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Savings Account

Savings accounts are deposit accounts that are opened by customers of banking and financial institutions to store extra cash for emergencies and savings, and earn a reward in the form of interest. The money in the account can be accessed as and when required. A savings bank account is the most basic form of a banking product that can be used by the individual. It is the safest form of keeping your money and ensures that you can access your hard earned money at any time for any need.

However, the standard savings account does not always suit everybody’s needs all the time. Therefore, various Indian banks, including State Bank of Hyderabad, have introduced a wide variety of savings accounts to cater to the diverse needs of society.

State Bank of Hyderabad offers multiple types of savings accounts to suit the requirements of many individuals. Beginning with a basic account to salary accounts and ending on a rich premium account, the bank has many accounts that and the individual can ask for and even more which make the banking experience of each individual a more satisfactory one. Savings with SBH has never been easier and more convenient. We will discuss below, the types of SBH savings account in detail so you can choose the one you want:

Types of Savings Accounts

  1. Savings Bank Account
  2. Savings Plus Account
  3. SSS Silver Account
  4. SSS Gold Account
  5. Premier Savings Account
  6. GEN-X Account
  7. NRE Savings Account
  8. SBH Platinum Savings Account
  9. SBH Sahaj Plus
  10. SBH Small Account

 

  1. Savings Bank Account:
  • This SBH savings account is a standard savings account that is set up for the individuals’ everyday banking needs. Given below are the features of such an account.
  • There is no minimum balance required to maintain in this SBH savings account.
  • SBH have a very wide range of branches and ATMs all over the country for regular banking needs
  • SBH savings accounts offer their customers the ease of banking with Mobile Banking, NetBanking and Phone Banking services.
  • For internet banking, account holders may transfer an amount of up to Rs. 5 lakh per day, free of cost. Third party transfer can be made free of cost up to a maximum amount of Rs. 5 lakh per day.
  • Account holders of savings accounts receive a free ATM-cum-debit card. They also receive a free Add-on card if they request for one.
  • SBH also issues an International Debit Card to all its account holders . Customers can avail that on request and at the discretion of the bank.
  • Standing instructions facility through which all kinds of utility bills can be paid via instructions over the phone or through the internet.
  • Account holders can download their bank statement through internet banking free of cost. They may also receive their statement of accounts for nil charge from the home branch.
  • Account holders receive a free multicity chequebook with 50 leaves every year in this SBH savings account.
  • Receipt of free passbook at the home branch, at a non-home branch, the bank will charge Rs. 10 for the passbook.
  • Account holders of this savings bank account may withdraw up to a maximum of Rs. 50,000 per day at a non-home branch, free of charge. However, cash deposits at a non-home branch are chargeable. Intra-city cheque deposits are free, while inter-city cheque deposits are free up to Rs. 20,000.
  • This account provides nomination facility.
  • Free SMS alerts facility is provided so that the account holder is aware of every transaction that takes place with his or her account.
  • Personal Accident Insurance is available at an annual premium of Rs. 100.
  • The SBH savings account eligibility criteria are detailed below

Eligibility

  • Any citizen of India can open this type of account under a single name or jointly with another person
  • A Hindu Undivided Family can open and operate this account
  • A Non-Resident Indian is eligible to open this account
  • Trusts
  • Minors over the age of ten years.

 

  1. Savings Plus Account

These savings accounts have been set up to meet the banking requirements of individuals or groups of individuals. This is a transaction account that has Sweep and Reverse Sweep facility for the automatic investment in TDR/STDR. Here are the features of the account;
 

