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Savings Account

State Bank of Bikaner and Jaipur (SBBJ) operates as a subsidiary bank of State Bank of India. The bank was established in 1943-44 and has its head office at Jaipur. The organisation highly regarded in the market for its wide assortment of savings accounts and deposit schemes. Savings with SBBJ is favoured by customers due to the bank’s customer-centric approach and due to the fact that it is part of the larger SBI network.

State Bank of Bikaner and Jaipur offers three types of savings account to suit the requirements of multiple customer segments. With a nominal minimum balance requirement for its savings accounts and benefits such a cheque book facility, standing instructions facility and ATM –cum-debit card facility, customers of the State Bank of Bikaner and Jaipur have a banking experience that is most satisfactory and pleasant.
 

Details of Savings Accounts and Features of Various Type of Savings Accounts:

Regular Savings Account – The State Bank of Bikaner and Jaipur has simple savings accounts that are designed to help their customers to develop and sustain the habit of saving. It also helps their customers to meet future financial requirements, whatever they may be.

 SBBJ savings account eligibility for opening Regular SBBJ Savings Accounts

  • All resident individuals either solely or jointly can open this account.
  • A (HUF) Hindu Undivided Family can also open this account.
  • Students above the age of 10 years can open an account in their own name with parent or guardian.

For opening this SBBJ Savings account, the following documents are required to be submitted by the customer to the bank. The documentation for SBBJ savings account is very convenient. All the customer has to do is to produce the original documents for verification:

  • Latest Passport sized photographs
  • Bank acceptable Identity and Address Proof
  • PAN Card / Form 60

Features of the State Bank of Bikaner and Jaipur Regular Savings account:

  • This is the simplest option for depositing of cash that is available for customers
  • The SBBJ savings account is easy to operate as the terms and conditions set by the bank are very simple and easy to understand.
  • There are no hidden costs with this account.
  • SBBJ’s minimum balance requirement that is to be kept within the account for it to be operational is very low and nominal.
  • The deposits made in the savings accounts are insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation).
  • The SBBJ savings account allows withdrawals to be made via cheque, ATM cards or withdrawal slips.
  • The SBBJ savings account provides the facility for standing instructions. With this facility, the customer gives the State Bank of Bikaner and Jaipur instructions to pay a set amount at regular intervals, at the same date every month to another account. This facility is usually used to pay bills. The advantage of using this facility is that the customer never has to worry about missing a bill payment or incurring late fees.
  • The cheques drawn on other State Bank of Bikaner and Jaipur branches can be credited immediately (subject to charges).
  • This is an ideal option for cultivating the habit of banking and saving amongst younger people. Students, who open their accounts at an early age, are at an advantage as they learn the nuances of banking and saving earlier than others do.
  • The State Bank of Bikaner and Jaipur offers an ATM cum debit card for its savings bank customers. This ATM cum debit card may be used for making purchases online or at the PoS (Point of Sale). It can be used for shopping, dining, etc.
  • The deposits in the savings account with SBBJ gain a 4% interest rate.
  • Savings account with SBBJ also includes a special category of SBBJ women’s savings bank account which offer significant benefits to women who opt for such an account.

            Minimum AQB (Average Quarterly Balance) for the SBBJ Savings Accounts

  • For rural branches: Following are the requirements of SBBJ:
  • For an individual savings account customer with cheque book facility, the AQB is Rs. 500.
  • For an individual savings account customer without cheque book facility, the AQB is Rs. 250.
  • For non-individual savings account customers, the AQB with cheque book facility is Rs. 500.
  • For non-individual savings account customers, the AQB with cheque book facility is Rs. 250.
  • For a pensioner who holds a savings account with the State Bank of Bikaner and Jaipur, and who wants or maintains cheque book facility, the AQB is Rs. 250.
  • For a pensioner who holds a savings account with the State Bank of Bikaner and Jaipur, and who does not want or does not maintain cheque book facility the AQB is Rs. 250.
  • For non-rural branches:
  • For an individual savings account customer with cheque book facility, the AQB is Rs. 1,000.
  • For an individual savings account customer without cheque book facility, the AQB is Rs. 500.
  • For non-individual savings account customers, the AQB with cheque book facility is Rs. 1,000.
  • For non-individual savings account customers, the AQB with cheque book facility is Rs. 500.
  • For a pensioner who holds a savings account with the State Bank of Bikaner and Jaipur, and who wants or maintains cheque book facility, the AQB is Rs. 500.
  • For a pensioner who holds a savings account with the State Bank of Bikaner and Jaipur, and who does not want or does not maintain cheque book facility the AQB is Rs. 250.

