SBI offers two types of savings accounts for its customers. Savings accounts are mainly to store one’s earnings in a safe and secure way. SBI saving account is designed in keeping its users effortless use. Those who want to own a savings account may go through the terms and if he/she fulfills the requirements can easily get an account. This bank also provides nomination facility In the case of savings account. The user should properly state the type of SBI saving account he/she needs.
One who wishes to own an account should
- Submit his/her recent photographs.
- Photocopies of identity proof.
- Photocopies of residence proof.
Following are the two types of SBI saving account with their respective features:
Saving Account:
- Regular category account
- Available in both urban and semi-urban regions with average quarterly balance for cheque operated account – Rs 1000 and ordinary account – Rs 500.
- The rural area accounts have the AQB for cheque operated account Rs – 500 and for ordinary account Rs 250.
- The rate of interest applicable is 3.5%.
- Use of ATM cum debit card applicable.
- Money multiplier facility available.
- Both single and joint facility available.
- Moderate earning available.
- Free account transfers.
Saving Plus Account:
- Privileged category account.
- AQB for urban and semi-urban region accounts, for cheque operated account Rs 1000 and for ordinary account Rs 500.
- AQB for rural accounts, for cheque operated account Rs 500 and for Rs ordinary account Rs 250.
- The rate of interest applicable is 3.5%.
- ATM cum debit card is allowed to use.
- When amount reaches threshold term deposit earns interest.
- Period of deposit rounds about 1-5 years.
- Easy accessibility.
- Free account transfers.