  • The minimum balance to be maintained in this account is Rs. 5,000.
  • SBH offers receipt of free passbook at the home branch, at a non-home branch; the bank will charge Rs. 10 for the passbook.
  • SBH offers free email facility for the statement of accounts. The statement of accounts may also be received free of cost from the home branch.
  • Account holders receive a free multicity cheque book with 50 leaves every year.
  • Account holders receive a free domestic ATM-cum-debit card. They may also receive a free Add-on card.
  • SBH offers international ATM-cum-Debit card if the account holders request for it. It will be provided at the discretion of the bank.
  • Standing instructions facility through which all kinds of utility bills can be paid via instructions over the phone or through the internet.
  • For internet banking, account holders may transfer an amount of up to Rs. 5 lakh per day, free of cost. Third party transfer can be made free of cost up to a maximum amount of Rs. 5 lakh per day.
  • The minimum threshold for Sweep and Reverse Sweep facility for this SBH saving account is Rs. 50,000.
  • The auto-sweep frequency occurs once in a calendar month from the 16th to the 20th.
  • Account holders may withdraw up to a maximum of Rs. 50,000 per day at a non-home branch, free of charge. However, cash deposits at a non-home branch are chargeable. Intra-city cheque deposits are free, while inter-city cheque deposits are free up to Rs. 20,000.
  • Account holders receive a 25% concession on processing fee for Housing Loan and Car Loan with SBH savings accounts.
  • It is quite easy to open the account. The criteria for having a savings account with SBH are detailed below


Eligibility

  • All resident individuals either solely or jointly can open this account.
  • A Hindu Undivided Family can also open this account
  • A Non-Resident Indian is eligible to open this account
  • Trusts
  • Minors over the age of ten years.

 

  1. SSS Silver Account

This is a salary account that provides the convenience of crediting the total salary disbursement in one shot to their employee's salary accounts. The following are the features of this type of savings account:
 

  • There is no minimum balance to be maintained in this account.
  • Receipt of free passbook at the home branch, at a non-home branch, the bank will charge Rs. 10 for the passbook.
  • Free email facility for the statement of accounts. The statement of accounts may also be received free of cost from the home branch.
  • Account holders receive a free multicity cheque book with 50 leaves every year.
  • The convenience of banking with NetBanking, Mobile Banking, and PhoneBanking services.
  • Account holders receive a free domestic ATM-cum-debit card. They may also receive a free Add-on card.
  • International ATM-cum-Debit card may be received if the account holders request for it. It will be provided at the discretion of the bank.
  • Standing instructions facility through which all kinds of utility bills can be paid via instructions over the phone or through the internet.
  • For internet banking, account holders may transfer an amount of up to Rs. 5 lakh per day, free of cost. Third party transfers can be done free of cost up to a maximum amount of Rs. 5 lakh per day.
  • The minimum threshold for Sweep and Reverse Sweep facility is Rs. 50,000.
  • The auto-sweep frequency occurs once in a calendar month from the 16th to the 20th.
  • Account holders may withdraw up to a maximum of Rs. 50,000 per day at a non-home branch, free of charge. However, cash deposits at a non-home branch are chargeable. Intra-city and intercity cheque deposits are free. while inter-city cheque deposits are free up to Rs. 20,000.
  • For account holders whose salaries are Rs.20,000 and above, there is a free facility of demand drafts up to Rs. 20,000 per month.


Eligibility
 

Salaried Employees who have a tie-up with the employer are eligible to avail this type of account.

 

  1. SSS Gold Account

A salaries account that may be availed by employees regardless of whether there is a tie-up with their employers or not. The detailed features of the Account are as follows:
 

  • There is no minimum balance to be maintained in this account
  • This is a transaction account with the option of Sweep and Reverse Sweep facilities for automatic investment in TDR/STDR.
  • Passbooks may be received at any branch free of cost.
  • Free email statement facility
  • Statement of accounts may be received free of cost at the home branch.
  • Account holders receive a free multicity cheque book with 50 leaves every year.
  • The convenience of banking with NetBanking, Mobile Banking, and PhoneBanking services.
  • Account holders receive a free domestic ATM-cum-debit card. They may also receive a free Add-on card.
  • Account holders may transfer an amount of up to Rs. 5 lakh per day, free of cost via internet banking. Third party transfers can be done free of cost up to a maximum amount of Rs. 5 lakh per day.
  • The minimum threshold for Sweep and Reverse Sweep facility is Rs. 50,000.
  • The auto-sweep frequency occurs once in a calendar month from the 16th to the 20th.
  • Account holders may withdraw up to a maximum of Rs. 50,000 per day at a non-home branch, free of charge. However, cash deposits at a non-home branch are chargeable. Intra-city and intercity cheque deposits are free.
  • For account holders whose salaries are Rs.50,000 and above, there is a free facility of demand drafts up to Rs.50,000 per month.
  • Account holders receive a 50% waiver of processing fees for Auto loans and Housing loans.
  • For Housing loans, account holders enjoy a Turnaround Time of six days, while it is the same day for Auto loans.


