Opening savings account in State Bank of India (SBI) could be beneficial from several aspects. Being a nationalized bank it will serve as proof of address for all government agencies. You can apply for Passport, Aadhaar Card, PAN Card, Voter Id Card and also open savings account in any other bank by using your SBI Savings account.
Now SBI has changed the minimum balance requirements to zero. So all savings accounts in SBI will be zero balance accounts. This was the biggest headache and dissatisfaction for people who are not able to maintain AQB (Average Quarterly Balance) or AMB (Average Monthly Balance). I too faced this problem with my HDFC bank account where I came across some of the transactions saying “AMB CHRG INCL ST & CESS FOR MMMYYYY”.
I too visited nearest SBI Branch for savings account opening and what I came to know was surprise to me. A Bank like SBI could have such fast and dynamic process of account opening was unbelievable. It’s giving tough competitions to banks like ICICI and HDFC.
Here is the process of account opening.
- ID Proof (Passport, PAN Card, Driving License, Voter ID Card)
- Address Proof (Passport, Telephone Bill, Electricity Bill, Passbook of other nationalized bank, Water bill)
- PAN Card (if don’t have PAN card, apply with Form 60)
- KYC Documents (Know Your Customer). Fill up KYC form and furnish required documents
- Form DA-1 for nomination facility which is highly recommended
There are many more options for ID Proof and Address Proof. Visiting the nearest branch and furnish the set of documents you have will solve the problem and save your time. The SBI staff is very helpful and polite in dealing with customers. They will do all needful to solve your problems.
Account Opening Process – Online
1. Visit online account opening site of SBI (https://www.onlinesbi.com/oao/onlineaccapp.htm)
2. Follow the instructions on the portal and fill in all the forms
3. Visit the nearest branch with all mentioned documents
4. Your account will get opened instantly and you will get your new account opening kit in next 30 minutes
5. You will get access to a debit card, net banking, phone banking and other facilities
Account Opening Process – Branch Banking
1. Visit nearest branch and get Account Opening Form (which is free) with all subsequent forms like Form – 60, Form DA-1 and other forms for net banking and mobile banking
2. Fill up the form and return with all the documents (self attested)
3. Your account will get opened same day and you will receive welcome kit
In both the process debit card will get delivered to your address and then you have to collect debit card pin from the Branch. This is easiest process and I am going to open an Savings Account soon. Will share my experience with net banking, phone banking and other services of SBI once i get access to them.