For those planning to start saving money, the SBI Basic Savings account is a great way to begin. You can open an individual or joint savings account online. This account offers large flexibility on the amount to maintain, no minimum balance required but also no maximum balance to limit the deposits.
For deposits up to Rs. 100 lakhs you earn an interest rate of 3.50% and for higher amounts 4.00% on your savings. The interest is similar to the basic savings accounts of competitors.
This account comes with a free State Bank Classic Debit Card. You can use it to do everyday bank transactions, also online, and up to four free withdrawals per month at SBI or other bank ATMs.
What is more, you can link this savings account to pay utility bills like telephone or electricity.
All in all, the SBI savings account is a good fit for those looking to fulfil simple everyday bank transactions and earn an interest rate on their account balance.
Main advantages:
Who is it for?
All Indian adults can apply for this account, one individual may only own one savings account at SBI. If you already have another savings account, you will need to close it in order to open one at SBI.
About SBI:
State Bank of India is the largest public bank in the country and also the oldest, founded in 1806. SBI offers a diverse variety of financial products for private and professional banking. There are alos many options available regarding savings accounts, from generic to more specific like women’s savings account. SBI is a secure and large government bank, which makes it a trusted choice for savings accounts.
