State Bank of India: 6 types of SBI savings accounts and what they offer

State Bank of India (SBI), is one of the largest lending private-sector banks in India with millions of customers. SBI offers a wide range of financial services ranging from savings accounts, home loans and car loans, credit cards, fixed deposits, investment services and many more. 

Through the Pradhan Mantri Jan Dhan Yojana, accounts are categorised in a way that ensures the inclusion of economically underprivileged groups of society so that their funds can be better managed. To help them develop the habit of saving, minors are also included (SBI Savings Account for Minors).

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Let’s take a look at the types of SBI savings accounts and what each offers:

1. Basic Savings Account 
The SBI basic savings account is meant to strengthen the porer section of society (PM Jan Dhan Yojana) by providing them with the option to open an account and start saving. There is no minimum or maximum balance limit. Anyone with valid KYC details is eligible to open the account. Safe deposit lockers are also available for customers.

2. SBI Basic Small Savings Account
This savings account is intended for those in the economically disadvantaged segments of society as well, but it is especially useful for those who struggle to acquire a bank account because they lack legally required KYC paperwork. There is no minimum balance and 50,000 is the maximum balance. All individuals above 18 years of age who DO NOT have official KYC documents are eligible to open this account. There are no annual maintenance charges. Transaction limit per month: Rs. 10,000 and maximum credits allowed in a year: Rs. 1 lakh.

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3. SBI Regular Savings Bank Account
This is a simple savings account that offers general public services including SMS banking, internet banking, credit cards, and more. To open this account, you must have valid KYC documentation. There is no monthly average balance required. Nomination is mandatory and internet and mobile banking service will be available. There is no maximum limit. 

4. SBI Savings Account for Minors
Children can use this SBI savings account to learn about the value of money and saving. Additionally, it enables students to experiment with their purchasing power so they may learn how to effectively manage their finances in the future. Supervision of parents is required in this account. The maximum balance is Rs 10 lakh. Mobile Banking: Rs. 2,000 per day and Internet Banking: Rs. 5,000 per day is permitted. It is issued to the parent/guardian singly or jointly with the minor. 

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5. SBI Savings Plus Account
A term deposit account is created and linked using the customer's savings or current account. The term of this fixed deposit is one to five years. This is done to promote the practice of investing. Customers can also get a loan on their MOD deposit to assist them in better managing their money. The minimum transaction limit is Rs 10,000 and the minimum balance to maintain is Rs 35,000. Surplus amounts get automatically converted into fixed deposits.

6. Insta Plus Video KYC Savings Account
Through video KYC, this SBI savings account may be opened online using simply Aadhaar and PAN (physical) information. For any type of verification, the applicant is not required to go to the bank branch. Literate resident Indians above 18 years of age who do not have a CIF/ active relationship with SBI are eligible to open this saving account. SBI Quick Missed call facility and SMS alerts are the features provided in this. Nomination is mandatory.