What Are Different Types Of Savings Account In SBI?

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State Bank of India provides different types of savings account serving a different purpose and need. Bank customer should be careful when he is opening an account with the bank.

These accounts differ when it comes to maintaining minimum balance and services available. The bank is offering interest rate at 4% p.a. Interest is calculated on a daily balance.

Savings Plus Account With SBI

Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to fixed Deposits. The minimum balance of Rs 25,000 should be maintained.

Yuva Savings Bank Account

This savings bank account is for young adults between 10-30 years of age to give them the first experience of an independent, restriction free Banking experience. Facilities available such as ATM- cum-Debit card facility, Mobile Banking, Internet Banking, Cheque books.

Basic Savings Bank Account

This account can be opened by any individual above 18 years old, provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Savings Account For Minors

Pehla Kadam and Pehli Udaan both the Savings Accounts have features like Internet Banking, Mobile Banking, etc. which will not just acquaint children with the different channels of modern-day banking but also teach them the nuances of personal finance.

Premium Savings Account

Premium Savings Account provides an enriched version of Savings Bank account consisting of the concessions and add-ons. There should be a minimum amount of Rs 10000/. to be maintained. The auto sweep will be applicable after retaining Rs 25000/- in the account.

SBI Salary Accounts

SBI salary account is where your salary gets credited on regular bases. This is a zero balance account. Note that of salary is not credited for three consecutive months than the account is considered as a regular savings account and required minimum balance should be maintained.

Read more about: banking, savings, sbi
Story first published: Monday, June 27, 2016, 11:33 [IST]
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