Types and Features of SBI Demat Account:- Friends, today through this article we are giving you complete information about all the eight types of accounts of State Bank of India and their features and the document eligibility and other special features for opening this account, which you can read once. Please read carefully. You will not have any confusion about opening any of the eight types of accounts of SBI Bank and you will be able to get the best savings account for yourself. The list of total eight accounts of SBI Bank is as follows:-
- Basic Savings Bank Deposit Account.
- Basic Savings Bank Deposit Small Account.
- Savings Bank Account.
- Savings Account for Minors.
- Savings Plus Account.
- Insta Plus Savings Bank Account (Video KYC)
- Motor Accidents Claim Account (MACT)
- Resident Foreign Currency (Domestic) Account.
Types of SBI Demat Savings Account – Features & Benefits
People should always open a savings account that meets their requirements and where they can benefit the most. One should go through all types of SBI savings accounts before selecting one. Below mentioned are the various kinds of SBI savings accounts:
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1. Basic Savings Bank Deposit Account
This account can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to Regular Savings Account upon submission of KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.
| Particulars | Details |
| Minimum/Maximum Balance | No limit |
| Eligibility Criteria | As applicable to regular Savings Bank Account. Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility. |
| Service Charges | Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied. Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free Deposit/ collection of cheques drawn by Central/State Government will be free No charge on activation of inoperative accounts No account closure charges. |
| Monthly withdrawal limit | 4 free monthly cash withdrawals (Both SBI & other bank’s ATMs) |
| Cheque Book Facility | Not Available |
| Debit Card | Basic Rupay ATM-cum-debit card; issued free of cost |
| Credit Card | Not provided |
| Features | -Available at all branches except specialised branches e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate —Account Group (CAG) branches. -Withdrawal from branch or through ATM -Basic RuPay ATM-cum-debit card will be issued. -Minimum balance amount is NIL -Maximum balance /amount No upper limit -No Cheque Book facility available. -Safe Deposit Lockers (as per availability)Nomination facility available and recommended. |
2. SBI Basic Small Savings Account/ Basic Savings Bank Deposit Small Account
This savings account is also meant for economically-weaker sections of society but is designed specifically for those who do not have officially valid KYC documents and face hardships in opening a bank account.
| Particulars | Details |
| Minimum/Maximum Balance | Nil/ Rs. 50,000 |
| Eligibility Criteria | All individuals above 18 years of age who DO NOT have official KYC documents(Self-attested photo + sign or thumb impression in presence of authorized branch officer) |
| ATM Charges Monthly withdrawal limit | No annual maintenance charges Rs. 10,000 (total of 4 withdrawals allowed) |
| Debit Card | Basic Rupay ATM-cum-debit card; issued free of cost |
| Credit Card | Not provided |
| Features | – Zero Balance Savings Account Transaction limit per month – Rs. 10,000 Maximum credits allowed in a year – Rs. 1 lakh Foreign remittance not allowed until officially valid KYC documentation is completed Account facility not available at Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches |
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3. SBI Regular Savings Bank Account
This account is the one that is generally offered to an applicant when he/she applies for an SBI savings account. This is a basic savings bank account that provides facilities like SMS banking, internet banking, credit card and more to the general public. Valid KYC documents are required to open this account.
