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.co.in.
SBI's savings bank account
A savings bank account is a basic account that safeguards customer's money. SBI pays an interest rate of 3.5 per cent per annum on saving deposits balance up to Rs.1 crore. Saving deposits balance above Rs. 1 crore pays 4 per cent per annum interest rates.
SBI's savings plus account
SBI's Savings Plus Account is a savings bank account linked 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. A monthly average balance (MAB) requirement is applicable for maintaining SBI's Savings Plus account.
SBI's current account
SBI offers 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. 5,000. For rural branch, it is Rs. 2,500, said SBI.
SBI's small account
SBI offers the facility of opening a small account for customers who do not have KYC (Know Your Customer) documents. 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. SBI's small account can be converted to regular savings account upon submission of KYC documents.
SBI's basic savings bank deposit (BSBD) account
SBI's basic savings bank deposit (BSBD) account is a type of zero balance savings account 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 fees, said SBI. 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.