असर (ASR)

Brief Introduction to SBI

 State bank of India is nation's largest and oldest bank.
 State bank of India is largest of the big four banks of India.
 State bank of India ranked no. 292 globally in fortune global 500.
 State bank of India is 29th most reputed company in the world.
 On 30 April 1955, State Bank of India changed its name from Imperial
Bank of India.
 Imperial Bank of India was consist of Bank of Calcutta, Bank of Bombay
& Bank of Madras.
 The Government of India nationalized the Imperial Bank of India in 1955.
 What Is a Savings Account?

A savings account is an account used to deposit money at a

bank or credit union and earn interest on the account over
time. The purpose of the account is for saving money that you
want to have good access to but you don't need for daily
expenses. This type of account is often the easiest account for
children to open. Because of its simplicity, it is the first
account for many people and is used by people all ages.
Different Types Of Savings Account
In SBI
State Bank of India provides different types of savings account serving a
different purpose and need. Bank customer should be careful when he is
opening an account with the bank.
These accounts differ when it comes to maintaining minimum balance and
services available. The bank is offering interest rate at 4% p.a. Interest is
calculated on a daily balance.

Revision of Interest Rates on SBI Savings Bank Deposits With Effect

from 31st July 2017

Sr. Particulars Rate of Interest

No.
1 Saving Deposits Balance upto Rs. 1 3.50% p.a
crore.
2 Saving Deposits Balance above Rs. 1 4.00% p.a
crore.
 SBI Savings Account Interest Rates & Minimum Balance
Required
Updated on 19 Aug 2017

Savings Account Interest Rate Minimum Balance Required Debit Card Issued

Savings Plus Account 4.00% INR 25,000 Basic ATM-Debit Card

Yuva Savings Account 4.00% Not Required Multiple variants

Basic Savings Account 4.00% Not Required Basic ATM-Debit Card

Small Savings Account 4.00% Not Required ATM cum Debit Card

Savings Account For

4.00% Not Required Photo ATM cum Debit Card
Minors

Premium Savings Account 4.00% INR 10,000 ATM cum Debit Gold Card

Salary Accounts 4.00% Not Required Basic ATM-Debit Card

Savings Plus Account
Savings Plus Account is a Savings Bank Account linked where any amount
over Rs 25,000 would be transferred to a fixed deposit. The minimum balance
of Rs 25,000 should be maintained. This means that where you get an interest
rate of 4% in the SB account you might end-up getting 6%, which is the
current FD interest rate. So, go for this account if you have a surplus in your
savings account every month. Account holders also have the flexibility to
choose the tenure of the deposit.

Yuva Savings Account

This savings bank account is for young adults between 10-
30 years of age to give them the first experience of an
independent, restriction free Banking experience. Facilities
available such as ATM- cum-Debit card facility, Mobile
Banking, Internet Banking, Cheque books. So, it is only for
those who fall in this particular age group.
Basic Savings Account
This account can be opened by any individual above 18 years old,
provided he/she has valid KYC documents. Primarily meant for
poorer sections of society to encourage them to start saving
without any burden of charges or fees. You can maintain zero
balance in this basic SBI savings account. However, a maximum
four withdrawals in a month, including ATM withdrawals at own
and other Bank's ATMs is permitted. Thereafter service charges as
per regular Savings Bank Account will apply. You can either have
a basic savings account or a savings account, you cannot have
both.

Small Savings Account

This account can be opened by any individual above 18 years old, who
do not have Officially Valid KYC documents. There are many
restrictions in operation of the account due to the relaxed KYC. Account
can be converted to Regular Savings Account upon submission of KYC
documents. Primarily meant for poorer sections of society to encourage
them to start saving without any burden of charges or fees.
Savings Account For Minors
Pahla Kadam and Pehli Udaan, are complete
bouquets of banking products, that will not only help
children learn the importance of saving money but will
also allow them to experiment with the 'buying power'
of money.
Both the Savings Accounts are fully loaded; replete
with banking features like Internet Banking, Mobile
Banking, etc. which will not just acquaint children
with the different channels of modern-day banking but
also teach them the nuances of personal finance. All
these features come with 'per day limits' to ensure that
they spend the money wisely.