| Particulars | Details |
| Maximum Balance | No maximum limit |
| Eligibility Criteria | Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Govt depts to open Savings Bank account. Development of Women and Children in Rural areas Self-help Groups, etc. Mode of Operation : Single/Jointly/Either or survivor/ Former or survivor, Later or survivor, etc |
| Cheque Book Facility | First 10 cheque leaves free in a financial year After that, Rs. 40+GST for 10 leaf cheque book Rs. 75+GST for 25 leaf cheque book |
| Debit Card | RuPay ATM-cum-debit card; personalized debit card also offered |
| Credit Card | As per terms & conditions |
| Features | – Mobile banking – SMS Alerts – Inter-Net banking – YONO – State Bank Anywhere – SBI Quick Missed call facility. – First 10 cheque leaves free in a financial year Thereafter: – 10 Leaf Cheque Book at Rs 40/-+GST – 25 Leaf Cheque Book at Rs 75/-+GST – Restricted free withdrawals based on Monthly Average Balance maintained. – The facility of transfer of accounts through Internet Banking channel. – Nomination facility is Available – Monthly Average Balance: NIL – No limit on Maximum balance – A Pass Book is issued to record the transactions. – Duplicate pass book can be issued if original is lost, on payment of charges. – Statement of accounts can also be sent through e-mail. – Free Consolidated Account Statement |
4. SBI Savings Account for Minors
This SBI savings account has been designed to help children learn about the importance of money and savings. It also allows them to experiment with purchasing power so that they can learn to manage their finances well in future. Parents’ or guardian’s supervision is required to open and operate this account.
| Particulars | Details |
| Maximum Balance | Rs. 10 lakh |
| Minimum Average Balance (MAB) | Not required |
| Transaction Limit | Mobile Banking: Rs. 2,000 per day Internet Banking: Rs. 5,000 per day |
| Eligibility Criteria | Pehla Kadam: Minor (jointly with parent/legal guardian) Pehli Udaan: Minor above 10 years of age who can uniformly sign (Opened solely in minor’s name) Pehla Kadam : Minor of any age. This account will be jointly opened with the parent/guardian. Pehli Udaan : Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor. Mode of Operation Pehla Kadam : Jointly with the Parent/ Guardian or Singly by Parent/ Guardian Pehli Udaan : Singly operated |
| Cheque Book Facility | Provided |
| Debit Card | Provided; Photo ATM-cum-Debit Card |
| Credit Card | Not provided |
| Features | – 2 cheque books available (Pehla Kadam & Pehli Udaan)Viewing rights & transaction rights (per day transaction of Rs. 2,000 allowed in case of mobile banking)Pehla Kadam – Issued to the parent/guardian singly or jointly with the minor Pehli Udaan – Issued when a minor can sign uniformly Auto Sweep facility provided with minimum of Rs. 20,000 limit E-Term Deposit option offered Specially designed passbook issued free of charge – Monthly Average Balance (MAB) requirement not applicable – Maximum Balance Rs. 10 lakh – Cheque book Pehla Kadam : Cheque-books are available – Where Mobile No. Of the account holder is recorded. – Specially designed Personalised cheque book (with 10 cheque leaves) will be issued to the – – Guardian in the name of minor under guardian. – Pehli Udaan : Cheque-books are available – Where Mobile No. Of the account holder is recorded. Specially designed Personalised – cheque book (with 10 cheque leaves) will be issued if the minor can sign uniformly. – Photo ATM-cum-Debit Card Pehla Kadam : Child’s photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. – Card will be issued in the name of the minor and Guardian. – Pehli Udaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be – issued in the name of the minor. – Mobile Banking Pehla Kadam : With viewing rights and limited transaction right like: Bill payment, Top ups. Per day transaction limit of Rs. 2,000/- – Pehli Udaan : With viewing rights and limited transaction right like – Bill payment, Top ups, – – IMPS. Per day transaction limit of Rs. 2,000/- – Auto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/- |
5. SBI Savings Plus Account
This account is a product of the SBI Multi Option Deposit Scheme. In it, the customer’s savings account or current account is used to create and link a term deposit account. This fixed deposit has a tenure of 1-5 years. This is to encourage the habit of investment. A loan against MOD deposit is also offered to help customers manage their finances better.
Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000.
| Particulars | Details |
| Balance | Min. Balance – Rs. 35,000 to be kept in MODS |
| Transaction Limit | Min. transfer of Rs. 10,000 |
| Eligibility Criteria | All individuals having valid KYC documents are eligible to open Savings bank account. Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility. |
| Cheque Book Facility | Provided with 25 free leaves per annum |
| Debit Card | ATM Card provided |
| KYC Requirement | The customer has to specify whether’ First in First Out” or “Last in First out” principle should be applied for break opening of deposits. In absence of any mandate the “last in First out” principle will be applied. |
| Features | – Period of deposit is 1-5 Years – ATM card – State Bank Anywhere – Mobile banking – Inter Net banking – SMS alerts – Loan against MOD deposits available – Minimum threshold limit for transfer to MOD – Rs. 35000 – Minimum amount of transfer to MOD Rs. 10,000/- in multiples of Rs 1,000/- at one instance. – 10 free cheque leaves per annum. Further cheques leaves will be issued with charges – Restricted free withdrawals based on Monthly Average Balance maintained. – Transfer of accounts through Internet Banking – Maximum Balance No Limit A- Pass Book is issued to record the transactions. Duplicate pass book can be issued if original is lost, on payment of charges. Statement of accounts can also be sent through e-mail. – Monthly Average Balance: NIL |
6. Insta Plus Video KYC Savings Account
This SBI savings account can be opened online through Video KYC with only Aadhaar and PAN (physical) details. The applicant is not required to visit the bank branch for any verification.
| Particulars | Details |
| Debit Card | Rupay classic card |
| Eligibility | Resident Indians above 18 years of age and who are literate. New to bank customer and does not have a CIF with SBI. In case customer has any active relationship/CIF with the bank, she/he is not eligible for this account. Mode of operation allowed is only “Single”. |
| Requirements | Physical (Original) PAN and Aadhaar number are mandatory. Aadhaar bears the current address of the customer and mobile number as submitted in Aadhaar details must be in possession of the customer as OTP will be triggered on the same number. Mobile number is mandatory. Customer should be physically present in India during the complete account opening process. |
| Features | – Open your SBI Insta Plus Saving Bank Account through Video KYC. – Paperless account opening and no branch visit needed. – Only Aadhaar details & PAN(Physical) required. – Customer will be able to transfer funds using NEFT, IMPS, UPI etc. through YONO – app or Online SBI i.e. Internet Banking. – Rupay classic card will be issued. – Experience 24*7 banking access through Yono app, internet banking and mobile banking. – SMS Alerts, SBI Quick Missed call facility available. – Facility of transfer of accounts through Internet Banking channel. – Nomination facility is mandatory. – Signature will be captured during Video KYC process. Customer can apply for – cheque book through YONO/INB/Branch after account is successfully opened. – Passbook will be issued if requested by the customer. – Charges for all other services will be in accordance with extant service charges applicable to Regular savings bank account. |
| How to open SBI Insta Plus Savings Account? | – Download YONO App – Click New to SBI—Open Savings Account → Without Branch visit→ Insta Plus – Savings Account – Enter your PAN, Aadhaar details – Enter OTP sent to Aadhaar registered mobile number. – Enter other relevant details – Schedule Video Call – Login to the YONO App at the scheduled time through Resume and complete the Video KYC process – Your Insta Plus Savings account will be opened, Account will be activated for debit transactions after verification by Bank Officials. |
7. Motor Accidents Claim Account (MACT)
| Particulars | Details |
| Eligibility | All Individuals including Minors (through guardian) having valid KYC documents are eligible to open account in single name. |
| Features | – Motor Accident Claim Tribunal (MACT) is to credit the compensation amount/Interest on MACAD (Motor Accident Claim Annuity Deposit) awarded by a Tribunal/Court to victims/claimants of motor accident. – Existing SB Interest Rate applicable – Nomination Facility for individual only – Passbook facility is available – Welcome Kit – Cheque Book facility available * – ATM cum Debit Card available * – Internet Banking available * *These facilities will be available with the permission of the court only. By default, such facilities would not be made available. |
| Other conditions | A suitable certificate /undertaking (enclosed as Annexure II) that “funds are being withdrawn for the benefit of the Minor” to be obtained from the guardian, in case of withdrawal from the Minor’s account. The operations in the account should be stopped in the event of the death of the guardian. Compliance of KYC guidelines to be meticulously ensured. |
8. Resident Foreign Currency (Domestic) Account.
Now a Resident Indian can open and maintain a foreign currency account to retain the foreign exchange acquired through various means as given below. Account can be maintained in USD, GBP and EURO currency.
