The state bank of India provides its users with different types of savings accounts to meet their requirements. In this article, we will be talking about these different types of savings accounts in SBI in detail. These accounts are provided with different features and benefits. Some of them are especially for minors while some only can be accessed by adults. Also, every account in State Bank of India provides the customers with additional benefits by paying annual interest rates. In this article, let us take a look at the different types of savings account in SBI.
Table of Contents
What is an SBI Savings Account?
An SBI savings account is a kind of personal account in which people can deposit their money and their extra benefits on annual interest rates. From this type of account, you can withdraw your money anytime and from almost anywhere (from ATMs). This account is the most popular among the middle class of the country and is activated for the most. Unlike a current account, your transactions are limited and you can make a limited number of transactions in a certain period. These accounts are also called deposit accounts.
Benefits of SBI Savings Account
SBI is one of the leading financial institutions in the country and offers a wide range of products and services for users. SBI Bank savings account is one such great product. There are different types of savings account in SBI. Each account comes with special features and benefits. Below, we have listed some of the major benefits you can get by opening a savings account in State Bank of India.
1. Internet banking, Mobile banking, and Kiosk Banking.
2. You will get a passbook after opening an account in State Bank of India, for free.
3. You will be provided with safe deposit lockers wherein you can store your valuable things.
4. This account offers you a nomination facility.
5. With an account in State Bank of India, you can transfer funds to different branches of the bank without changing the account number.
6. You can get personal accident insurance at very low premiums with the help of your account.
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Types of Savings Account in SBI
For different users, there are different types of deposit accounts in SBI. Correctly, there are a total of 8 types of deposit accounts in SBI, each with different features, eligibility criteria, and benefits. Below, we have mentioned the top five types of savings account in SBI with brief detail.
What are the different types of deposit accounts in SBI?
Here are all the eight types of savings account in SBI you can open to avail of great benefits.
1. Basic Savings Bank Deposit Account
Anyone with valid KYC documents can open a Basic Savings Bank Deposit Account. This account was created for the poorer sections of society. It allows them to save their money without having any worry about charges and fees.
Features
The basic savings bank deposit account lets you open your account at zero balance with no maximum limit. Also, it provides you with an ATM-cum-debit card using which you can withdraw money from ATMs all around the country. However, this doesn’t provide you with cheque book facility and mobile banking facilities. You can only withdraw money using withdrawal forms at bank branches and via ATMs.
Eligibility
1. Anyone with legal KYC documents is allowed to open a BSBD account in SBI.
2. You are allowed to open the account singly, jointly, or both.
3. The applicant must not have any other savings account in State Bank of India. If s/he does, the former has to be closed within 30 days of the account opening of the latter.
2. Basic Savings Bank Deposit Small Account
Anyone over the age of 18 years can open a Basic Savings Bank Deposit Small Account, even if he doesn’t have KYC verified documents. Due to the relaxed KYC, the account has many restrictions. You can also convert the BSBDA account to a regular savings account after submitting the required KYC verified documents. This was also initiated for the poorer section of the country.
Features
1. You can withdraw funds from either branch or through ATM.
2. You will get a basic Rupay ATM-cum-debit card.
3. The minimum balance in this can be Nil while the maximum is INR 50,000.
Eligibility
1. Anyone with legal KYC documents is allowed.
2. You can open the account singly, jointly, or both.
3. You must not have any other savings account in State Bank of India. If you do, the former has to be closed within 30 days of the account opening of the latter.
3. Savings Bank Account
It is the most popular savings account offered by SBI to customers. One above the age of 18 years can access the account after providing legally verified documents.
Features
1. Mobile banking, SMS, Internet banking, and YONO.
2. Accounts transfer using internet banking.
3. Nomination facility.
4. Zero balance account with no maximum limit.
Eligibility
Anyone above the age of 18 years old with verifiable documents.
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4. Savings Account for Minor
This account is divided into two branches, namely, Pehla Kadam and Pehli Udan. This is specially created for minors to help them learn the importance of saving money. Also, it will educate children about the buying power of money.
Features
1. No monthly balance is required.
2. The maximum balance in the account can be up to 10 lakh.
3. Mobile banking with certain limitations to control the expenses of the children.
Eligibility
1. In the Pehla Kadam scheme, a minor of any age is eligible to open an account in State Bank of India jointly with his/her parents.
2. In the Pehli Udan scheme, Minors above the age of 10 years can open an account. The account will be in the name of the minor.
5. Savings Plus Account
It is a special type of savings account in State Bank of India. It is directly linked to MODS in which surplus funds above the threshold limit of a common savings bank account are transformed into term deposits in multiples of INR 1000 automatically.
Features
1. Mobile banking, internet banking, and SMS alerts.
2. The minimum amount transferred to MOD is INR 10,000 in multiples of 1,000.
3. ATM-cum-debit cards.
4. No compulsory monthly balance limit.
5. Accounts transfer online.
6. 25 free cheque leaves per year to a customer, after that charges apply.
Eligibility
1. Any Indian resident with valid KYC documents can open the Savings Plus Account in SBI.
2. You can either open your account solely, jointly, or both together.
SBI Savings Account Interest Rates 2021
| SBI Bank Account Balance | Interest Rates Per Annum |
| Up to INR 1 lakh | 2.70% |
| Above INR 1 lakh | 2.70% |
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Frequently Asked Questions
1. Can minors open savings accounts singly?
Yes, SBI allows minors to open an account solely in the Pehla Kadam scheme and Pehli Udaan scheme.
2. What are the different types of accounts in SBI?
Majorly, SBI provides its customers with three main types of accounts. Namely, Savings accounts, Salary Accounts, and Current accounts.
3. What are the types of deposit accounts in SBI?
SBI offers a total of eight deposit accounts for the customers. Each deposit account comes with special features and has different eligibility criteria.
4. How to check my SBI savings account balance without visiting the branch?
SBI offers you balance inquiry features using which you can check your current balance in your SBI bank account. You just need to send BAL to 09223766666.
Final Thoughts
Savings accounts are generally for people who have to make timely transactions such as weekly or monthly. This type of account is suggested for salaried, self-employed, and government officials. You will find different types of savings account in SBI when you choose to open a savings account.
In the article, we have mentioned the top five popular savings accounts in SBI with their details, features, and eligibility criteria. If you have read the complete article, selecting the best SBI savings account for yourself or your family would be quite easier for you.
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