State Bank of India (SBI), the largest lender in the country, is a highly trusted financial institution in the country at the very heart of India’s banking system.

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Any change in the strategy and norms of the bank is certain to influence the banking sector. Here is a look on some services provided by the bank for the common users.

Deposit Schemes:

SBI gives opportunity to all the customers to open accounts under various deposit schemes. These include conventional deposit accounts like savings deposits, fixed deposits (FD) and current deposits among others.

A fixed deposits account can be opened in the bank to enable the customer to get healthy returns. The interest rate will vary depending on various factors including the time period of the investment. In addition, special benefits will be provided to people who are senior citizens.

An FD account can be opened in the bank for a period that is anywhere between one week and ten years. The interest rate will be anywhere between 5.75 percent and 6.85 percent and will be made available on monthly/quarterly/calendar quarter basis as per customer’s requirement.

In addition to the normal interest, senior citizens will get higher interest rate for amount above Rs 10,000.

Similarly, a regular Savings deposit account will come with an interest rate of 3.5 percent per annum for those with a deposit of up to Rs 1 crore. Recurring deposits account can also be opened with bank for a period of one week to ten years and will come with an interest rate of 5.75 to 6.85 percent with additional returns to senior citizens.

Zero Balance Accounts:

While generally SBI expects the accounts to have a specified minimum balance in them, there are also certain accounts where this condition is not mandatory.

These accounts, known as zero balance savings accounts do not make it compulsory that the users keep an average monthly balance. Basic Savings Bank Deposit (BSBD) account and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts are the best example for this.

ATM Card Facility:

While the bank has slashed the daily ATM withdrawal limit to Rs 20,000 for debit card holders starting from October 31, no such restriction has been placed for other cards. A platinum card holder will be able to withdraw up to Rs 1 lakh daily from the ATM.

Internet Banking:

A key service provided by the bank is its internet banking facility. The bank portal enables the customer to avail all banking services and facilities via online.

Registered users, who have been directed to register their mobile numbers with the bank before next year can operate their accounts from anywhere and anytime.

Source: NDTV

First Published:Oct 16, 2018 6:21 PM IST