INSUBCONTINENT EXCLUSIVE:
SBI small savings account allows a maximum balance of Rs
The country's largest bank, however, also provides some types of accounts that are free from the monthly average balance rules
This means that in these bank accounts, the account holder is not required to fulfil any balance requirements in order to operate the
package accountSBI offers special salary account packages for varied sectors, such as the central government, state government, Indian
with regular salary credits to the account, the employer enters into a formal arrangement with SBI for receipt of the salary
An organisation is required to have at least 25 employees with gross monthly salaries above Rs 5,000 per month to be eligible for the salary
package account, according to the bank.Basic savings bank deposit (BSBD) accountAimed at financial inclusion, a Basic Savings Bank Deposit
or BSBD account is a type of savings account which provides limited services without any charges under certain conditions, according to SBI
A customer holding a BSBD account with the bank cannot open or operate any other savings bank account with the bank
"If the customer already has a savings bank account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit
account," SBI mentions on its website
The account holder is allowed a maximum of four withdrawals a month
These include ATM withdrawals at ATMs of SBI and other banks, and online transactions such as NEFT and RTGS
There is no minimum or maximum limit applicable to the BSBD account, according to the bank.Small accountAlso aimed at financial inclusion,
the small savings account allows a maximum balance of Rs
50,000 at any point of time, according to SBI
State Bank of India permits Rs
10,000 as the maximum aggregate of all withdrawals and transfers in a month in its small savings account
Additionally, a limit of Rs
1 lakh has been set as the maximum allowed aggregate of all credits in a financial year
On the small savings account, the same withdrawal limits are applicable as the basic savings bank account
The small savings account can be converted into a regular savings account upon submission of KYC (know your customer) documents, according
to the bank.Accounts for minorsSBI offers two types of bank accounts to minors: Pehla Kadam and Pehli Udaan
While the Pehla Kadam account can be opened in the name of an individual aged below 18 years, the Pehli Udaan account is meant for children
above 10 years of age, according to SBI.
