Product Details
Bank Name
State Bank Of India
Account Name
SBI Savings Bank Account
Account Type
Savings
Interest Rate
Balances less than Rs. 10 Crore - 2.70% p.a.
Balances Rs. 10 Crore & Above - 3.00% p.a.
Free Debit Card
No.
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
Nil
Debit Card Charges
Depends on the debit card selected by the user.
NEFT Charges
Nil
IMPS Charges
Nil
Fees and Charges
SBI Savings Bank Account
Special Features
First 10 cheque leaves free in a financial year.
Eligibility Criteria
All individuals/Central/State Govt Departments (if eligible to open SB accounts) such as:
Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Govt depts to open Savings Bank account.
Development of Women and Children in Rural areas Self-help Groups, etc.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Cons
First 10 cheque leaves free in a financial year Thereafter: 10 Leaf Cheque Book at Rs 40/-+GST 25 Leaf Cheque Book at Rs 75/-+GST
Annual maintenance fee is nil.
Zero balance account.
Free transfer of money through NEFT or IMPS if done online.
SBI Savings Bank Account Review
The account comes with a low interst rate. Value add features offered by the card are minimal. The only redeeming feature is that it is a zero balance order.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open an SBI Savings Bank Account in two ways:
1. Online (Video KYC):
Download the YONO SBI App: Get it from the Google Play Store or App Store.
Initiate Account Opening:Open the app and find the "New to SBI" button.
Click "Open Savings Account."
Select "Without Branch Visit."
Choose "Insta Plus Savings Account."
Provide Details: Enter your Aadhaar and PAN details.
Verify Aadhaar: An OTP will be sent to your Aadhaar-linked mobile number. Enter it for verification.
Schedule Video Call: Choose a convenient time for the video KYC call.
Complete Video KYC: During the call, show your original PAN and Aadhaar to the representative. They will capture your photo.
Account Activation: Your account will be activated for debit transactions after verification.
2. Offline (Branch Visit):
Visit your nearest SBI branch.
Collect the account opening form. Fill it out accurately.
Submit the form and required documents: These may include proof of identity and address.
Account Activation: Once your application is processed, your account will be activated.