SBI's Latest Rules: From Internet Banking Facility To Deposit Accounts, All Explained Here
State Bank of India (SBI), country's largest lender, offers a wide range of services under its personal banking portfolio. From internet banking facility to investment schemes, the lender provides a variety of options for customer's requirements. "Whatever your needs be- an investment of your surplus funds or to create a fund for your children's education and marriage. You will find a product from SBI that suits your requirement, delivered at a branch close to you", the lender said on its portal- sbi.co.in.
Here are some of the features offered by SBI:
SBI's internet banking facility
SBI's internet banking portal (onlinesbi.com) provides personal banking services that gives complete control over all the banking demands online. It enables retail banking customers to operate their accounts from anywhere anytime, removing the restrictions imposed by geography and time. Recently, SBI asked its internet banking customers to register their mobile number (if not done earlier) by December 1, 2018. "Attention INB (Internet Banking) users, please register your mobile number with us immediately, if not already done, through branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018", it said.
SBI's ATM card facility
State Bank of India (SBI) recently slashed the daily withdrawal limit from ATMs to Rs. 20,000 for its classic debit card, reported news agency Press Trust of India. This revised limit on SBI's classic debit card will take effect from October 31. However, there is no change in the daily withdrawal limits on other SBI cards. For SBI's platinum card, an ATM cash withdrawal limit of Rs. 1,00,000 per day is applicable.
SBI's deposit schemes
From a basic savings account to a fixed deposit (FD) account, SBI offers a variety of options for investors. The lender pays an interest rate of 3.5 per cent per annum on regular saving deposit account up to Rs 1 crore, according to the bank's website. On deposit of up to Rs 1 crore in a fixed deposit (FD) account, SBI currently pays an interest rate of 6.8 per cent to the general public in a maturity period of four years. Investment in a PPF (Public Provident Fund) account fetches an interest rate of 8 per cent per annum.
Here are interest rates paid by SBI on deposits up to Rs. 1 crore across different maturity periods in a fixed deposit (FD) account:
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
(As mentioned on bank's website)
Here are the interest rates paid by SBI on recurring deposits (RD) across different maturities:
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
(As mentioned on bank's website)
SBI's zero balance account
SBI offers certain accounts where average monthly balance (AMB) rule is not applicable. These accounts do not require customers to maintain any particular minimum average balance and are known as zero balance savings accounts. Basic Savings Bank Deposit (BSBD) account, one of the zero balance saving account, is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. Accounts opened under Pradhan Mantri Jan-Dhan Yojana (PMJDY) are also opened with zero balance.