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A savings account is basic type of bank account which offers a nominal interest rate but at the same time, it is a tested way of storing your hard-earned money safely. A savings account is often the first bank account for many as it is very easy to open and operate, even for the illiterate. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings account for those who can’t maintain a regular balance.

Advantages of having a savings account

There are several advantages to having a savings account. Following is an overview:

  • Liquidity: You can deposit and withdraw money from a savings account as per your needs.
  • Interest income: The money sitting in your savings account doesn’t stay idle; it accrues interest. However, the interest in a savings account as compared to an FD or RD account may is lower.
  • Paying bills: With the advent of digital banking, it is extremely easy to pay your utility bills etc.
  • Transfer with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety and security: It is better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation. You can even open an account if you have no KYC documents. This scheme varies from bank to bank though.


  • There are various fees associated with maintaining a savings account.
  • You need to maintain a specific balance each month to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

State Bank of Travancore Savings Account

State Bank Of Travancore Savings Account

A State Bank of Travancore savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a State Bank of Travancore Savings Account.

Features and Benefit of State Bank of Travancore Savings Account

There are various benefits to having a savings account with State Bank of Travancore:

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking
  • Suited for all people, regardless of class and gender.
  • Running account.
  • Cheques, Drafts, Interest Warrants, Dividend warrants etc., in Indian rupees and foreign currencies in the personal names of the depositors can be collected and credited to these accounts.
  • Liberal withdrawal facilities.
  • No Income Tax deduction at source on interest.
  • Standing instructions for remittances of insurance premium, rent and similar payments carried out.
  • Minors above 10 years can open and operate the account.
  • Nomination facility is available.

Types of State Bank of Travancore Savings Accounts

For the full list of savings accounts options, check the bank website or visit the nearest branch. Following are some kinds of State Bank of Travancore saving account.

Basic Savings Bank Deposit Account

  • Free ATM Card
  • Internet banking not permitted
  • Passbook issued
  • Simplified KYC norms
  • Availability in all branches
  • No limits on the number of deposits made in a month
  • No charges for non-operation/ activation of inoperative accounts

Savings Plus

  • Savings Bank account opened singly or jointly with either or survivor facility.
  • Minimum balance requirement of Rs 5000
  • Excess over the threshold limit of Rs 5000, in multiples of Rs 1000 with a minimum of Rs 10000 will automatically be converted into a Special Term Deposit by default for a minimum period of 12 months or term above 12 months if prescribed by the depositor.
  • The account holder can draw the deposits conveniently for any debit transactions such as cash withdrawals by cheques/withdrawal forms, transfers through debit vouchers, ATM withdrawals, Internet Banking transactions, Standing Instructions.

Prathibha Savings Deposit Scheme

  • Eligibility: Women aged 18 years and above
  • No limit on maximum balance
  • One cheque book free per year
  • Free ATM Card.
  • Annual Maintenance Fee applicable.
  • Internet Banking with transaction facility

Little Star Savings Deposit Account

  • Savings bank deposit for children of the ages 1-18 years
  • Initial deposit: Rs. 250 only
  • Cheque book may be issued, provided the minor account is not overdrawn and always remains in credit. However, cheque book to be issued only to those children of the age of 10 years and above.
  • ATM cum Debit Car will be issued to children of age 10 years and above, free of cost.
  • Annual maintenance charges apply
  • Duplicate card may be issued, charges apply
  • Internet banking facility will be provided to children of 15 years and above with right to view only. Transaction rights will be provided when the child attains majority.

State Bank of Travancore Savings Account Minimum Balance

The minimum balance required in State Bank of Travancore savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings AccountMinimum Balance Required
Basic Savings Bank Deposit AccountNil
Savings PlusRs. 5000
Prathibha Savings Deposit SchemeRs. 250
Little Star Savings Deposit AccountNil

State Bank of Travancore Savings Account Interest Rate

State Bank of Travancore savings account offers interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

State Bank of Travancore Savings Account Charges

Different State Bank of Travancore savings account have a different schedule of charges. It is best to contact State Bank of Travancore directly for the most up to date charges.

How to open a State Bank of Travancore Savings Account

State Bank of Travancore savings account opening is easy and hassle-free. You can open an account in the following way:

  • Fill up the Account Opening Form and submit the required details online.
  • Print the Account Opening Form and attach the required KYC documents, such as photographs and proof of identity and address, as mentioned in the form., and submit them at the nearest branch. A Temporary Customer Reference Number will be generated, which you need to keep handy for referencing.
  • Visit the branch along with the documents to have your account opened.

It’s as simple as that!

State Bank Of Travancore Savings Account FAQ

1. What is the best interest rate on a State Bank of Travancore saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is best to contact the nearest State Bank of Travancore branch.

2. Who is eligible to open a Basic Savings Account with State Bank of Travancore?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

3. Is it possible to open a State Bank of Travancore savings account online?

No.You need to visit your nearest branch to have your account opened.

State Bank Of Travancore Savings Account - Customer Reviews

4 / 5 (15 Reviews)
29 Sep 2020

Credit Report Analysis,Website/app interface,Usefulness of information,Product offers,EXCELLENT

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