SBI online: Small savings bank account - Know benefits, what it is and how it can be opened

SBI small savings bank account: Do you know what a Small SB or Savings Bank account is and what are its Benefits. The State Bank of India (SBI) allows resident individuals to open this type of account. The small SB account is different from a regular account as it has various benefits for subscribers. It has maximum deposit limit and allows a certain number of deposits and withdrawals in the month that too for free of cost.

The Reserve Bank of India (RBI) introduced this amount basically for poor people waiving of the requirement to maintain minimum balance.

There is no minimum balance requirement for SBI Small SB accounts. The bank recently waived off the requirement of maintaining Average Monthly Balance (AMB) for all Savings Bank Accounts.

How to open an account?

You may fill up an application online for opening a Small & Basic Savings Bank account. The process in brief would be as follows:

-- Fill up and submit the required details online. Print the Account Opening Form (AOF) on A4 size white papers.
-- Attach the required documents, such as photographs and proof of identity and address, as mentioned in the AOF.
-- A SCRN (Small Customer Reference Number) will be generated, which please note down. SCRN will also be sent on the registered mobile number of the applicant(s).
-- Visit the branch. Time taken for opening of the account at the branch will get reduced as the data will already be available in the system.

Convenience:
-- The AOF can be filled at your convenience and fields that can be validated are checked for errors.
-- It is quick and safe. The data will be submitted on a VeriSign secured site and the information will be encrypted before transmission.

Documents required:
-- The acceptable KYC documents are available through drop down menu in the AOF.
-- Information about the Savings Bank account you wish to open and the facilities you would want in the account.
-- Form 60, if you do not have Permanent Account Number (PAN) of Income Tax.

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-- Form DA-1 (optional), if you wish to make a nomination (recommended).