With millions of active customers, SBI is one of the best and largest private-sector banks in the country. Serving a diversified range of financial services including home credit cards, loans and car loans, fixed deposits, investment services and many more. For underprivileged groups in society, SBI offers six different types of savings accounts so that their non-performing funds can be better managed.
Six Types of Savings Accounts of SBI
With the help of Pradhan Mantri Jan Dhan Yojana SBI offers these multiple types of savings accounts to help the poor to better manage their savings in such a way that helps to develop a habit of savings. Furthermore, even minors can avail of the services offered by these banks.
Let’s See What Each Type of SBI Savings Account Offer
Basic Savings Account
There are no maximum or minimum balance-maintaining criteria for basic savings accounts. SBI aims towards contributing to the wealth of the poorer section of society under PM Jan Dhan Yojana using basic savings account types. Along with a safe deposit facility, all customers with valid KYC are eligible to open this account.
SBI Basic Small Savings Account
This savings account type is the best for customers who are facing KYC-related trouble to open their basic savings account. There are no minimum balance criteria to open this account but the max balance amount is ₹50,000. All citizens aged 18 or above can open this account and no KYC formality is required, just physical documents are enough.
SBI Regular Savings Bank Account
This account is very suitable for people who are used to the present technology of internet banking, SMS banking, WhatsApp banking and more. To open this an individual must have KYC documentation ready. There are no criteria for maintaining a monthly balance for this SBI savings account type. There is no maximum limit to transact for this account type holders and the nomination is mandatory.
SBI Savings Account for Minors
This SBI savings account is specialized for teens and children to learn how to save and manage their money. It promotes student-aged individuals to open this account to perform financial experiments which will help them to create a future with rich wealth. The maximum balance limit is ₹10 lakh, for mobile banking, it is ₹2,000 and for internet, banking day is ₹5,0000. However, to open this account, minors will have to jointly apply with guardians or minors.
SBI Savings Plus Account
A term deposit account linked to the investor’s savings or current account. The maturity period of this term deposit will be between one to five years. The minimum transaction limit is Rs 10,000 and the minimum balance limit is Rs 35,000.
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Insta Plus Video KYC Savings Account
This account is opened with video KYC by simply showing Aadhaar and PAN. For the verification process, the applicant is not required to visit the bank branch. The nomination process is mandatory for this account type and citizens aged 18 or above having no CIF/ active relationship with SBI are eligible to get this account.
