State Bank of India (SBI), the largest lending in the country, allows people to open both savings bank accounts and also lets customers invest in fixed deposits (FDs). Savings bank accounts provide a modest rate of interest to investors. On the other hand, rates offered by FDs are generally higher as compared to savings bank account interest rates. FDs are invested into for a fixed period of time like one year, two years or more. So the maturity date of an FD is pre-decided and so is its interest rate.
(Also read: Fixed Deposits Vs Liquid Funds: Which Is A Better Choice For You?)
Given below are the details that you must know if you want to open a savings bank account or invest into FDs of SBI:
Savings bank accounts of SBI, the country's largest bank:
You may fill up an application online for opening a savings bank account, according to SBI's website onlinesbi.com. The process in brief would be as follows:
1. Fill up and submit the required details online.
2. Print the Account Opening Form (AOF) on A4 size white papers.
3. Attach the required documents, such as photographs and proof of identity and address, as mentioned in the AOF.
4. A TCRN (Temporary Customer Reference Number) will be generated, which you should note down. TCRN will also be sent on the registered mobile number of the applicant(s).
Information that you will need to provide to open a savings bank account with SBI:
For opening an account, you need to provide the following information:
2. Information about the savings bank account you wish to open and the facilities you would want in the account.
3. Form 60, if you do not have Permanent Account Number (PAN) of Income Tax.
4. Form DA-1 (optional), if you wish to make a nomination (recommended), said SBI on its website.
For each person who wishes to open the account, you will need to provide:
2. KYC documents as mentioned in the AOF.
If you give photocopies, you are also required to produce the original documents for verification when you visit SBI branch.
Interest rates on SBI savings bank accounts:
Rate of Interest
Saving Deposits Balance upto Rs. 1 crore.
Saving Deposits Balance above Rs. 1 crore.
Fixed deposit interest rates of SBI:
Revision in Interest Rates On Retail Domestic Term Deposits (Below Repees One Crore) w.e.f. 01.11.2017
Accordingly, the interest rates for Retail Domestic Term Deposits 'Below Rupees One Crore 'have been revised.The revised interest rates are as under:
Revised For Public w.e.f. 01.11.2017
Revised for Senior Citizens w.e.f. 01.11.2017
7 days to 45 days
46 days to 179 days
180 days to 210 days
211 days to less than 1 year
Above 1 year to 455 days
456 days to less than 2 years
2 years to less than 3 years
3 years to less than 5 years
5 years and up to 10 years