SBI Tips: SBI offers a total of 8 different types of savings accounts..

Whenever bank accounts are discussed, most people only think of savings accounts and current accounts. But the reality is that there are several types of savings accounts, designed to meet different needs. India's largest public sector bank, State Bank of India (SBI), offers a total of eight types of savings accounts.

You might have a regular savings account with SBI, but you may not be aware of the other types of accounts. Each account has its own features, rules, and benefits. Therefore, it's crucial to understand which account is right for your needs before opening one. Here's a simple explanation of SBI's eight savings accounts.

1. Savings Bank Account

This is SBI's most common and widely used savings account. It offers facilities such as net banking, mobile banking, SMS alerts, ATM-debit card, checkbook, and locker facilities. This account is most useful for salaried individuals or those who perform daily banking transactions.

2. Basic Savings Bank Deposit Small Account
This account is for those who do not have complete KYC documents. Any person above 18 years of age can open this account. There is no minimum balance requirement, but the maximum deposit limit is ₹50,000. After completing the KYC process, this account can be converted into a regular savings account.

3. Savings Plus Account
This is a special type of savings account linked to MOD (Multi-Option Deposit). If the balance exceeds a certain limit, the excess amount is automatically converted into a Fixed Deposit (FD). This gives you the convenience of a savings account along with higher interest rates similar to an FD. This account is beneficial for those who maintain a high balance.

4. Savings Account for Minors
SBI offers two types of accounts for children – Pehla Kadam and Pehli Udaan. The Pehla Kadam account is opened jointly with a parent or guardian. The Pehli Udaan account is for children above 10 years of age, who can operate independently. This account is a good option for instilling saving habits in children.

5. Savings Account via Video KYC
If you don't want the hassle of visiting a bank branch, SBI also offers the facility to open a savings account through video KYC. You can open an account from the comfort of your home using the YONO app or internet banking with your Aadhaar card and PAN card.

6. Basic Savings Bank Deposit Account
This is a zero-balance account. There is no requirement to maintain a minimum balance, and there is no limit on the maximum balance. This account is available to any Indian citizen with valid KYC documents. This account is designed to provide banking facilities to low-income individuals without any charges.

7. MACT Claim Savings Bank Account
This special account is opened for the payment of compensation from the Motor Accident Claims Tribunal (MACT). The amount received by road accident victims is deposited in this account. It offers facilities such as interest, passbook, checkbook, ATM, and internet banking.

8. Resident Foreign Currency (Domestic) Account
This account is for Indian residents who wish to hold foreign currency. This account does not earn interest and essentially functions like a current account. It does not offer checkbook or ATM card facilities.

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