Premium Savings Account

Premium Savings Account provides an enriched version
of Savings Bank account consisting of the concessions
and add-ons. There should be a minimum amount of Rs
10000/. to be maintained. The auto sweep will be
applicable after retaining Rs 25000/- in the account.
Salary Accounts
SBI salary account is where your salary gets credited on
regular bases. This is a zero balance account. Note that of
salary is not credited for three consecutive months than
the account is considered as a regular savings account and
required minimum balance should be maintained.

Taxation on SBI Savings Account

If you have a SBI Savings account, any interest earned
over and above Rs 10,000 would be taxed when you are
filing your tax returns. On the other hand, if you a SBI
Bank FD, the TDS would also be applicable if the
amount crosses Rs 10,000. So, depending on the type of
account in SBI the tax liability would arise. So do
understand the same before you invest or open an
account.
Key Benefits Of SBI Savings Account

1. Internet Banking, Mobile Banking, Kiosk Banking

2. Transfer accounts to any SBI Branch without changing the
account number
3. Passbook issued free of charge
4. Multicity cheques
5. Safe Deposit lockers
6. Nomination facility
7. Personal Accident Insurance available at a nominal
premium
8. No inter core charges for transfer transactions
9. Multiple variants of ATM/Debit Cards like Gold Card,
International ATM/Debit Card, etc.
10. Can be linked to Multi Option Deposit (MOD) Account
 KYC DOCUMENTS – INDIVIDUALS
Individuals (Documents acceptable as proof of identity/address)
 Passport
 Voter's Identity Card
 Driving Licence
 Aadhaar Letter/Card
 NREGA Card
 PAN Card
Any one document towards proof of identity and proof of address (either permanent or current
)
Minors
 If minor is less than 10 years of age, ID proof of the person who will
operate the account to be submitted.
 In cases where minor can operate the account independently, KYC
procedure for identification/address verification as in the case of any
other individuals would apply.
Small Accounts
 Identity card with applicant's photograph issued by Central/State
Government Departments, Statutory/Regulatory Authorities, Public
Sector Undertakings, Scheduled Commercial Banks, and Public
Financial Institutions;
 letter issued by a gazetted officer, with a duly attested photograph of
the person
 Features
General:-
 Earn Interest at 4.00% p.a. based on daily balance.
 Safe Deposit Lockers as per availability.
 Nomination facility is available and recommended.
 SMS Alerts and e-Statement facility.

AUTO SWEEP FACILITY:-

 Savings Bank account can be linked to Multi Option Deposit
(MOD) account for earning higher term deposit interest on
surplus money.

ATM-CUM DEBIT CARD:-

 State Bank Debit Card comes in multiple variants like Silver, Gold,
Platinum Cards, International ATM-cum-Debit Card, etc. as per your
eligibility.
MOBILE BANKING:-
 Away from home, balance enquiries can be made and/or money sent to
the loved ones or bills can be paid anytime 24x7!!! That is what State
Bank Freedom offers - convenient, simple, secure, anytime and
anywhere banking.

INTERNET BANKING:-
 www.onlinesbi.com, the Internet banking portal of our bank, enables you
to operate your accounts from anywhere anytime, removing the
restrictions imposed by geography and time.

MISSED CALL BANKING:-

 With SBI Quick, you can get your Account Balance, Mini Statement
and more just by sending an SMS or giving a Missed Call!

REWARDZ PROGRAM:-
 Get rewarded for various transactions that you make! State Bank
Rewardz allows you to collect points which can be redeemed for full or partial
payments to get products & services online as well as from partner outlets.
PERSONAL ACCIDENT AND HEALTH INSURANCE:-
 As a State Bank savings bank account holder, you would get
Personal Accident and Health Insurance at discounted rates from
SBI General Insurance Company Ltd.

CONTACT CENTER:-
 Access to their 24x7 multi-lingual Contact Center to get details on
their latest offerings, place request for products, services etc.