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The State Bank of India (SBI) Savings Account offers a host of benefits like internet banking, competitive rate of interest, special salary account, ease of banking through mobile banking and rewards program to earn redeemable points. Opening a savings account with SBI is an easy process through online banking or by visiting the nearest bank branch.
About State Bank of India Savings Account
A savings account is essentially a safekeeping for your money and earn a minimal rate of interest. The account allows you to transfer your money or simply stash it for future use. It helps in keeping everyday spends in check as you do not have cash in hand to splurge. It helps in growing your money.
It is a basic account service that is offered by most banks and financial institutions. One needs to keep minimum balance in the account as mentioned in the bank’s policy. This amount and the interest rate varies from bank to bank. Some banks also put restrictions on the number of withdrawals that can be done on a monthly basis.
A major benefit of the savings account is the accessibility and liquidity which is available at all times. While it offers lower returns as compared to investments like Fixed Deposits or Mutual funds, it is really a safe place to leave your money and let it grow at a slow pace.
The SBI savings account has many salient features to offer.
Basic Savings Bank Deposit Account (BSBD)
This account can be opened by anybody who provides a proper KYC document. It is primarily targeted at the lower income strata of the society.
Small Account - BSBD
Insta Savings Account
Digital Savings Account
Savings Account for Minors
These accounts are fully loaded and come with all features of a normal savings account like internet banking, mobile banking as it helps in acquainting the children with modern age banking practices
SBI Capgain Plus
If you have sold land or apartment or house with the purpose of reinvesting in another real estate, you can use this facility to park your funds in the account for the interim period. This allows you to get adequate time to buy another asset. You can also earn interest on the savings account or fixed deposit term.
SBI does not have minimum balance policy for most of its savings accounts. This makes it quite attractive for people to deposit their money with the bank. SBI Capgains Plus has a minimum balance requirement of Rs. 1000/-. Savings bank account for minors does not have a minimum requirement.
SBI offers a competitive rate of interest on its savings bank account deposits. For Savings Deposits balance of upto Rs. 1 cr, 3.50% interest rate is offered. For balance that is above Rs. 1cr, it is 4.0% p.a. It is important to note that these interest rates are subject to change by the bank at their own discretion.
Savings bank accounts with SBI do not attract any charges for opening or operating it. In case, there are charges applicable, the bank personnel will inform you accordingly. These policies are modified at the discretion of the bank.
There are many ways to open a savings bank account with SBI. The easiest and fastest way is to download the SBI Banking App available both iStore and PlayStore to make your application. You can also visit the nearest bank branch and personally submit the documents required for opening an account. The bank’s representative will process it immediately (if the documents are in order) and share details of how to operate the account both online and offline.
1. What is interest frequency on the savings bank account?
SBI calculates the interest on the savings bank account on a daily basis however it is paid out on a quarterly basis. Interest is paid only if it works out to be more than Re. 1/-
2. Is overdraft facility available with SBI savings account?
Overdraft facility is available only with select savings accounts. This feature needs to be checked before using the facility. If a cheque is drawn in excess of the account balance, it will not be paid by the bank.
3. How does the bank define inoperative account?
If there is no transaction in your SBI savings account for more than 24 months, it is treated as an inoperative account by the bank. SBI does not charge for the activation of inoperative accounts.
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