Sbi Online Digital Bank India

The State Bank of India offers a variety of savings accounts for both minors and adults. These options include the SBI Basic Savings Account, Small Savings Account, Savings Plus Accounts, and others. Here you can find information on the current interest rates for SBI savings accounts in 2023 as well as instructions on how to open an account online or offline, along with the necessary documents and additional details.

SBI Savings Account Interest Rate in India for 2023

SBI offers different interest rates for savings account balances based on the amount. For balances below Rs. 10 crores, the interest rate is 2.70% per annum, while for balances of Rs. 10 crores and above, the interest rate is 3.00% per annum.

Please be aware that the interest rates mentioned were last revised on January 19, 2024.

Additionally, you may want to check out the latest interest rates for savings accounts in 2023.

Types of SBI Savings Account

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:

SBI Online Digital Bank India: Basic Savings Account (Pradhan Mantri Jan Dhan Yojana)

The primary purpose of this SBI savings account is to empower the underprivileged segments of society by offering them an opportunity to initiate their own savings.

– Minimum and maximum balance: There is no limit.

– Eligibility criteria: All individuals with valid KYC documents can apply.

– Cheque book facility: Not available.

– Debit card: A basic Rupay ATM-cum-debit card will be issued to you for free.

– Credit card: Credit cards are not provided by this digital bank.

– Other features include safe deposit lockers (subject to availability) and nomination facility, which is recommended.

2. SBI Basic Small Savings 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.

Details of the SBI Online Digital Bank in India are as follows: there is no minimum balance requirement, but the maximum balance allowed is Rs. 50,000. Individuals who are at least 18 years old and do not possess official KYC documents can apply for this account by submitting a self-attested photo along with their signature or thumb impression in front of an authorized branch officer. There are no ATM charges or annual maintenance fees, and customers can withdraw up to Rs. 10,000 per month without any additional cost (limited to four withdrawals). A basic Rupay ATM-cum-debit card will be issued free of charge, while credit cards are not provided with this account. Other features include a zero-balance savings account, a monthly transaction limit of Rs. 10,000, a maximum yearly credit limit of Rs. 1 lakh, foreign remittance restrictions until proper KYC documentation is completed and limited availability at certain branches such as Personal Banking Branches (PBBs), Special Personalize Banking (SPB), Mid Corporate Group (MCG), and Corporate Account Group (CAG) branches.

SBI Regular Savings Account Online in India

The SBI Online Digital Bank India is a commonly offered account for individuals who apply for an SBI savings account. It is a simple savings bank account that offers various services to the public, including SMS banking, internet banking, and credit card facilities. To open this account, applicants must provide valid KYC documents.

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Here are the details regarding SBI Online Digital Bank in India:

– There is no maximum limit on the balance that can be maintained.

– All individuals and Central/State Government Departments are eligible to open an account, with a PAN Card being required.

– The first 10 cheque leaves in a financial year are provided for free. After that, there is a charge of Rs. 40+GST for a 10 leaf cheque book and Rs. 75+GST for a 25 leaf cheque book.

– A RuPay ATM-cum-debit card is offered, along with the option of personalized debit cards.

– Credit card facilities are available as per the terms and conditions set by SBI.

– Additional features include zero balance savings account, no requirement of monthly average balance, online account opening with one-time branch visit, internet banking and mobile banking services, and mandatory nomination facility.

SBI Online Digital Bank India: SBI Savings Account for Minors

The SBI Online Digital Bank India offers a special savings account for children, which aims to teach them the value of money and saving. This account also provides an opportunity for children to gain experience in managing their finances by allowing them to make purchases. However, it is important for parents or guardians to be involved in opening and operating this account.

Details regarding the SBI Online Digital Bank in India are as follows: The maximum balance allowed is Rs. 10 lakh and there is no requirement for a minimum average balance (MAB). Transaction limits for mobile banking are set at Rs. 2,000 per day, while internet banking allows transactions up to Rs. 5,000 per day. Eligibility criteria include minors who can open joint accounts with their parent or legal guardian (Pehla Kadam) and minors above 10 years of age who can independently operate an account (Pehli Udaan). Cheque book facilities are provided, along with a debit card that also functions as an ATM card. However, credit cards are not offered under this scheme. Additional features include two types of cheque books available for Pehla Kadam and Pehli Udaan accounts respectively, viewing rights and transaction rights within specified limits, auto sweep facility starting from a minimum limit of Rs. 20,000, e-term deposit options available, and specially designed passbooks issued free of charge to customers.

