State Bank of India Savings Account

Akanksha is a fresh engineering graduate and has recently joined her new job. Growing up, her parents always advised the importance of savings in life. SO when she receives her first month’s salary, she decides to open up a savings account to deposit a part of her income. 

Upon consulting her parents and then researching the Internet, Akanksha stumbled upon the tremendous benefits of savings accounts and many other things. Here’s what she found:

What are Bank Savings Account?

It is an interest-bearing money deposit account that can be opened or held at a bank or other financial institution. A savings account is a bank account ideal for individuals with a regular source of income. These accounts gain you beneficial interest rates depending upon the banks of your choice on the balance amount present in your bank account.

Every savings account avails a range of financial transactions which you can use to pay for your utilities, credit card bills, and even transfer funds. It is one of the safest forms to store your money that offers easy liquidity.

State Bank of India (SBI) Savings Account

State Bank of India is India’s most trusted and efficient bank. A bank with a network spread overseas and all over the country, SBI proves to be the best option for all the financial products and services, including SBI savings account. This service at SBI has many attractive features and tons of benefits for the account holders. These savings accounts do not require any minimum balance and provide an ATM/Debit card to carry out all the net banking and internet banking activities. 

With markets one of the best rates of interest, SBI is one of the wisest choices for opening a savings bank account. 

What is the process to open a SBI Savings Account

 There are mainly two ways to you can apply for opening a savings account at State Bank of India: Offline and Online methods. 

Opening SBI Savings Account Offline

To open a back account Offline at any SBI branch following are the steps: 

• Visit your nearest State Bank of India branch 
• Request the assigned bank executive for an Account Opening Form
• The account opening form contains two forms: 

          Form 1– Name, address, signature, and other details and asset-related information 

          Form 2– this form is for customers who don’t have a Permanent Account Number (PAN) card

• Carefully fill out all the required information in the fields given. 
• Attach all the mentioned KYC documents 
• You will need to make an initial deposit of Rs.1000
• After the bank completes the verification process, you’ll get access to the account, a passbook, and a checkbook linked to it. 

Opening SBI Savings Account Online

To open a bank account Online at State Bank of India following are the steps: 

– Visit the State Bank of India’s official homepage 

• Click on the “Apply Now” option on the website.
• Select the “SBI Savings Accounts” button 
• Fill out the application form with all the details required in the specific fields given, and click on submit button.
• After submitting details, the bank will contact the applicant to visit the nearest branch for the KYC documents and verification process.
• Once you receive approval from the bank, your account will be activated in 3-5 working days. 

Documents required to Open State Bank of India Savings Account: 

• Completely fill Account Opening Form (AOF) available at every SBI branch
• Two passport-sized color photographs 
• All the Know Your Customer documents mentioned in the Account Opening Form must be attached. 
• Proof of Identity: Passport, Driving license, Voter’s ID card 
• Proof of Address: Passport, Driving license, Voter’s ID card 
• PAN Card 
• Form 16 ( in the absence of PAN Card) 

Eligibility Criteria to Open State Bank of India Savings Account:

• The applicant needs to be a citizen of India. 
• The applicant for the account needs to be 18 years or older. 
• If account holders are minors, parents or legal guardians can open the account on their behalf.
• Every applicant has a valid identity and address proof with the Government’s approval.
• Once the applicants’ approval is done, they need to make an initial deposit depending on the minimum balance requirement of the type of savings account the applicant has selected/applied for. 

Services You Get with SBI Savings Account:

Internet Banking: You can use your SBI savings account to access all the SBI services to make transactions and many other things via the Internet without visiting the bank every time. Any NEFT/ RTGS transactions are done free of cost. 

Debit Card: Acceptable at almost every ATM and other swipe point, you get a debit card with your savings account to swipe and withdraw money. This card comes free of charge with no maintenance fee. 

Other Services: State Bank of India provides many different services. Any extra services may be charged as per the bank’s regulations and policies. 

Features and Benefits of SBI Savings Account:

• One of the best interest rates offered on savings accounts, i.e., 2.70% per annum for both savings deposits balance up to Rs. 1 lakh and any amount above that.
• The savings account can be opened free of cost at any of your nearest State Bank of India branches.
• Once the KYC process is done, the account can be handled as both a single or a joint account.
• No maximum balance limit 
• It is the most easily accessible bank account, and the account holders also receive a cheque book along with it. 
• Account-holders can quickly transfer their accounts amongst the SBI branches without paying any fees.
• Multi-city cheques, Safe deposit Locker services are available. 
• Nomination Facility 
• Once you open a primary savings account at SBI, all your other accounts at the State Bank of India will be closed within 30 days of your savings account opening. 
• Customers get FOUR free ATM withdrawals every month at SBI ATMs or other ATMs.Starting from the fifth withdrawal, you will be charged a fee. 
•  Easy utility bill payments can be made using the SBI savings account.

Fees and charges of SBI Savings Account

Here are the descriptions of fees and charges of the SBI Basic Savings Account:

• Nil/ no charges for the Deposit or Collection of cheques drawn by Central or State Government 
• Nil/ no charges applied during deposit or cash withdrawal
• No charges applied during the activation of an inoperative account or accounts
• Charges may be included in the process of issuing variants of ATM cards 

Conclusion 

In a world full of uncertainties, it is always essential to have a safety net. Savings accounts are your financial safety nets that also provide benefits regularly. Our article provides you with all the information you need to know about savings accounts and savings account services by the State Bank of India.