India’s largest bank State Bank of India (SBI) has announced many new features and benefits for its customers. SBI account holders are going to benefit a lot from these new benefits. If you also have an account in SBI, then you can take advantage of these new facilities.
SBI has recently offered a variety of accounts to its customers, each of which has its own unique features. Many facilities are being provided to the customers in these accounts absolutely free of cost. Additionally, the bank has also introduced some new benefits for its existing customers.
Let us know in detail about these new benefits and facilities available to SBI account holders. In this article, we will tell you what benefits you can get by opening which type of accounts and how you can take full advantage of these facilities.
Overview of new features for SBI account holders
| Facility | Description |
| zero balance account | There is no need to maintain minimum balance in some accounts |
| Free ATM Transactions | A certain number of free ATM transactions per month |
| online banking | Free facility of internet and mobile banking |
| insurance cover | Free accident insurance cover on certain accounts |
| discount on loan | Exemption in processing fees on some loans |
| debit card | Free debit card on certain accounts |
| Cheque Book | A certain number of free check leaves annually |
| NEFT/RTGS | Fee waiver on online NEFT/RTGS transfer |
Different types of SBI accounts and their benefits
1. Basic Savings Bank Deposit Account
This is the most basic account of SBI which is available to everyone. The main features of this account are:
- Zero Balance: There is no need to maintain any minimum balance in this account.
- Free ATM card: The basic Rupay ATM-cum-debit card is offered free of cost.
- Transaction Limit: Free up to 4 withdrawals a month, thereafter charges will apply.
- No limit on deposit amount: You can deposit any amount in this account.
This account is very beneficial especially for low income people. However, check book facility is not available in it.
2. Basic Savings Bank Deposit Small Account
This account is for those who do not have KYC documents. Its main points are:
- Open without KYC: Can be opened only with photo and signature.
- Balance Limit: Maximum balance can be maintained up to ₹50,000 only.
- Transaction limit: Total transactions can be done up to ₹1 lakh in a year.
- Validity: This account is valid for 12 months, which can later be converted into a regular account by doing KYC.
This account is good for those who are new to the banking system or do not have identity documents.
3. Regular Savings Bank Account
This is the most popular account of SBI which most of the people open. Its advantages are:
- Digital Banking: Facility of Mobile Banking, Internet Banking, YONO App.
- ATM Card: Free debit card that can be used anywhere.
- Checkbook: Get 10 free check leaves every year.
- SMS Alert: Information about all transactions is received through SMS.
- NEFT/RTGS: No charges for online money transfer.
In this account you have to maintain a minimum balance which may vary depending on the location.
4. SBI Salary Account
This is a special account of SBI for employed people. The benefits available in this are:
- Zero Balance: No minimum balance has to be maintained.
- Overdraft: Overdraft up to 2 months salary can be availed.
- Free ATM Transactions: No charges for withdrawing money from any bank’s ATM.
- Insurance Cover: Air accident insurance cover up to ₹30 lakh.
- Loan discounts: Up to 50% discount on processing fees on home loans, car loans, personal loans.
To open a salary account, your company must have a tie-up with SBI.
5. SBI NRI Account
This is a special account of SBI for Indians living abroad. Its features are:
- Multi-Currency Card: Facilitates transactions in foreign currency.
- Remittance: Low fees for sending money to India.
- Tax Saving: No tax on funds deposited in NRE account.
- Opening an online account: You can open an online account from abroad only.
NRI people can open NRE, NRO or FCNR account as per their need.
Other facilities available in SBI accounts
digital banking facilities
SBI offers a variety of digital banking facilities to all its customers:
- YONO App: Shopping, bill payments, loans and investments all in one app.
- Internet Banking: Keep a complete account of your account sitting at home.
- UPI: Send or receive money to anyone instantly.
- SBI Quick: Check balance by giving a missed call.
With these facilities you can use your account 24×7.
Insurance and investment facilities
SBI also offers many insurance and investment options to its customers:
- Term Insurance: More cover at lower premium.
- Health Insurance: Medical cover for the family.
- Mutual Funds: For long term investments.
- FD and RD: Fixed and recurring deposits for safe investment.
By taking advantage of these facilities you can secure your future.
loan facilities
SBI also offers many types of loans to its customers:
- Home Loan: To buy a house at a low interest rate.
- Car Loan: Loan in easy installments to buy a new car.
- Personal Loan: Loan without guarantee for any need.
- Education Loan: Loan at low interest for studies.
SBI customers get many types of discounts and benefits on these loans.
Disclaimer: This article provides information about new features and benefits available to SBI account holders. All information is correct and up to date, but please confirm with the bank’s official website or branch before applying for any scheme or benefit. Make sure you understand all the terms and conditions. Consult your financial advisor before investing in any type of financial plan.