SBI Bank Gives This Special Service Absolutely Free on Its Savings Account, Know Details
SBI: If you’re interested in opening an account with State Bank of India (SBI), the largest public sector bank in the country, you’ll be pleased to know that there is a variety of savings accounts available to suit your needs.
SBI offers different types of savings accounts, each with its own unique features and benefits. Unlike some other banks, SBI does not restrict you to just one type of account.
When you open a savings account with SBI, you have the option to choose from three different types of accounts.
The process of opening an account is free of charge, and you also receive several complimentary services with these accounts.
Let’s explore the benefits you can enjoy by opening one of these SBI savings accounts.
Basic Saving Account
The Basic Savings Account offered by SBI is accessible to everyone and can be opened through KYC (Know Your Customer) procedures at any branch of the bank.
This particular account is designed to cater to individuals with lower incomes or those who intend to deposit smaller amounts of money.
One of the key advantages of the Basic Savings Account is that there is no requirement to maintain a minimum balance in the account.
This provides flexibility to the account holder, as they are not obligated to keep a specific amount of money in the account at all times.
Additionally, there is no maximum limit on the amount of money that can be deposited into the Basic Savings Account. This means that customers can deposit as much as they desire, without any restrictions imposed by the bank.
Upon opening a Basic Savings Account, the customer is provided with a basic Rupay ATM-cum-debit card. This card allows the account holder to make withdrawals from ATMs and make purchases using the debit card facility.
However, it’s worth noting that the Basic Savings Account does not include checkbook services, which means that checkbooks are not issued for this account.
Overall, the Basic Savings Account offered by SBI is a suitable option for individuals with lower incomes or those who prefer to deposit smaller amounts of money, providing them with flexibility and basic banking services through an ATM-cum-debit card.
Basic Savings Bank Deposit Small Account
The Basic Savings Bank Deposit Small Account is a type of account offered by SBI that can be opened by individuals who are above 18 years of age.
Unlike other accounts, KYC (Know Your Customer) documents are not mandatory for opening this account, making it accessible to individuals who do not possess the necessary KYC documents.
This account is particularly beneficial for individuals who may not have a valid set of KYC documents but still wish to have a basic savings account.
However, it’s important to note that this type of account can be converted into a Basic Savings Deposit account by providing the required KYC documents at a later stage.
Despite the lack of mandatory KYC documents, the Basic Savings Bank Deposit Small Account still provides most of the essential services offered by a regular basic savings account.
This means that account holders can enjoy basic banking services such as making deposits, withdrawals, and accessing their account statements.
In terms of account balance, the Basic Savings Bank Deposit Small Account has a maximum limit of 50,000 rupees. This means that the account holder can maintain a balance of up to 50,000 rupees in this account.
Overall, the Basic Savings Bank Deposit Small Account serves as a convenient option for individuals who do not have the necessary KYC documents but still wish to have a basic savings account.
It offers most of the essential services and allows a maximum balance of 50,000 rupees.
SBI Savings Account (SBI Saving Bank Account)
The SBI Savings Account, also known as the SBI Saving Bank Account, offers a range of convenient services to account holders.
These services include mobile banking, SMS alerts, internet banking, YONO (You Only Need One) app, State Bank Anywhere, and the SBI Quick missed call facility.
These features allow customers to easily manage their account, conduct transactions, and stay informed about their finances through various digital channels.
In addition to the digital services, the SBI Savings Account provides a certain number of checks to account holders free of charge. In a financial year, customers receive 10 complimentary checks.
However, once this limit is exhausted, there is a nominal fee for additional checks. The cost for an additional set of 10 checks is Rs 40 plus GST, and for 25 checks, it is Rs 75 plus GST.
One notable advantage of this account is that there is no requirement to maintain an average balance. This flexibility allows customers to operate the account without the need to maintain a specific minimum balance.
This feature is particularly useful for individuals who may have varying income or savings patterns.
Furthermore, the SBI Savings Account does not impose any limit on the maximum balance that can be maintained in the account. This means that customers can deposit and hold any amount of money in their account without any restrictions from the bank.
Overall, the SBI Savings Account offers a wide range of digital services, including mobile banking, SMS alerts, internet banking, YONO, State Bank Anywhere, and the SBI Quick missed call facility.
Account holders receive a certain number of free checks and enjoy the flexibility of not needing to maintain an average balance. There is also no limit on the maximum balance that can be maintained in the account.