SBI saving accounts: Know these options

A savings bank account is an initial step in financial inclusion. It is a basic type of account that allows one to deposit money, keep it safe and withdraw funds when needed. One has to open an account before entering into any transaction in a bank. He or she can also earn interest from a savings account. Most banks offer a range of savings accounts for adults and minors. The eligibility and features will vary one to another. One can open an account with SBI, the largest commercial bank in the country, without visiting a branch.

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Take a look on different types of banks accounts offers by the SBI to general public:

Basic savings account

This type of account is meant for the common people. It can be opened by anyone having valid KYC documents singly or jointly. There is no burden of charges or fees on the account holder.

There is no minimum balance amount requirement for BSBDA. A basic Rupay ATM-cum-debit card is issued but cheque book facility is unavailable in this type of account.

Basic Savings Bank Deposit Small Account

This type of account is also meant for the poor and vulnerable. BSBDS accounts can be opened by any individual adult with valid KYC documents.

There is no minimum balance amount requirement for BSBDS accounts, but these have certain restrictions in operation. The maximum balance that one can have is Rs 50,000. The account can be converted into a regular savings account.

Saving Bank Account

SBI Saving Bank accounts can be opened by all individuals and government departments. Now SBI offers a 2.70% interest rate on savings bank accounts.

There are no monthly average balance criteria for this type of account and no limit on maximum balance.

Chequebook and internet banking facilities are available with these accounts.

Savings account for minors

SBI offers two types of saving accounts for minors. These are Pehla Kadam and Pehli Udaan.

Pehla Kadam account can be jointly opened with the parent/guardian. This is for a minor of any age.

Pehli Udaan accounts can be opened by minors above the age of 10 years, who can sign uniformly. This account can be opened in the sole name of the minor.

Both the savings accounts are fully loaded with banking features such as internet banking, mobile banking, etc. There is no monthly average balance requirement. The maximum balance is Rs 10 lakh.

Savings Plus account

Savings Plus account is a savings bank account linked to multi option deposit (MOD) scheme, wherein surplus funds above a threshold limit from the savings bank account is transferred automatically to term deposits.

All individuals having valid KYC documents are eligible to open this account singly or jointly. There is neither maximum balance limit nor monthly average balance requirement for these accounts.

Motor Accidents Claim Account

A Motor Accident Claim Tribunal (MACT) Account is opened with the sole purpose of crediting the compensation amount/interest on MACAD (Motor Accident Claim Annuity Deposit) awarded by a tribunal/court to victims/claimants of motor accident.

It is opened on the instruction by a court of law.

Resident foreign currency (domestic) account

A resident Indian can open and maintain a foreign currency account to retain the foreign exchange. It is a non-interest-bearing account. There is no cheque book or ATM card facility attached to these accounts. The minimum balance required to be maintained is USD 500, GBP 250 and EURO 500.

Insta Plus Video KYC Savings Account

State Bank of India (SBI) very recently has launched a Video KYC based savings account opening feature on its mobile banking app – YONO. This type of account is called Insta Plus Video KYC Savings Account. Any resident Indian above 18 years is eligible to open this account. Only Aadhaar details and original PAN is required to open Insta Plus Video KYC Savings Account. A Rupay classic card will be issued to the account holders.