What is SBI Account Opening Charges and Features?

News: Opening a bank account is an essential step for managing your finances. State Bank of India (SBI), one of India’s largest banks, offers various types of accounts to cater to different needs. In this article, we’ll explore the account opening charges and features of SBI savings accounts.

1. SBI Savings Account Features

a. Mobile Banking and SMS Alerts

1. SBI provides convenient mobile banking services, allowing you to manage your account on the go.

2. You’ll receive SMS alerts for transactions, ensuring you stay informed about your account activity.

b. Internet Banking

1. Access your account online through SBI’s secure internet banking platform.

2. Perform tasks like fund transfers, bill payments, and account statements from the comfort of your home.

c. YONO App

1. The YONO app offers instant banking services, including balance checks, fund transfers, and bill payments.

2. Download the app and experience hassle-free banking anytime, anywhere.

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d. Cheque Book

1. When you open an SBI savings account, you’ll receive the first 10 cheque leaves free of cost each financial year.

2. Additional cheque books (10 leaves or 25 leaves) are available at nominal charges.

e. Monthly Average Balance (MAB)

1. SBI imposes restricted free withdrawals based on the MAB maintained in your account.

2. Ensure you meet the MAB requirement to avoid any penalties.

2. SBI Account Opening Charges

a. Cheque Book Charges

For additional cheque books beyond the initial 10 free leaves:

• 10-leaf cheque book: Rs 40/- + GST

• 25-leaf cheque book: Rs 75/- + GST

b. Other Charges

• Nomination facility is available for account holders.
• No limit on the maximum balance you can maintain.
• A passbook is issued to record your transactions.
• Duplicate passbooks can be obtained if the original is lost (charges apply).
• Statement of accounts can be sent via email.

Opening an SBI savings account is a smart move for financial stability. Enjoy the convenience of mobile and internet banking, get your free cheque leaves, and stay updated with SMS alerts. Remember to maintain the monthly average balance to make the most of your SBI account.

Frequently Asked Questions

Q: What fees are associated with opening a savings account at SBI?

A: Opening a savings account with SBI incurs no specific charges. However, an initial deposit is required to activate the account.

Q: Can I utilize a checkbook to withdraw funds from the Basic Savings Bank Deposit Account?

A: No, the Basic Savings Bank Deposit Account does not provide checkbook facilities. Withdrawals can be made using withdrawal forms at branches or ATMs.

Q: Does SBI provide banking services for non-resident Indians (NRIs)?

A: Yes, SBI offers specialized NRI services tailored to meet the banking requirements of non-resident Indians.

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