance up to Rs. 1 lakh||2.70% per annum|
|Balance above Rs. 1 lakh||2.70% per annum|
Types of SBI Savings Account
- Insta Savings Account- It is an instant savings account which is a complete package of banking services on your mobile or any other digital device like a tab or computer.
- Digital Savings Account- This is a savings account which can be opened by using SBI banks digital portal- YONO. It has a paperless opening process.
- General Savings Account- This type of saving account is the most common type of account which is opened at a bank branch. An account holder can avail the locker facility as well.
- Savings Plus Account- In Savings Plus Account, a threshold amount of Rs 35,000 is required.
- Special Salary Account- It is a zero balance account and is best for salaried people. Only salaried employees can open this account.
- 3 in 1 Demat and Online Trading- This is a Demat, savings and investment account and SBI rewards programme is also available.
- Basic Savings Bank Account- This is a zero balance savings account which comes with RuPay ATM-cum-Debit Card.
- Small Savings Account- This account is for the people who want to do small savings, as an account holder can only deposit a maximum of Rs 50,000.
An individual can apply for a saving account with the State Bank of India if:-
- He/she is above 18 years of age and resident of India
- A person should not have any existing relationship with the bank
- A valid Aadhaar number is necessary and it should be linked to a registered mobile number and a Pan number is also necessary.
- Should not have any OTP based account with any other financial institution.
- An individual can have only one Insta Savings Account at a given time
- Take a print out of the Account Opening Form (AOF)
- Identity proof- Passport, Voter’s ID, Driving Licence, Aadhar card, NREGA card, PAN card
- Address proof- Telephone bills or electricity proof
- Two coloured passport size photographs
- If an account is of a minor then you will need to provide ID proof of a person who will operate the account. If a minor can operate the account then the regular procedure will be applied.
How To Open an Online SBI Savings Account?
Opening an SBI savings account is simple and hassle-free, you have to perform the following steps:-
- Visit the State Bank of India website.
- Go to the tab ‘Deposit Schemes’ and then find the option of savings bank account
- Read the benefits, rules and regulations before you click ‘apply online’
- Then you will have to fill all the details which are required in the online application form
- Once that is done, then a TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.
- Now, you will have to visit the nearest SBI branch with all the required documents within 30 days and your account will be opened.