SBI Online Digital Bank India: SBI Savings Plus Account

Here are the details regarding SBI Online Digital Bank in India:

– Debit Card: The debit card provided is called Rupay classic card.

– Eligibility: To be eligible for this service, you must be a literate resident Indian above 18 years of age who does not have an existing relationship with SBI. It is mandatory to have Aadhaar and PAN, with your mobile number registered with Aadhaar.

– Other Features: Nomination is required for this service. Additional features include SBI Quick Missed call facility and SMS alerts. You can also transfer funds using NEFT, UPI, IMPS, etc., through the YONO app or online SBI (internet banking). However, services such as chequebook issuance or signature-based transactions are not permitted at the branch.

How to access SBI net banking through the internet?

To use the SBI Online Digital Bank in India, you first need to have an account at a branch that offers Internet banking services. This means that the branch should have the necessary technology and infrastructure for online banking. Once you have an account at such a branch, you can proceed to register for the Internet banking service.

To register for Internet banking, you will need to visit your branch and fill out some forms or provide certain documents as required by SBI. The bank will then process your request and issue you a user-id and password. These credentials are important as they will allow you to access your account information through the SBI Online website.

Once you receive your user-id and password from the bank, go to www.onlinesbi.com on any device with internet access. On this website, enter your user-id and password in the designated login area. After successfully logging in, you will be able to view various details about your bank account like balance, transactions history, statements, etc.

SBI Savings Account Fees & Charges

For any financial transaction exceeding the set limit per transaction specified earlier will incur a charge of Rs 20+GST whereas for non-financial transaction exceeding that limit will cost you RS8+GST unless it is done using this banks ATM where no extra charge would apply

The cities of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad are important locations in India.

Other Charges

The fee for registering a locker with SBI Online Digital Bank in India is Rs. 500+GST for small and medium lockers, and Rs. 1000+GST for large and extra-large lockers. Additionally, the annual charge for safe deposit lockers ranges from Rs. 1,000 to Rs. 9,000+GST.

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SBI Savings Account Opening Requirements in India

To open a savings account with the State Bank of India, certain requirements must be met.

Please be aware that this does not apply to SBI Savings Accounts for minors and Basic Small Savings Accounts.

What is the SBI Digital bank called?

YONO, also known as You Only Need One, is a comprehensive digital banking platform provided by the State Bank of India (SBI). It allows users to conveniently access a wide range of financial and non-financial services. These services include making flight, train, bus, and taxi bookings, conducting online shopping activities, as well as facilitating medical bill payments.

– YONO is an integrated digital banking platform offered by SBI.

– Users can access various financial and non-financial services through YONO.

– Services available on YONO include booking flights, trains, buses, and taxis.

– Online shopping activities can be conducted using the platform.

– Medical bill payments can also be made through YONO.

SBI Savings Account Opening: Required Documents

When opening an account with SBI Online Digital Bank India, it is necessary to bring both the original documents and photocopies. These copies should be self-attested and submitted along with the completed account opening form. The following is a list of the required documents for opening a savings account with SBI.

For Individuals

Some acceptable identification documents for banking in India include a passport, voter ID card, PAN card, and driving license.

Some documents that can be used as proof of identity and address in India include credit card statements, salary slips, income tax assessment orders, electricity bills, telephone bills, bank account statements, letters from reputable employers or recognized public authorities, and ration cards.

Distinguishing SBI Digital Account from Regular Account

In India, digital savings accounts usually offer either a virtual debit card or a physical debit card specifically designed for online transactions. On the other hand, regular savings accounts provide a physical debit card that can be used for both online and offline transactions.

– Digital savings accounts in India may have a virtual or physical debit card for online transactions.

– Regular savings accounts in India come with a physical debit card usable for both online and offline transactions.

Opening an SBI Savings Account Online

An applicant can either open new SBI savings account online through SBI YONO app or visit a bank’s branch to open a full-fledged savings account. It is noteworthy that not all savings accounts can be opened online. Let us find out how to open SBI savings account through different methods.

Opening an SBI Savings Account Online in India

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:

Opening an SBI Savings Account Offline in India

While it is possible to open an SBI savings account online, in most cases you will still need to visit an SBI branch to complete the process or convert your existing online account into a full-fledged savings account. Here are the steps you should follow if you prefer to open an SBI savings account offline.