| Particulars | Details |
| Eligibility | A person singly or jointly along with a person resident in India can open RFC (D) account |
| Special Condition | Conversion of account balance:- As per RBI guidelines, the sum total of all the credits received in RFC (Domestic) account during a calendar month, less amount utilised, should be converted into Indian Rupees (crystallise) on or before the last working day of the succeeding calendar month after making adjustments for forward commitments. |
| Features | -0 It is a Non-Interest bearing Current Account. – No cheque book or ATM card. – The Minimum Balance required to be maintained is USD 500, GBP 250 and EURO 500. – The balance in the account is freely repatriable . |
| Permissible Credits | If you receive Foreign Currency as : Payment while on a visit abroad for services not arising out from any business or anything done in India. Honorarium or gift or payment for services rendered/ settlement of any lawful obligation from any person not resident in India and who is on a visit to India. Honorarium or gift while on a visit to any place outside India. Gift from a relative (subject to FEMA guidelines). Foreign exchange acquired from an authorized person for travel abroad, if unspent. Amount received by the resident account holder as disinvestment proceeds on conversion of shares held by him to ADRs/ GDRs under the DR Scheme, 2014 Proceeds of life insurance policy claims/ maturity/ surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. |
| Permissible Withdrawals | Withdrawals can be made for payment towards : Any of the following current account transaction Private visits to any country (except Nepal and Bhutan) Gift or donation Going abroad for employment. Emigration Maintenance of close relatives abroad. Expenses in connection with medical treatment abroad Studies abroad Any other current account transaction Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up. |
SBI Savings Account – Fees & Charges
| Average Monthly Balance (AMB) in Savings Bank | Number of Free Transactions (per month) | ||
| Both Financial and Non-financial | Only Cash | ||
| Other Bank ATMs | Our Bank ATM | ||
| In 6 Metro Centers* | Other Centers | ||
| Up to Rs. 25,000 | 3 | 5 | 5 |
| Above Rs. 25,000 up to Rs.50,000 | 3 | 5 | Unlimited |
| Above Rs.50,000 up to Rs.1,00,000 | 3 | 5 | |
| Above Rs.1,00,000 | Unlimited | Unlimited | |
| Charges for Financial Transactions Beyond the Set Limit (Per Txn.) | Rs. 20+GST | Rs. 10+GST | |
| Charges for Non-financial Transactions Beyond the Set Limit (Per Txn.) | Rs. 8+GST | Rs. 5+GST | NIL |
*Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad
Other Charges
| One Time Locker Registration Charge | Small/ Medium: 500+GST Large/Extra Large: 1000+GST |
| Safe Deposit Locker Charge | Rs. 1,000 – Rs. 9,000+GST (annually) |
How to Open SBI Savings Account
An applicant can either open a new SBI savings account online through the SBI YONO app or visit the bank branch to open a full-fledged savings account. Let us tell you below the complete process of opening an account in State Bank of India in both the ways, which you must read.
How to Open SBI Demat Savings Account Online
You can apply for SBI savings account online through SBI mobile banking. Only NRE and NRO accounts can be opened through SBI netbanking. The basic steps involved in applying for a new savings account through SBI YONO app are as follows:
- Download SBI YONO app in your smartphone (preferably having the same mobile number linked with Aadhaar)
- Click on the “New to SBI—Open Savings Account” option and select “Without Branch visit”
- Now select the “Insta Plus Savings Account” option in the savings account type
- Enter your Aadhaar and PAN after which an OTP will be sent on the mobile number registered with Aadhaar
- Provide the OTP to authenticate
- Now schedule a video call and complete the video KYC (Keep your original Aadhaar card and PAN card for verification)
- Once verified, your account will be opened and you can carry out transactions instantly.
