SBI Yuva Savings Bank Account
What is SBI Yuva Savings Bank Account?
The SBI Yuva Savings Account is a basic savings account designed for young adults aged 18-30. It offers basic banking services like ATM-cum-Debit cards, internet banking, and mobile banking.
Table of Contents
Bank | SBI |
Category | Yuva Savings Account |
Minimum Balance | Not required |
Interest Rate | 4.00% p.a. calculated on a daily balance |
Card Offered | Multiple variants |
Services Offered Under SBI Yuva Savings Account
Internet Banking | Yes |
Mobile banking | Yes |
Auto sweep facility | Yes |
Standing instructions | Yes |
Fees and Charges of SBI Yuva Savings Account
Issue of Pass book | Nil |
Duplicate Pass book/Statement | Rs.112/- |
Multi-city cheque leaves | AQB (Average quarterly balance) is less than 25,000 = First 20 are free. Subsequently Rs. 3 per leaf.AQB is more than 25,000 - First 50 leaves are free.Subsequently Rs. 2 per leaf. |
Remittance | One draft/banker’s cheque per calendar month will be issued free of cost favouring educational institutions or job applications. |
Collection | One free collection of a cheque, with a ceiling limit of Rs. 20,000/- per month. |
Balance enquiry | Nil |
Transfer of Account | Rs.112/-(inclusive of postal charges). |
Account closure |
|
Within 14 days | Nil |
Upto 6 months | Rs.337 |
6 - 12 months | Rs.225 |
Inoperative account | Nil |
Transactions at State Bank Group ATMs | Free |
Transactions at Other Bank ATMs | Free up to 5 transactions. After that, financial transactions are charged Rs. 17, and non-financial Rs. 6. |
Funds transfer | No intercore charges |
Eligibility
18 years of age and up to 30 years
Nomination
Available
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on SBI Yuva Savings Bank Account
- What is the SBI Yuva Savings Account?
The SBI Yuva Savings Account is a specialized savings account designed for students and young individuals to promote financial independence and savings habits.
- Who is eligible to open an SBI Youth or Student Account?
Indian residents aged between 10 to 30 years, especially students, are eligible to open the SBI Yuva or Youth Savings Account, depending on bank guidelines.
- What documents are required to open an SBI Student Account?
Basic KYC documents such as Aadhaar card, passport-size photo, student ID card, and proof of address are generally required. Minors may need guardian documents as well.
- Is there a minimum balance requirement in the SBI Yuva Account?
SBI Yuva Savings Accounts often come with low or zero minimum balance requirements, depending on the account variant and location. It’s best to confirm with the local branch.
- Can I use mobile and internet banking with an SBI Youth Account?
Yes, mobile banking, internet banking, and ATM facilities are available with SBI Youth Accounts, subject to parental consent in case of minors.
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