In the name of a bank account, people know about a savings account and a current account. But there are many types of savings accounts, and very few people will know about it.
Talking about the country’s largest government bank SBI, 8 types of savings accounts are opened here. You too may have a regular savings account in SBI, but you hardly know about other savings accounts. Each account has its own need, benefits and features. Know about SBI’s 8 savings accounts here.
This is a normal savings account which opens with all the facilities. It also offers net banking, mobile banking, locker facility, SMS alerts, 25 page checkbook etc.
This account can be opened by any person above 18 years of age who does not have valid KYC documents. There is no obligation to maintain a minimum balance in this too, but the maximum can be kept only up to Rs 50,000. Due to laxity in KYC, there are many restrictions in the operation of the account. After submitting KYC documents, it can be converted into a normal savings account.
Savings Plus account is a savings bank account linked to MOD. It gives you a higher interest rate because it offers sweep-in-facility. Under this, if the balance in this savings account exceeds a certain limit, the additional amount will be automatically converted into FD and FD interest will be available on that amount.
SBI provides two types of accounts for minor people: Pehla Kadam (First Step) and Pehla Udaan (First Flight). Pehla Kadam can be opened as a joint account of any child with parents or guardian. It is opened jointly with parents or guardian. Pehli Udaan is opened on a single basis for a child above 10 years of age.
This is a savings account opened through video KYC. There is no need to go to the bank for this. It can be opened through YONO app or internet banking only through Aadhar card and PAN card.
This is a zero balance account, for which there is no need to keep a minimum balance, there is no maximum limit. Any Indian citizen can open this account. If you have valid KYC documents, then this account can be opened easily. Basically it is for the poor section of the society so that they can be encouraged to save without the burden of charges or fees.
It is a special savings account to receive compensation given by the Motor Accident Claims Tribunal (MACT), in which compensation is paid to the victims of road accidents. Only a single account can be opened in it. Facilities like interest on deposits, passbook, chequebook, internet banking and ATM are available.
Resident Foreign Currency (Domestic) Account (RFC(D) Account) is a current account which does not earn interest. It is meant for Indian residents to keep foreign currency. It does not have cheque book or ATM facility.