Eligibility
 

All salaried employees with a take home pay of Rs. 50,000 and above are eligible for this account, either with or without a tie-up with their employer.

 

  1. Premier Savings Account

This SBH saving account is aimed at high net worth individuals. Here are the features of the account:
 

  • This is a transaction account with the option of Sweep and Reverse Sweep facilities for automatic investment in TDR/STDR.
  • The average quarterly balance to be maintained is Rs. 1,00,000.
  • Account holders may receive their passbooks free of cost at any branch.
  • Statement of accounts may be received free of cost at the home branch.
  • Account holders receive a free multicity cheque book with 50 leaves every year.
  • The convenience of banking with NetBanking, Mobile Banking, and PhoneBanking services.
  • Account holders receive a free domestic ATM-cum-debit card. They may also receive a free Add-on card.
  • Free email statement facility
  • Account holders may transfer an amount of up to Rs. 5 lakh per day, free of cost via internet banking. Third party transfers can be done free of cost up to a maximum amount of Rs. 5 lakh per day.
  • The minimum threshold for Sweep and Reverse Sweep facility is Rs. 100,000.
  • The auto-sweep frequency occurs once in a calendar month from the 16th to the 20th.
  • Account holders may withdraw up to a maximum of Rs. 50,000 per day at a non-home branch, free of charge. However, cash deposits at a non-home branch are chargeable. Intra-city and intercity cheque deposits are free.
  • Free demand drafts facility up to Rs. 50,000 per month.
  • Free personal accident coverage for Rs. 5 lakh for one year.
  • Account holders receive a 50% waiver of processing fees for Auto loans.
  • Account holders whose accounts are over 6 months old receive a 50% waiver of processing fees for Housing loans. Those account holders whose accounts are less than 6 months old receive a 25% waiver of processing fees for Housing loans.
  • For Housing loans, account holders enjoy a Turnaround Time of six days, while it is the same day for Auto loans.


Eligibility

  • High net worth individuals.
  • All resident individuals either solely or jointly can open this account.
  • A Hindu Undivided Family can also open this account
  • Minors over the age of ten years.

 

  1. GEN-X Account

An SBH savings account aimed at resident individuals who are between the ages of 18 and 30. Here are some of its features:
 

  • The minimum balance for this account is Rs. 5000.
  • Account holders may receive their passbook free of cost at the home branch.
  • Free email facility for a statement of accounts.
  • Account holders may receive their statement of accounts free of cost at their home branch.
  • Free multicity cheque book with 50 leaves is received by account holders every year.
  • Account holders receive a free ATM-cum-debit card. There is no Add-on card facility.
  • International Debit Card may be applied for and is chargeable by the bank.
  • Account holders may transfer up to Rs. 5 lakh per day via internet banking. Third party transfers are free for a maximum amount of Rs. 5 lakh per day.
  • The convenience of free mobile banking, Net banking and Phone banking facilities.
  • Free collection of cheque facilities for up to an amount of Rs. 20,000 per month at the home branch.
  • Facility for one free demand draft per year at the home branch in favor of educational institution/application for the job.


Eligibility

  • Any resident Indian who is between the age of 18 and 30 years
  • For a Joint account, the first account holder has to be within the specified age limit.

 

  1. NRE Savings Account

An SBH savings account for the banking needs of a Non-Resident Indian . The features and benefits of this account are as follows:
 

  • The minimum balance to be kept in this account is Rs. 1000 in urban areas and Rs. 500 in semi-urban/rural areas.
  • Facility of free passbook and statement of accounts at the home branch.
  • Facility of free email of the statement of accounts.
  • Free multicity cheque book with 50 leaves is received by account holders every year.
  • Account holders receive a free ATM-cum-debit card and International Debit Card.
  • The convenience of free mobile banking, Net banking and Phone banking facilities.
  • Following are the permissible credits:
  • Proceeds of FC notes/ TCs. CDF compulsory over the above laid down limits by RBI
  • Drafts issued by Bank/ Exchange Companies abroad
  • Transfer from another NRE a/c.
  • Remittances from abroad


Eligibility

 

  • Non-Resident Individuals, including minors
  • A joint account can be maintained only with another NRI.