To open an SBI Savings Account, you need to visit the nearest SBI branch and complete the account application form. Fill in your personal information and select the type of account you wish to open. Make sure to provide self-attested copies of your Aadhaar card and PAN card as identification documents. Additionally, submit the completed form along with a deposit slip (if paying in cash) or a demand draft, as well as any other required proof of identity, income, and residence. Once the bank officials have successfully verified all the provided information, your account will be opened.

Upon opening a savings account with SBI, you will receive a welcome kit that includes essential items such as the SBI ATM card, chequebook, and various documents for your future reference.

What is the minimum average balance that needs to be maintained in a savings account with SBI?

SBI made an announcement on March 11th, 2020, stating that they will not charge any penalty for maintaining a zero balance in the account.

Certainly! With the SBI online digital banking facility, you have the convenience of opening a savings account through their digital platform. It is important to keep in mind that although most of the process can be completed online, there is still a requirement for a one-time visit to the branch.

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Certainly! It is possible to initiate an SBI Basic Savings Bank Account without the requirement of maintaining any minimum balance.

Can a person have multiple savings accounts with SBI?

Do I need to have an Aadhaar card in order to open a savings account with SBI?

No, according to the most recent guidelines, it is not mandatory to submit your Aadhaar Card for opening an SBI bank account. This rule applies to all banks in India. However, when opening an account online, you may be required to provide your Aadhaar card.

For SBI balance enquiry, SMS ” BAL ” to 09223766666 from your registered mobile number. Click here to know how to get SBI mini-statement and more related to your SBI account.

Can I open SBI account online without visiting branch?

To access this service, customers can use either the YONO app or log in to their Internet Banking account on the SBI website. Once logged in, they will have access to a range of features including fund transfers using popular methods such as NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), UPI (Unified Payments Interface), and more. These digital payment options provide users with flexibility and convenience when it comes to managing their finances.

P.S: The introduction of SBI Online Digital Bank India marks a significant step towards digitizing banking services in India. By leveraging technology and simplifying processes, SBI aims to enhance customer experience while promoting financial inclusion across the country.

What is the lowest amount required in SBI digital account?

The SBI Online Digital Bank in India offers a convenient and hassle-free banking experience. One of its key features is that there is no minimum balance requirement, meaning customers can open an account without having to worry about maintaining a certain amount of money. Additionally, there is no upper limit for the maximum balance, allowing individuals to save and deposit as much as they want.

Although this digital bank account does not provide a chequebook facility, customers can still make withdrawals by visiting a branch or using an ATM. This ensures easy access to funds whenever needed. Moreover, customers also have the option to apply for a free RuPay Basic Debit Card that comes with no annual maintenance fees. This debit card allows users to make purchases online or at physical stores conveniently.

Obtaining my SBI user ID

To retrieve your username for SBI Online Digital Bank in India, follow these steps:

1. Visit the website onlinesbi.com.

3. Enter the 11-digit Customer Information (CIF) number that is printed on your passbook.

How can I enable my online banking?

To begin the process of registering for NetBanking, you need to visit the registration page. Once there, you will be required to enter your customer ID and confirm your mobile number in order to generate a One-Time Password (OTP). This OTP is essential for security purposes. After generating the OTP successfully, you will then proceed to enter it on the registration page.

The next step involves selecting your debit card and providing its details. This information is necessary for authentication purposes and ensures that only authorized individuals can access your account. It is important to provide accurate and up-to-date information during this step.

Finally, after setting up your IPIN successfully, you can log in to NetBanking using both your customer ID and new IPIN. This login process grants you access to various online banking services provided by SBI Online Digital Bank India.

What is the highest balance allowed in an SBI digital savings account?

The following are the requirements and limitations for the SBI Online Digital Bank Account in India:

– Customers must maintain a minimum balance as specified for a regular Savings Bank Account.

– The maximum balance allowed in the account is Rs. 1.00 lakh only.

– The total credit summations permitted within a year for this account is Rs. 2.00 Lacs.

What are the benefits of SBI online account?

SBI Online Digital Bank India offers a range of additional benefits through its Net Banking platform. One of the key features is the ability to open and close fixed deposit and recurring deposits conveniently from anywhere, without having to visit a branch. This allows customers to manage their savings effectively and earn competitive interest rates.

Paying utility bills has never been easier with SBI Online Digital Bank India. Through Net Banking, customers can effortlessly settle their electricity, water, gas, telephone bills, among others. This eliminates the hassle of standing in long queues or dealing with paper bills.