Different SBI Savings Bank Accounts Explained: Interest Rates, Minimum Balance And Other Details
State Bank of India (SBI) offers several special types of savings bank accounts. These include the savings plus bank account, basic savings bank account, small savings account and savings account for minors. While all these bank accounts offer an interest rate of 3.5 per cent for balance up to Rs 1 crore, just like SBI's regular savings bank account, features such as eligibility criteria, minimum balance required, ATM cards and mode of operation vary, according to SBI's website - sbi.co.in. For example, a person holding a regular SBI savings bank account in a metro bank branch is required to maintain a monthly average balance of Rs 3,000. On the other hand, someone holding a basic savings bank account is not required to maintain any such balance. An individual holding a small savings bank account is allowed a maximum balance of Rs 50,000, according to the bank's website.
| Existing Charges p.m. | Proposed Charges p.m. | |
|---|---|---|
| Metro & Urban (AMB Rs. 3000/-) | ||
| Shortfall < = 50% | Rs. 30/- +GST | Rs. 10/- +GST |
| Shortfall > 50 – 75% | Rs. 40/- +GST | Rs. 12/- +GST |
| Shortfall > 75% | Rs. 50/- +GST | Rs. 15/- +GST |
| Semi-Urban (AMB Rs. 2000/-) | ||
| Shortfall < = 50% | Rs. 20/- +GST | Rs 7.50 +GST |
| Shortfall > 50 – 75% | Rs. 30/- +GST | Rs 10.00 +GST |
| Shortfall > 75% | Rs. 40/- +GST | Rs.12.00+GST |
| Rural AMB (Rs 1,000/-) | ||
| Shortfall < = 50% | Rs. 20/- +GST | Rs 5.00 +GST |
| Shortfall > 50 – 75% | Rs. 30/- +GST | Rs. 7.50 +GST |
| Shortfall > 75% | Rs. 40/- +GST | Rs 10.00 +GST |
| (Source: sbi.co.in) | ||
Here are some other types of savings bank accounts offered by SBI:
| Eligibility | Minimum balance/monthly average balance required | Maximum balance/threshold | ATM card type | Mode of operation | |
|---|---|---|---|---|---|
| Savings Plus Bank Account | Same as savings bank account | Monthly average balance of Rs 3,000 in metro or urban branch; Rs 2,000 in semi-urban branch; Rs 1,000 in rural branch | Rs 35,000 (Minimum threshold limit for transfer to MOD) | SBI card comes in variants such as Silver, Gold, Platinum, International ATM-cum-Debit Card as per eligibility | Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor etc. |
| Basic Savings Account | Same as savings bank account | Nil | No upper limit | Basic RuPayATM-cum-debit card | Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. |
| Small Savings Account | Same as savings bank account | Nil | Rs. 50,000 | Basic RuPay ATM-cum-debit card | Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. |
| Savings Account for Minors | Nil | Rs 10 lakh | Photo embossed ATM-cum-Debit Card | ||
| i. Pehla Kadam | Minor of any age; the account is jointly opened with the parent/guardian | Jointly with parent/guardian or singly by parent/guardian | |||
| ii. Pehli Udaan | Minors above 10 years of age who can sign uniformly; the account is opened in the sole name of the minor | Singly | |||
| (Source: sbi.co.in) | |||||
