State bank of India, in an unprecedented step, has abolished its norms for minimum balance in the Savings Bank accounts. Not only the new customers but the existing customers will also avail this facility. By this historical effort to make it more customer friendly, State Bank of India gives the facility of opening two types of accounts.
Types of Savings Bank accounts in SBI
Following are 2 types of Saving Account offered by State Bank of India:
- Savings account
- Savings Plus account
The purpose behind savings account is to help people keep their money safely and avail interest s for it. For all the savings bank accounts’ holders, there is provision of availing a free ATM card and as the account holder your account is credited twice with interest in a year at the end of every six month.
Specialty of Savings plus Account
Besides the common features of Savings account, the savings plus account is designed with another facility. You can carry the usual transactions of a Savings account in this and have the benefit of Rs 1000 in this as a term deposit. If you keep more money in multiples of Rs 1000, you get credited with high interests as set aside for the term deposits.
Minimum Balance: On this SBI Saving + account you have to maintain at least Rs 1,000 on an average in a month.
Other features of Savings and Savings Plus account
- For Savings and Savings Plus account holders, there is provision of availing a free pass book.
- Minimum balance that you have to keep is Rs 1,000 per month.
- The primary account holders get the advantage of availing a free ATM-cum-Debit card.
- Now every account holder can have the cheque book facility.
- With your SBI ATM-cum-Debit-card, the account holder can do cashless purchase besides drawing money from ATMs of other banks.