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Home » India » State Bank of India » Savings Account

SBI Savings Account

SBI is one of the largest banks in India in terms of total asset, paid up capital as well as number of branches. Savings account with State Bank of India offers high interest rate which adds value to your surplus money. So plan and save for your future financial needs. Savings with SBI are kept safe and that to with competitive rate of interest. Opening a savings bank account is simple and user friendly. You just need to fill account opening form, make a minimum deposit and fulfill the minimum age eligibility criteria set by the bank. In case of minors a guardian is required as guarantor of the savings account.

On opening saving bank account you get free ATM cum Debit Card which makes cash withdrawal an easy affair and can also be used to shop at numerous retail outlets all over India. The most important features of this account include a non personalized welcome kit which contains 10 Cheques and ATM card when you apply for it with bank. Recently, SBI has launched a scheme where customers do not have to pay any penalty if they are not able to qualify for the minimum balance requirement of the bank and they will also get a personal accident insurance of Rs 4 lac by just depositing Rs 100 each year this has made the savings account of the bank even more attractive among the Indians and NRI’s.

There are various types of savings schemes that are offered by the bank under its insurance plan like SBI Life - Smart Money Back Insurance, SBI Life - Flexi Smart Insurance, Sanjeevan Supreme, Shubh Nivesh, Saral Life. SBI savings plus account acts both as a savings bank and term deposit accounts with a flexibility of high returns on term deposit. You can also open an online savings account with the bank that will help you to perform various functions like making balance enquiry, get an online account statement, do a balance check.

If you are still thinking whether to opt for an SBI Savings Account then the following attractive features will definitely force you to open a savings account with the bank:
  • Facility of multi city Cheques.
  • Access of the account online and through mobile.
  • Auto sweep facility.
  • Free passbook on opening a savings account.
  • Free withdrawal of cash at more than 27000 State Bank Group ATMs.

How to Open SBI Savings Account

SBI Savings account can be opened both online or by filling up an application form and depositing it to the bank’s branch. Before opening an account you need to submit some important documents like Driving license, Photo ID card. You can open a SBI Savings Account by downloading the application form or the account opening form in PDF format from the website of the bank, fill it up and submit it to the nearest SBI branch. Apart from this the customer can also visit the website of the bank and fill up the application form online and submit it. You will receive a reply from the bank within 24 business hours and you will be informed about your application status.

SBI Savings Account Interest Rate 2012

State Bank of India Savings Bank Account helps the customer to earn an interest rate of 4.00% p.a. half yearly. Interest rate is calculated on daily product basis and is credited to the savings holder’s account half yearly on 30th June and 31st December. The interest rates on the Savings Account are directed by the Reserve Bank of India.

SBI Savings Account Withdrawal Limit

The savings account holder can at anytime withdraw money using the withdrawal form of the bank. While withdrawing money the customer must have the passbook with themselves. The form can only be used by the account holders and the minimum withdrawal limit is Rs 50. However, there is no fixed limit prescribed by the bank for withdrawing money through cheque. The entire withdrawal amount should be done in rounded figure. If you withdraw cash from your savings through ATM of other banks then a nominal charge for branch change ATM will be imposed.

SBI Savings Account Customer Care

You can at anytime make call at the toll free customer care number 1800 112211 or 1800 425 3800 to seek the information and speak with the customer care representatives who are always ready to assist. In addition to this you can visit the website of the bank and read the terms and conditions and also the closure form carefully.

Last Updated On: 2012/10/08

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