INSUBCONTINENT EXCLUSIVE:
A savings bank account is a basic account that safeguards customer's money, said SBI.State Bank of India (SBI), country's largest lender,
offers a wide range of services under its personal banking portfolio
From savings bank account to small account, the lender provides a variety of options for customer's requirements
"Whatever your needs be- an investment of your surplus funds or to create a fund for your children's education and marriage
You will find a product from SBI that suits your requirement, delivered at a branch close to you", the lender said on its portal-
SBI charges an interest rate of 3.5 per cent per annum on saving deposits balance up to Rs.1 crore
Saving deposits balance above Rs
to Multi Option Deposit Scheme (MODS), wherein surplus fund above a threshold limit from the savings bank account is transferred
automatically to term deposits opened in multiples of Rs 1000
current bank account for users like firms, companies, public enterprises, businessmen, etc
According to SBI, current bank account is a form of demand deposit where withdrawals are allowed any number of times depending upon the
balance in the account or up to a particular agreed amount
A current account is generally best suited for managing day to day transactions
The monthly average balance (MAB) requirement for personal banking branch is Rs.10,000 while for non-rural it is Rs
For rural branch, it is Rs
2,500, said SBI.SBI's small accountSBI offers the facility of opening a small account for customers who do not have KYC (Know Your Customer)
SBI's small account can be opened by any individual who is above 18 years
However, there are many restrictions in operation of the account due to the relaxed KYC
accountSBI's basic savings bank deposit (BSBD) account is a type of zero balance savings accounts and does not require customers to maintain
any particular minimum average balance
This account can be opened by any individual provided he/she has valid KYC documents
SBI's BSBD account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or
SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to Rs
1 crore in savings bank accounts.
