INSUBCONTINENT EXCLUSIVE:
A person holding a small savings bank account is allowed a maximum balance of Rs 50,000.
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
For example, an individual holding a regular SBI savings bank account in a metro bank branch is required to maintain a monthly average
On the other hand, someone holding a basic savings bank account is not required to maintain any such balance
p.m.Proposed Charges p.m.Metro Urban (AMB Rs
12/- +GSTShortfall > 75%Rs
15/- +GSTSemi-Urban (AMB Rs
2000/-)Shortfall < = 50%Rs
30/- +GSTRs 10.00 +GSTShortfall > 75%Rs
40/- +GSTRs.12.00+GSTRural AMB (Rs 1,000/-)Shortfall < = 50%Rs
7.50 +GSTShortfall > 75%Rs
40/- +GSTRs 10.00 +GST(Source: sbi.co.in)SBI offers an interest rate of 3.5 per cent per annum on balance up to Rs 1 crore in its savings
bank account, and 4 per cent in case of balance above Rs 1 crore, according to the bank's website
SBI savings bank account comes with certain minimum balance or 'monthly average balance' (MAB) requirements
That means an account holder is required to maintain a certain minimum average balance in the bank account
Failing to meet these requirements attracts penalty depending upon the type of branch and the degree of shortfall.SBI Savings Plus Bank
AccountThis is a special type of savings bank account that is linked to MODS or Multi-Option Deposit Scheme, an 'auto sweep' facility
In MODS, surplus fund above a threshold limit from the savings bank account is transferred automatically to term deposits - or fixed
deposits (FD) - opened in multiples of Rs
The minimum threshold limit - surplus balance above which is converted into a term deposit or FD - is Rs 35,000, according to SBI
The minimum amount that is transferred to an FD is Rs 10,000 and above in multiples of Rs 1,000, according to the SBI website."Any surplus
funds retaining a minimum of Rs
25000/- in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs
10,000/- and in multiple of Rs
1,000/- at one instance," SBI explained.SBI Basic Savings Bank AccountSBI's basic savings bank account is a type of savings bank account
that is free from any minimum balance requirement
That means a customer holding a basic savings bank account with SBI is not required to maintain a certain average balance every month
However, the customer cannot have any other savings bank account in addition to a basic savings bank deposit account
"If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit
Account," SBI states on its website.SBI allows customers holding a basic savings bank account with it a maximum of four withdrawals in a
month "including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash
withdrawal/transfer/internet debits/standing instructions/EMI, etc.".SBI Small Savings AccountThose holding a small savings bank account
with SBI are also not required to meet the bank's monthly average balance requirements
However, the small savings account allows a maximum balance of Rs 50,000, according to the SBI website
SBI allows Rs 10,000 as the maximum aggregate of all withdrawals and transfers in a month in its small savings account
Additionally, a limit of Rs 1 lakh has been set as the maximum allowed aggregate of all credits in a financial year
"If the balance exceeds Rs
50,000/- or total credit in the account exceeds Rs
1,00,000/- in a year, no further transaction will be permitted until the full KYC (know your customer) procedure is completed," according to
Withdrawal limits are same as applicable to the basic savings bank account.SBI Savings Accounts for MinorsSBI offers two kinds of bank
accounts for minors: 'Pehla Kadam' (first step) and 'Pehli Udaan' (first flight)
Both types of savings bank accounts come with features such as internet banking and mobile banking
While SBI hasn't set any monthly average balance requirement for these savings accounts, both accounts have a maximum balance limit of Rs 10
lakh, according to the bank's website.
