How To Open Saving Bank Account With SBI? State Bank of India is the leading and the largest bank of India. It is a public sector bank and financial institution, which has its headquarters in Mumbai, India. SBI is the 43rd largest bank globally and listed 221st in the Fortune Global 500 list of the world’s largest organisations of 2020, being the only Indian bank on the table. State Bank of India’s market share in terms of assets is 23% and its loan and deposits market is around 25%. SBI provides various financial services, including loans, SME banking, and savings accounts, through its vast network of branches in India and abroad. It is invariably beneficial to have a nationalised bank account. This article will acquaint us with opening a Saving Bank account with the State Bank of India. It will also provide an overview of the process to open a Saving Bank account.
Types of SBI Saving Account
SBI offers a series of savings bank accounts covering basic accounts to premium ones, accounts for children, youngsters, etc. The different kinds of savings accounts presented by SBI are listed below.
- Yuva Savings Account: This SBI savings account is specifically designed for children between the age of 18 and 30 years. The savings account will continue even after the account holder has attained the age of 30 years. The account’s debit card has complimentary and concessionary facilities that are provided free of cost.
- Basic Savings Account: This account allows the common man to access basic banking facilities. A basic savings account cannot be initiated if the person already has a savings account. If the person holds a savings account, it must be closed within 30 days of initiating this basic account. A basic ATM/Debit card is provided free of cost, subjected to a maximum of 4 withdrawals per month, after which the regular service charge is applicable.
- Small Account With SBI: A small account is catered to people who cannot meet the KYC (Know your customer) specifications. The account is operational only for 12 months. If the account holder can present their proof of application for any authorised valid document, then the account can be extended for another 12 months. All credits in the financial year should not surpass Rs. 1 Lakh Withdrawals and the transfers in a month should not surpass Rs 10,000.
- SBI Savings Account for Minor: Minors below the age of 10 years can avail of the PehlaKadam scheme, requiring the parents/guardian to open and operate the account jointly. This type of account aims to expose minors to banking and the current features like mobile and Internet banking so that they are acquainted with modern-day banking and understand the importance of savings and personal finance. The Pehli Udaan scheme is also under the savings account for minors here; children above ten years of age who can uniformly sign can open the account.
- SBI Savings Plus Account: This type of account is connected to Multi Option Deposit (MOD), where exceeded funds spanning the upper limit of the savings bank account is automatically shifted to Term Deposits. This scheme retains a minimum of Rs. 25,000 in the savings account. The term deposits can be started with a minimum of Rs 10000 and can be further increased in multiples of 1000. The account holder can pick the tenure of the deposit of 1 to 5 years.
Eligibility Criteria To Open SBI Savings Account
To open an SBI Savings Account, the eligibility criteria is given below :
- Should be an Indian Resident above 18 years of age and should not have any existing connection with the bank.
- One should have a valid Aadhaar Number and a Permanent Account Number.
- You can only hold one Insta Savings Account and no other accounts at a provided time.
How to Open SBI Savings Account?
For opening an account, one needs to provide the following information:
- KYC (Know Your Customer) information
- Information about the Savings Bank account you wish to open and the amenities you would need in the account.
- Form 60, if you do not have a Permanent Account Number (PAN) of Income Tax.
- Form DA-1 is optional if you want to make a nomination (recommended).
Step 1: Fill the Customer Information Section
Step 2: Fill the Account Information Section
- In both the sections Step 1 and Step 2, first, fill Part A with the necessary details.
- Once Part A is filled, save the information, then a TCRN (Temporary Customer Reference Number) will be generated. You will need it later to edit the form if you desire and link the customer in the Account Opening Form. It will also be sent to your mobile number given in the form.
The Yono Mobile App can also open the SBI savings account online. One can also visit the Yono online portal and open a savings account online in a few minutes.
KYC or Know Your Customer for SBI Savings Account
KYC is the short form for Know your Customer or Know your client. It directs proper diligence activities that financial institutes and other managed companies must accomplish to determine important information from their clients to do business with them. There are two aspects of Customer Identification: Identity Proof and Address Proof. The Identity Proof includes the passport, PAN card, driving license, ration card (as per organisations expectation), and the Address proof includes driving license, PAN card, passport, bills of utilities like phone, LPG, electricity, etc., bank statement, ration card. If you are a student, then a Letter issued by the institution. Though Proof of Identity documents carry the customer’s residential address, it may not be the present address. Therefore, to establish the present address of the customer and Proof of Identity, the institution asks for address proof.
Steps to Find Branch Number of SBI
The branch number to open the SBI savings account is important while filling the online Application Form. Though the website offers a button to Find the branch number. Here are a few steps to find the number
- Visit the website https://www.sbi.co.in and the SBI branch locator
- Search on Pincode or district, Then click on Search In
- Then select “Condition”, which has the following ‘Contains’ ‘is Equal to’, ‘Begins With’, and ‘Ends with.’
- Enter the text given in the image, also known as a captcha, then click Search.
Documents Required for Opening SBI Savings Account
One needs to provide a photocopy of all the documents (with their originals) and are expected to be present when submitting the account opening form. The documents required for the SBI savings account are given below.
- Proof of identity: Voter ID card, Driving License, Passport, and PAN Card
- Proof of Address (any of the following): Income/Wealth Tax Assessment Order, Electricity Bill, Telephone Bill, Credit Card Statement, Salary slip, Bank account statement, Letter from a reputed organisation, Letter from any verified public authority or Ration Card.
Advantage of Opening a Savings Account
SBI offers various savings bank accounts varying from premium to basic accounts, including accounts for children and youth. Any individual can open a Savings Bank account with SBI above 18 years old. One should also have an account with SBI while applying for Govt affiliated educational institutions or jobs; they expect Demand Draft from Nationalised Banks only. Opening a PPF account, Sukanya Samriddhi account or NPS is also accessible while having an SBI savings account. SBI customer service is considered to be one of its USP, despite being a Public Sector Bank. The broad network of offices across the country makes it considerably easy to transact with SBI.
Some other advantages of having an SBI savings bank account are :
- It has mobile, Internet, and Branch Banking
- Multicity cheques
- Dexterity to link savings account to a multi-option deposit account (MOD account)
- Inter-bank account transfer without changing the account number
- No minimum balance needed unless stipulated. The minimum required balance for Savings Plus Account is Rs 5000, and for the Premium Savings Account is Rs 25000.
- SBI savings account interest rate Up to Rs. 1 lakh and above Rs 1 lakh is 2.70%
Steps to Download the Saving Bank account Application Form
To download the Application Form after filling and submitting the Saving Bank Account with State Bank of India, go to the official online Account opening page. Click on “Download Completed Application Form”. A dialogue box appears on the screen, asking for the Applicant Temporary Account Reference Number and Date of Birth and then submitting the application online. After the details are entered, click on Download, the pdf file gets downloaded. Take the printout of the form before going to the SBI branch.
Conclusion on How To Open Saving Bank Account With SBI?
State Bank of India is the largest bank in India and therefore it has its inherent pros and cons. However, having a savings account in this bank can be a benefit under many circumstances. Therefore, any individual wishing to open a savings account with SBI can read through this article and have a step by step understanding of the procedures involved. Also, this article covers the How to as well as the what and what if’s of opening a savings account with SBI.