State Bank of India (SBI), the country’s largest public sector bank, provides various types of savings accounts, each with its own unique features and benefits.
When opening an account with SBI, customers have the option to choose from different types of savings accounts, all of which offer free services.
Let’s explore the details of these accounts and the benefits they provide.
- Basic Savings Account:
SBI offers the Basic Savings Account, which can be opened through the KYC (Know Your Customer) process at any branch of the bank.
This account is suitable for individuals with lower income or those who deposit smaller amounts.
There is no minimum balance requirement, nor is there a maximum deposit limit. Customers receive a basic Rupay ATM-cum-debit card with this account.
However, checkbook services are not available for this account.
- Basic Savings Bank Deposit Small Account:
This account is available to anyone above the age of 18 and does not require KYC documentation for opening. It is designed for individuals who do not have KYC documents.
However, customers can convert it into a Basic Savings Deposit account by providing the necessary KYC documents.
The Basic Savings Bank Deposit Small Account provides most of the basic services offered by a savings account. The maximum balance allowed in this account is Rs 50,000.
- SBI Savings Account (SBI Saving Bank Account):
The SBI Savings Account comes with a wide range of services, including mobile banking, SMS alerts, internet banking, YONO, State Bank Anywhere, and SBI Quick missed call facility.
Customers receive 10 free check leaves per financial year, and additional checks incur charges of Rs 40 plus GST for a set of 10 checks and Rs 75 plus GST for a set of 25 checks.
There is no requirement to maintain an average balance, and there is no maximum balance limit for this account.
SBI’s savings accounts offer customers a variety of benefits without any additional charges.
Whether you opt for the Basic Savings Account, Basic Savings Bank Deposit Small Account, or SBI Savings Account, you can enjoy convenient banking services and access to digital platforms, making your banking experience hassle-free.