Deposits and withdrawal details for SBBJ Regular Savings Account

  • The minimum withdrawal amount in the SBBJ savings account is Rs. 50. There is no maximum withdrawal amount; it is subject to the balance in the account.
  • There are limits on cash deposits in the account. Any amount may be deposited into the account, whether the amount is very high or very low, it does not matter.
  • Every State Bank of Bikaner and Jaipur savings account holder receives a free cheque book with 25 leaves every year.
  • SBBJ offers the facility of outstation cheques of other banks, up to the amount of Rs. 30,000, to be credited immediately (subject to charges).

SBBJ Saral Bachat Khata or Small Account – The State Bank of Bikaner and Jaipur offers the Saral Bachat Khata or Small Account for customers from low-income group. This is a no-frills account and has been set up for financial inclusion. This account is accessible for those customers who may not be in a position to provide a proof of identity or a proof of their current address.

Features of the State Bank of Bikaner and Jaipur Saral Bachat Khata

  • The account has to be opened on the basis of an introduction from an existing SBBJ customer. That customer should have been subjected to the full Know-Your-Client (KYC) procedure. The customer who introduces the new customer for the Saral Bachat Khata should have had their account operational for a minimum of six months.
  • The minimum initial deposit that has to be made while opening the account is Rs. 5.
  • The customer who wishes to open a Saral Bachat Account has to have his or her photograph and his or her address, verified by the introducer.
  • At any point of time, the balance in this account is not to exceed Rs. 50,000.
  • The aggregate of all credits in a single financial year is not to exceed Rs. 1 lakh.
  • The aggregate of all withdrawals and transfer in a single month is not to exceed Rs. 10,000.
  • If at any point of time, the balance in the account crosses the maximum limit, then no further transactions will be permitted until a full KYC procedure is completed.
  • The Small Account or the Saral Bachat Khata is operational for a period of twelve months. Thereafter, if the customer is able to provide sufficient evidence that he or she has applied for any officially valid documents within the previous twelve-month period, then the account will be operational for another twelve months.

SBBJ Basic Savings Bank Deposit Account – The State Bank of Bikaner and Jaipur offers the SBBJ Basic Savings Bank Deposit account where routine and normal banking services are available for all customers.

Features of the State Bank of Bikaner and Jaipur Basic Savings Bank Deposit Account

  • To open these SBBJ savings accounts, the customer would have to furnish documents that provide proof of identity and proof of address. This is part of RBI instructions on Know-Your-Customer or KYC and Anti-Money Laundering or AML. The KYC process is subject to be repeated at any point of time as per bank policy.
  • There is no minimum balance that is required to be kept in this account for the account to be operational.
  • Customers who hold an SBBJ Basic Savings Bank Deposit account receive a free cheque book with twenty leaves every year. Thereafter, the bank charges Rs. 2 per leaf.
  • The State Bank of Bikaner and Jaipur offers an ATM cum debit card for its SBBJ Basic Savings Bank Deposit customers. This ATM cum debit card may be used for making purchases online or at the PoS (Point of Sale). It can be used for shopping, dining, etc.
  • The SBBJ Basic Savings Bank Deposit account provides the facility for standing instructions. With this facility, the customer gives the State Bank of Bikaner and Jaipur instructions to pay a set amount at regular intervals, at the same date every month to another account. This facility is usually used to pay bills. The advantage of using this facility is that the customer never has to worry about missing a bill payment or incurring late fees.
  • The State Bank of Bikaner and Jaipur offers an ATM cum debit card for its savings bank customers. This ATM cum debit card may be used for making purchases online or at the PoS (Point of Sale). It can be used for shopping, dining, etc.
  • The SBBJ savings accounts allow withdrawals to be made via cheque, ATM cards or withdrawal slips.
  • There is no ceiling limit on the number of deposits that can be made in this account in a single month.
  • The account holder is permitted to make a maximum of four free withdrawals in a single month, which includes ATM withdrawals.
  • This account provides the facility of receipt or credit of money through electronic payment channels.

