SBI Small Savings Account
An SBI Small Savings Account is a basic savings account for individuals without full KYC documentation, offering limited banking services with low balance and transaction limits.
Highlights:
Bank | SBI |
Category | Regular Savings Account |
Minimum Balance | Nil |
Interest Rate | 4.00% per annum |
Card Offered | ATM cum debit cards (free) |
Features and Benefits of SBI Small Savings Account:
- It comes with a debit card that is widely accessible.
- It comes with a low minimum average quarterly balance requirement.
- It offers the benefit of moderate earning to the account holder.
- It allows the savings account holder to maintain a maximum balance of Rs 50,000.
- It comes with the flexibility of account transfer across branches at no additional charges.
- It offers a high interest rate of 4% p.a.
- It offers the flexibility of opening a single account or a joint account with someone.
Features:
Age limit | 18 years |
Eligibility | Same as regular SBI savings account |
Overdraft facility | Not Available |
Minimum balance | Nil |
Maximum balance | Rs 50,000 |
Reward points | No |
Services:
Internet Banking | Available for free |
Mobile banking | Not available |
Cheque Books | Yes, available for free |
ATM cum Debit Card | Yes, available for free |
Fees and Charges of SBI Small Savings Account:
Terms and Conditions of SBI Small Savings Account
ATM transactions | Free up to 4 transactions at SBI and other bank ATMs |
Duplicate Pass book | Rs.100 with latest balance |
Duplicate Statement | Rs.100 with latest balance |
Outstation cheque collection | Rs.150 and other bank charges if applicable |
Check books | Free, up to 25 leaves in a year |
Return of Cheque | Rs 75 for local unpaid cheques and other bank charges if applicable |
Activation of inoperative accounts | No charges |
Collection/deposit of Central/ State government checks | Free |
Online funds transfer through NEFT or RTGS | Free |
- In a financial year, the aggregate of all credits should not exceed Rs 1 lakh.
- Balance in the account should not be more than Rs 50,000 at any point of time.
- In a month, the aggregate of all withdrawals and deposits should not be more than Rs 10,000.
- Foreign remittances will only be credited to the account if the identity of the remitter is fully established through submission of valid documents.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on SBI Small Savings Account
- Who can open an SBI Small Savings Account?
Any Indian resident above 18 years of age without full KYC documentation can open this account.
- What is the maximum balance allowed in the SBI Small Savings Account?
The maximum permissible balance is ₹50,000 at any point in time.
- Is there a minimum balance requirement?
No, this is a zero-balance account with no minimum balance requirement.
- Are internet and mobile banking available with this account?
Internet banking is available, but mobile banking is not offered for this account.
- What are the transaction limits for this account?
- Total annual credits must not exceed ₹1 lakh
- Total monthly withdrawals and deposits should not exceed ₹10,000
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