A look at seven types of savings accounts offered by SBI

The State Bank of India (SBI) has more than 41 crore savings bank accounts holders. The bank offers a range of savings accounts for adults and minors.

Classification

These seven types of savings account are Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, Savings Bank Account, Savings Account for Minors, Savings Plus Account, Motor Accidents Claim Account (MACT) and Resident Foreign Currency (Domestic) Account.

The features and operation vary from one to another.

Basic Savings Bank Deposit Account

This type of account is meant for poorer sections of society. This account can be opened by any individual 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 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 including those who do not have any valid KYC documents.

There is no minimum balance amount requirement for BSBDS account 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 upon submission of KYC documents.

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.