SBI, the biggest bank in India, has several types of savings accounts catering to the various needs of customers. While everyone knows about savings accounts, SBI has eight types available, each of which caters to particular needs. Ranging from zero-balance accounts to high-interest accounts, these accounts have several advantages. Here’s an in-depth description of the various savings accounts available with SBI.
Basic Savings Bank Deposit Account
This is a zero-balance account suitable for those who do not wish to have a minimum balance. It can be opened by any Indian citizen with valid KYC documents. It is especially useful for the low-income groups as it enables them to save money without paying maintenance charges.
Basic Savings Bank Deposit Small Account
This account is for customers who do not possess valid KYC documents. There is no minimum balance requirement, but the maximum deposit amount is ₹50,000. As KYC regulations are relaxed, there are some restrictions on transactions.
Regular Savings Account
This is the basic savings account with all facilities of the bank, such as net banking, mobile banking, SMS, and a chequebook of 25 pages. Customers may make normal banking transactions through it and avail many facilities SBI provides.
Savings Account for Minors
SBI provides two savings accounts for children—Pehla Kadam (First Step) and Pehli Udaan (First Flight).
- Pehla Kadam is the joint account between children and their parents/guardians.
- Pehli Udaan is a standalone account for kids older than 10 years.
- The accounts enable kids to learn managing money at an early stage.
Savings Plus Account
This account is also attached to a Multi Option Deposit (MOD) facility, where one can earn higher interest rates. When the balance goes above a certain level, the surplus amount gets converted into a fixed deposit automatically and earns FD-level interest. It is best for people who are interested in earning the highest returns on their savings.
Video KYC Savings Account
Customers can open this account without visiting a branch. Using SBI’s YONO app or internet banking, the account can be opened with just an Aadhaar card and PAN card. It is a convenient option for those who prefer digital banking.
MACT Claim Savings Bank Account
This particular savings account is designed for Motor Accident Claims Tribunal (MACT) compensation recipients. It is meant for the victims of accidents who are receiving financial compensation in legal matters. It provides facilities like interest on deposit, passbook, chequebook, internet banking, and ATM services.
Resident Foreign Currency (Domestic) Account
This is an Indian residents’ special current account that they require to maintain foreign currency. It doesn’t pay interest, and customers are not provided with a chequebook or ATM card. It is only for those who are handling foreign transactions.
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