How to Open SBI Demat Savings Account Offline
Even though there are options to open SBI savings account online, you still may have to visit the SBI branch to open most of the accounts or convert an existing online account into a full-fledged savings account. Below-mentioned are steps that you need to follow to open SBI savings account offline:
- Visit the SBI branch and fill the SBI Savings Account form.
- Provide basic details and choose the account type that you intend to open
- Provide self-attested copies of your Aadhaar card and PAN card
- Submit the form along with deposit slip (in case of cash) or demand draft and other proof of identity, income and residence
- Upon successful verification by bank officials, your account will be opened
SBI Demat Account Opening Form PDF Download
Friends, to open any account in SBI Bank, if you go to the nearest branch and open a bank account, then you will need an application form which you can download online. We are providing the link to download it below. You can download the application form very easily by clicking on the click here button. After this you fill all the details and submit the documents by going to the nearest bank branch and after that your SBI bank account will be opened.
| Particulars | Download Link |
| SBI Account Opening Form PDF Download | Click Here |
FAQs About SBI Bank Demat Savings Bank Deposit Account Types & Features
What is the Minimum Average Balance (MAB) or maximum balance required to maintain in an SBI savings account?
On March 11th, 2020, SBI announced a waiver of the average monthly balance. This means, no penalty is charged if the balance is brought to nil. Moreover, there is no maximum limit to maintain in your SBI savings account.
Can I open an SBI Demat account online?
Yes. Via the SBI digital savings account opening process, you can open your account online. However, do note that a one-time visit to the branch is required.
Can I open an SBI Demat zero-balance savings account?
Yes. You can open SBI Basic Savings Bank Account with zero balance.
Is it possible to have more than one SBI savings account?
You can have different types of accounts in SBI (like savings, current, etc.) but with the same customer ID. All the accounts will be interlinked.
Is Aadhaar mandatory to open an SBI savings account?
No. As per the latest guidelines issued, you do not have to provide your Aadhaar Card to open an SBI bank account. This applies to every bank in the country. However, you may have to provide your Aadhaar card necessarily while opening an account online.
How can I check my SBI savings account balance?
You can check your account balance by visiting your nearest ATM or bank branch and with the help of bank’s net banking facility, by giving a missed call on 919223766666 or sending an SMS ‘MODBAL’ to 919223766666 from your registered mobile.
Is overdraft facility available with SBI savings account?
SBI savings account is a secure banking service that helps you gain interest on the money invested in the account. Whereas, Overdraft is a different banking facility that helps you borrow money in the form of a credit limit that can be repaid over a period of time.
Who can open this Insta Plus account?
Insta plus account is for every Resident Indian born in India above 18 years who hold an Aadhaar number and PAN and have mobile registered with Aadhaar
Can I download SBI yono app on tab?
Yes, But ONLY on Tab with Unique IMEI number, having a SIM card and supported OS.
Can I enter a different mobile number other than registered on Aadhaar?
Yes. Different mobile may be used however user should be in possession of the Aadhaar registered mobile and be able to retrieve OTP delivered on Aadhaar registered mobile.
What happened if I exit the App without completing the process?
The App has the facility to resume from the point, where you left.
Can I nominate online?
Yes. Nomination is mandatory for the Insta plus Savings Account.
Do I need visit branch for opening Insta plus account?
No, Customer need not visit branch for opening Insta plus account.
Will Cheque Book be issued in an Insta plus Account?
Yes, Customer can apply for cheque book through YONO/INB/Branch after account is successfully opened.
How can I apply for Cheque Book?
Customer can apply for cheque book through YONO/INB/Branch after account is successfully opened
Will Pass Book be issued in an Insta plus Account?
Yes, Passbook can be issued if requested by customer.
What if my Video call is disconnected in between?
The App has the facility to resume wherein you can reinitiate video call again.
For how many days I can reschedule video calls for later date?
Presently, option to book slot for video calls will be available for next 3 working days
Can I initiate video call during holidays and weekends?
No, currently this facility is available only during office hours on working days of the place of video call.
Once I book the slot, whether I will receive the calls?
No, you need to press “Resume application” button inside the app to start the call on slot which u have booked for video call.
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