Eligibility for opening a Basic Savings Deposit Account

  • All resident individuals either solely or jointly can open this account.
  • A Hindu Undivided Family can also open this account.
  • Students above the age of 10 years can open an account in their own name.

For opening a SBBJ Regular Savings Deposit account, the following documents are required to be submitted by the customer to the bank. The documents should be original for verification:

  • Latest Passport sized photographs
  • Address and Identity proof acceptable to the bank
  • PAN Card / Form 60

Special Scheme for Senior Citizens: A special savings account from SBBJ has been launched for senior citizens who are over 60 years of age. This SBBJ saving account interest rate is 0.5% higher than the bank’s rates on term deposit plans. This special rate of interest is also applicable if both wife and husband are above 60 years of age and wish to open a joint savings account with the bank. The account can also be opened with another individual who is less than 60 years of age. The only condition is that first name should be of the senior citizen. At the opening of savings accounts for senior citizen, the bank will ensure that the age is correct through verification of any of following documents:

  • Secondary school leaving certificate on which date of birth should be mentioned
  • Voter identity card, LIC policy, passport or pension payment order
  • Any other document on which date of birth is mentioned and is acceptable by the bank

Type and period of savings bank account: This savings account with SBBJ is opened keeping in mind all basic needs of citizens above 60 years of age.

  • The bank just requires a minimum deposit of Rs. 10,000
  • The period of deposit can range from 1 year to 10 years. The customers have the flexibility to decide the option they think works for them
  • Customers receive an extra 0.50% interest vis-a-vis term deposit plans

Capital Gain Scheme 1988: You can open your SBBJ saving account under the Capital Gains Account Scheme, 1988. SBBJ offers you multiple benefits in this scheme. You can defer payment of income tax as you would be earning long-term capital gains for the time being, provided the investments are made for a period of 2 to 3 years. You also earn a decent amount of interest on the amount deposited. Capital Gains Tax can be saved fully if the amount is invested in specific immovable properties within the prescribed periods.

Eligible applicants:

  • Resident individuals and body of individuals
  • Non-individuals such as Hindu undivided families, partnership firms, companies, sole proprietorships, associations of persons, etc.
  • Non-resident Indians who are not ordinarily resident assesses,
  • Artificial judicial persons who have capital gains that are taxable

Minimum amount: Minimum balance required from savings account from SBBJ is Rs. 5,000 in terms of cash deposit and Rs. 1,000 in case of savings bank account.

Premature payment: The premature closure of term deposit is permitted only in case if a specific letter is produced from a designated authority or a certificate from the income tax officer having jurisdiction is issued. The reasons for which premature payment is required should be mentioned clearly in the letter from the relevant authority.

Accounting procedure: Applicants can open savings accounts under the scheme after filling the prescribed application form and agreeing to all the conditions and paying the applicable SBBJ savings account charges mentioned.

Apply online for State Bank of Bikaner and Jaipur Savings Account

You can easily apply for a new savings account with State Bank of Bikaner and Jaipur through Paisabazaar.com. All you need to do is log on to the website and choose savings account and fill out the simple form to get the complete list of banks who offer savings accounts that fit your criteria. You can choose SBBJ from the list of options and apply online for the account. Subsequently, a SBBJ representative will get in touch with you to complete any additional formalities that may be required.