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SBI Saving Account (Types & It's Features)

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SBI Saving Account (Types & It's Features)

  1. 1. असर (ASR)
  2. 2. Brief Introduction to SBI  State bank of India is nation's largest and oldest bank.  State bank of India is largest of the big four banks of India.  State bank of India ranked no. 292 globally in fortune global 500.  State bank of India is 29th most reputed company in the world.  On 30 April 1955, State Bank of India changed its name from Imperial Bank of India.  Imperial Bank of India was consist of Bank of Calcutta, Bank of Bombay & Bank of Madras.  The Government of India nationalized the Imperial Bank of India in 1955.
  3. 3. What Is a Savings Account? A savings account is an account used to deposit money at a bank or credit union and earn interest on the account over time. The purpose of the account is for saving money that you want to have good access to but you don't need for daily expenses. This type of account is often the easiest account for children to open. Because of its simplicity, it is the first account for many people and is used by people all ages.
  4. 4. Different Types Of Savings Account In SBI 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. Revision of Interest Rates on SBI Savings Bank Deposits With Effect from 31st July 2017 Sr. No. Particulars Rate of Interest 1 Saving Deposits Balance upto Rs. 1 crore. 3.50% p.a 2 Saving Deposits Balance above Rs. 1 crore. 4.00% p.a
  5. 5. Savings Account Interest Rate Minimum Balance Required Debit Card Issued Savings Plus Account 4.00% INR 25,000 Basic ATM-Debit Card Yuva Savings Account 4.00% Not Required Multiple variants Basic Savings Account 4.00% Not Required Basic ATM-Debit Card Small Savings Account 4.00% Not Required ATM cum Debit Card Savings Account For Minors 4.00% Not Required Photo ATM cum Debit Card Premium Savings Account 4.00% INR 10,000 ATM cum Debit Gold Card Salary Accounts 4.00% Not Required Basic ATM-Debit Card SBI Savings Account Interest Rates & Minimum Balance Required Updated on 19 Aug 2017
  6. 6. Savings Plus Account is a Savings Bank Account linked where any amount over Rs 25,000 would be transferred to a fixed deposit. The minimum balance of Rs 25,000 should be maintained. This means that where you get an interest rate of 4% in the SB account you might end-up getting 6%, which is the current FD interest rate. So, go for this account if you have a surplus in your savings account every month. Account holders also have the flexibility to choose the tenure of the deposit. Savings Plus 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. So, it is only for those who fall in this particular age group. Yuva Savings Account
  7. 7. Basic Savings Account Small Savings Account This account can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to Regular Savings Account upon submission of KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. 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. You can maintain zero balance in this basic SBI savings account. However, a maximum four withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs is permitted. Thereafter service charges as per regular Savings Bank Account will apply. You can either have a basic savings account or a savings account, you cannot have both.
  8. 8. Savings Account For Minors Premium Savings Account Pahla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the 'buying power' of money. Both the Savings Accounts are fully loaded; replete with banking 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. All these features come with 'per day limits' to ensure that they spend the money wisely. 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.
  9. 9. Salary Accounts If you have a SBI Savings account, any interest earned over and above Rs 10,000 would be taxed when you are filing your tax returns. On the other hand, if you a SBI Bank FD, the TDS would also be applicable if the amount crosses Rs 10,000. So, depending on the type of account in SBI the tax liability would arise. So do understand the same before you invest or open an account. 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. Taxation on SBI Savings Account
  10. 10. 1. Internet Banking, Mobile Banking, Kiosk Banking 2. Transfer accounts to any SBI Branch without changing the account number 3. Passbook issued free of charge 4. Multicity cheques 5. Safe Deposit lockers 6. Nomination facility 7. Personal Accident Insurance available at a nominal premium 8. No inter core charges for transfer transactions 9. Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card, etc. 10. Can be linked to Multi Option Deposit (MOD) Account Key Benefits Of SBI Savings Account
  11. 11. Individuals (Documents acceptable as proof of identity/address)  Passport  Voter's Identity Card  Driving Licence  Aadhaar Letter/Card  NREGA Card  PAN Card Any one document towards proof of identity and proof of address (either permanent or current ) Minors  If minor is less than 10 years of age, ID proof of the person who will operate the account to be submitted.  In cases where minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply. Small Accounts  Identity card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;  letter issued by a gazetted officer, with a duly attested photograph of the person KYC DOCUMENTS – INDIVIDUALS
  12. 12. Features General:-  Earn Interest at 4.00% p.a. based on daily balance.  Safe Deposit Lockers as per availability.  Nomination facility is available and recommended.  SMS Alerts and e-Statement facility. AUTO SWEEP FACILITY:-  Savings Bank account can be linked to Multi Option Deposit (MOD) account for earning higher term deposit interest on surplus money. ATM-CUM DEBIT CARD:-  State Bank Debit Card comes in multiple variants like Silver, Gold, Platinum Cards, International ATM-cum-Debit Card, etc. as per your eligibility.
  13. 13. MOBILE BANKING:-  Away from home, balance enquiries can be made and/or money sent to the loved ones or bills can be paid anytime 24x7!!! That is what State Bank Freedom offers - convenient, simple, secure, anytime and anywhere banking. INTERNET BANKING:-  www.onlinesbi.com, the Internet banking portal of our bank, enables you to operate your accounts from anywhere anytime, removing the restrictions imposed by geography and time. MISSED CALL BANKING:-  With SBI Quick, you can get your Account Balance, Mini Statement and more just by sending an SMS or giving a Missed Call! REWARDZ PROGRAM:-  Get rewarded for various transactions that you make! State Bank Rewardz allows you to collect points which can be redeemed for full or partial payments to get products & services online as well as from partner outlets.
  14. 14. PERSONAL ACCIDENT AND HEALTH INSURANCE:-  As a State Bank savings bank account holder, you would get Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd. CONTACT CENTER:-  Access to their 24x7 multi-lingual Contact Center to get details on their latest offerings, place request for products, services etc.

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