SBI (State Bank of India) offers several types of accounts to customers. These take care of varied purposes of users. Savings and current accounts are two key account types which are offered. Savings accounts help in keeping the money of customers accounted for and safe and also helps in moderately increasing their wealth. The current bank accounts are majorly used for transactions that take place on a regular basis and are suitable for public or private enterprises, businessmen and companies.
Savings account deposits come with interest rates of 3.5% per annum at State Bank of India. This is for amounts up to Rs. 1 crore. For amounts exceeding the same, the interest rate per annum goes up to 4%. The savings accounts can also be tied to the MOD (Multi Option Deposit) account for getting higher interest on term deposits for surplus cash. SBI also has salary accounts for employees at several leading corporate companies, educational institutions, governmental organizations, police and railway personnel and members of the defense forces.
On the other hand, current accounts can be set up by any person who has the valid Know Your Customer (KYC) documents. The monthly balance requirement for a State Bank of India current account in case of a personal banking branch will be Rs. 10, 000. In case of non-rural branches, this will be Rs. 5, 000. In case of rural branches, the minimum average balance required is Rs. 2, 500. There is no interest rate offered on current accounts and no limit as to the maximum balance. Free deposits of cash up to Rs. 25, 000 each day are offered for SBI current accounts. There are nomination options available for current accounts as well while the account statements are usually dispatched to customers through emails.