 

  1. SBH Platinum Savings Account

This is a savings bank account aimed at high net individuals, both NRIs, and residents. The other features and benefits are as follows:
 

  • Average quarterly balance (SBH minimum balance requirements) of Rs. 1 lakh has to be maintained or a total of Rs. 10 lakh from Savings account/Fixed Deposit account/FCNR.
  • Free issue of State Bank Platinum International Debit Card
  • Free multi-city cheques that are payable at par at all branches
  • Cash payment of up to Rs. 10 lakh at non-home branches to self and up to Rs. 2 lakh to third parties.
  • Free personal accident insurance of up to Rs. 5 lakh and purchase protection of up to Rs. 50,000.
  • Account holders receive priority in Personal segment loans.


Eligibility
 

All resident individuals and Non-Resident Indians who have high net worth are eligible for this type of account.

 

  1. SBH Sahaj Plus
  • A zero balance SBH savings account. The other features and benefits are as follows:
  • No minimum balance and no upper limit on maximum balance.
  • Convenience of banking with Net Banking, Mobile Banking, and Phone Banking services
  • Free ATM-cum-Debit Card
  • Maximum of four withdrawals in a month including ATM withdrawals.


Eligibility
 

An Indian resident can open this account either as a single person or jointly or a Hindu Undivided family.

 

  1. SBH Small Account

Zero-balance savings account with SBH to enable individuals from lower income brackets to maintain bank accounts free of cost. The features and benefits of this savings account with SBH are as follows:
 

  • No initial deposit amount requirement and no need to maintain the Average Monthly Balance (AMB)
  • Free passbook facility
  • Free ATM-cum-Debit card facility
  • Maximum balance of Rs. 50,000.
  • 4 free cash withdrawals every month at branches
  • Cheque book facility is provided


Eligibility:
 

The eligibility requirements of SBH savings accounts are same for this account as for most other accounts except that an Indian resident individual who does not have a Photo ID or Address proof that is normally provided as part of KYC documents can open this account.

 

  1. Joint Savings Account:

Savings with SBH is more convenient as the bank offers individuals the option of having a joint savings account. You can open a joint savings account in any of SBH branches with any person related to you. This type of savings account is operated by more than one individual. Documents of both the applicants need to be verified to open a savings account of this type. And money can be withdrawn by any of the two . The eligibility criteria and documentation process is similar to that of other savings accounts.

 

SBH Savings Account Interest Rate

The interest rate that is earned by savings accounts is taken as 4% p.a. on the daily end of day balance.

 

Account Charges

SBH savings account charges depend on the terms and conditions of each account. You should read up the comprehensive list of charges from the bank’s website, the documents given to you at the time of account opening or by visiting the branch.

State Bank of Hyderabad Savings Account Documentation

Documents Required for Opening the SBH Savings Account

  • Latest Passport sized photographs of the applicant
  • A form of Identity Proof that could be a passport, driver’s license, PAN Card, voter ID card, Aadhaar card, employee identity card, etc. A self-attested copy and the original have to be provided for verification.
  • A form of address proof that could be electricity bill, ration card, passport, bank statement, ration card, rent agreement, or documents of property tax, etc. Again, a self-attested copy, as well as the original, has to be provided for verification.

 

Documents required for Hindu Undivided Family Savings Accounts

  • Copy of PAN and Form 60 of Hindu Undivided Family
  • Declaration from the Karta
  • Address proof and ID of Karta
  • Arbitrary joint Hindu family letter signed by the other adult holders

Applying for Savings Account from SBH

You can apply for SBH savings account online via www.paisabazaar.com. Applying online for SBH savings accounts is more convenient and hassle free. The online application process is discussed briefly here:
 

  • Fill up the application form submit all the details required online.
  • Print the account opening form on A4 sheet white paper and keep it safe
  • Attach the mandatory and required documents such as identity proof, passport size photographs, and address proof as mentioned in the account opening form

 

A temporary customer reference number is generated, which is very important to note down. This temporary customer reference number will also be sent on a registered mobile number of the applicants. Once you are done with all of the above, you need to visit your nearest branch with the printed copy of the account opening form and the bank will open your SBH savings account once the form and all your documents are furnished.