Many people have savings accounts in the country's largest bank SBI. But most people have a regular savings account and they are also aware of this. But SBI allows its customers to open 8 types of savings accounts. Everyone's needs and features are also different. Know about those 8 savings accounts here.
Basic Savings Bank Deposit Account
This is a zero-balance account, for which there is no need to keep a minimum balance, there is no maximum limit. Any Indian citizen can open this account. If you have valid KYC documents, then this account can be opened easily. It is basically for the poor section of society so that they can be encouraged to save without the burden of charges or fees.
This account can be opened by any person above 18 years of age who does not have valid KYC documents. There is no obligation to maintain a minimum balance in this too, but the maximum can be kept only up to Rs 50,000. Due to laxity in KYC, there are many restrictions on the operation of the account. After submitting KYC documents, it can be converted into a normal savings account.
Savings Bank Account
This is a normal savings account that is opened with all the facilities. It also provides net banking, mobile banking, a locker facility, SMS alerts, a 25-page checkbook etc.
Savings Account for Minors
SBI provides two types of accounts for minor people: Pehla Kadam (First Step) and Pehla Udaan (First Flight). Pehla Kadam can be opened as a joint account of any child with parents or guardians. It is opened jointly with parents or guardians. Pehli Udaan is opened on a single basis for a child above 10 years of age.
Savings Plus Account
Savings Plus Account is a savings bank account linked to MOD. It provides you with a higher interest rate because it has a sweep-in facility. Under this, if the balance in this savings account is more than a fixed limit, the additional amount will be automatically converted into FD and FD interest will be available on that amount.
SBI Savings Account through Video KYC
This is a savings account opened through video KYC. There is no need to go to the bank for this. It can be opened through the YONO app or Internet banking only through an Aadhar card and PAN card.
MACT Claim Savings Bank Account
It is a special savings account to receive compensation given by the Motor Accident Claims Tribunal (MACT), in which compensation is paid to the victims of road accidents. Only a single account can be opened in it. Facilities like interest on deposits, passbooks, checkbooks, internet banking, and ATM are available.
Resident Foreign Currency (Domestic) Account
Resident Foreign Currency (Domestic) Account (RFC(D) Account) is a current account that does not earn interest. It is meant for Indian residents to keep foreign currency. It does not have a cheque book ATM etc.
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