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SBI Saving Account

SBI Saving Account is the savings account that many of us are familiar. We have seen our parents and grandparents use SBI Saving Account and there is high probability that our first savings account was a SBI account. However, have you ever wondered what are the different features of this savings account?

Thanks to its huge network of bank branches, it is easily accessible to several people.

Features of a SBI saving account:

1. Interest rate:

If you are a savings account holder in the State Bank of India, you are eligible to receive interest rates up to 3.25% per annum. Along with this feature, you are also permitted to avail safe deposit lockers depending on their availability.

Read: Top Banks that offer High Interest on Savings Accounts

2. Minimum Balance Requirement in SBI 

Customers are required to keep a minimum balance in their SBI saving account. The minimum balance requirement in SBI will vary as per the per branch location. The average monthly balance requirement for urban centres is Rs. 3,000. Customers in the semi urban centres is Rs. 2,000 while it is Rs.1,000 for rural areas.

The bank can charge penalties if the average minimum balance is not maintained.

Here’s the structure of penalties for different locations:

Urban Centre Balance falls less than 50% of the MAB Rs. 10 + GST
Urban Centre Balance falls more than 75% of the MAB Rs.15 + GST
Semi Urban Centre Balance falls less than 50% of the MABRs.7.50 +GST
Semi Urban Centre Balance falls between 50-75 per cent Rs.10 + GST
Semi Urban Centre Shortfall above 75% Rs.12 + GST
Rural Centre Balance falls less than 50% of the MAB Rs.5 + GST
Rural Centre Balance falls between 50-75 per cent Rs.7.50 + GST
Rural Centre Shortfall above 75% Rs.10 + GST

If keeping a minimum average balance is not your cup of tea, then you can look at zero balance accounts where you don’t have to keep a minimum average balance.

3. Nomination facility:

As a bank account holder in SBI, you are also eligible to a nomination facility, which is highly recommended. Since the SBI savings account is technology- driven in nature, you will also receive e- Statements and SMS alerts periodically.

Read: Make it simpler for your family member to access your saving accounts

4. Auto sweep facility:

State Bank of India offers a Savings Plus Account facility where your savings account can be linked to a MOD (Multi Option Deposit) where in you can earn a higher term deposit interest on surplus money lying in your account.  Here, surplus fund above the onset limit of your saving account is automatically added to Term Deposits which operates in multiples of Rs. 10 . You are eligible to operating the account singly, jointly with E or S (Either or Survivor; which means that that you hold the account with a nominee of your choice who is entitled to receive the amount on your passing). As a bank account holder, you also earn FD interest rate by shifting your excess cash from savings account.

Read: All you need to know about Auto sweep facility

5. ATM- cum- Debit card:

As a saving account holder with SBI, you are qualified to receive a variety of card, perfectly suited to meet your needs. SBI offers variants of SBI Debit card such as Silver, Gold, Platinum cards. Depending upon your eligibility, you can also receive an International ATM- cum- Debit card which can aid you in your next foreign vacation.

6. Internet Banking:

If you create a savings account with SBI, you are entitled to use YONO, which fulfills your banking purposes seamlessly through the internet. With this facility, you can check your account balance at any time, any place as well as sign in and transfer money, all with a single tap!  YONO assists you in dreaming big by helping you maximize your investments and aiding you in managing your money.

7. SBI No Queue

If you are facing problems with your bank account or wish to avail to certain services, there is now no need for you to wait in long queues. SBI has provided a SBI No Queue App facility where customers can book a virtual e- ticket to receive certain services at select SBI branches. This facility is provided in 3000+ branches of SBI where customers can avail to 18+ varied banking services. Importantly, customers of SBI as well as others can avail the SBI No Queue facility.

8. Types of savings account:

The State Bank of India offers two types of savings accounts besides regular savings account:

  • Special Salary savings account- Employees of varied sectors like the corporate, government, defense, paramilitary, police sector, etc. can use SBI’s online account opening facility to perfectly suit their salaries and savings. They can avail to a wide range of beneficial services like Mobile Banking, Internet Banking services.
  • Childrens account– Pehla Kadam and Pehli Udaan are savings accounts provided by the State Bank of India to encourage saving among children right from an early age. Depending on the account, the students savings account can jointly or solely run by the minor and can also be in the minor’s name or the concerned guardian/ parent’s name. A child’s account such as the one provided by SBI teaches children the nuances of savings and encourages them to seek financial independence.

9. Rewards:

You can receive rewardz for the transactions you make! SBI Rewardz allows you to earn points based on your purchases in varied stores which can be collected and later redeemed for partial or full payments, according to your needs. You can redeem the collected points for products and services on online stores and as well as partner outlets.

10. Other features:

As a State Bank of India saving account holder you can also receive discounted rates for Personal Accident and Health insurances with SBI General Insurance Company Ltd.

To conclude, along with the above features you can also avail SBI’s quick customer care service to answer your queries and concerns, even in the remotest part of the country! Enjoy a totally hassle- free, easy banking experience!


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