Congrats on having a brand new SBI savings Bank account in your name! Well, it feels like a kind of relief that your bank account is ready to be used.
But have you ever thought about what comes next when you open an SBI savings bank account for the first time? Well, it comes with various other products that the bank usually gives.
These include your ATM card, chequebook, Passbook, Internet banking kit, etc.
You must be wondering why all these are required, as you would think that only having an account would suffice your financial needs.
It’s not so, all these products will be required, and believe me!
Just having a bank account with a passbook in your hand would not work for you.
So, here is the list of 4 things you need to be aware of for the new SBI Savings Bank Account.
Having a passbook is a good thing. Although, nowadays all transactions are recorded digitally, having physical papers and documents would always give you a sense of satisfaction.
Grab your passbook and keep it as a record.
How to apply for your Bank Account Passbook?
There is no need to apply for a passbook, as it will be handed over to you the day your account is opened. Just make sure that you have given it an extra passport-size photo.
For lost and duplicate passbooks, seek advice from bank officials.
A chequebook is a must. While opening an account, always tick the cheque facility option in the application form.
Non-cheque facility accounts are meant for only illiterate persons and non-KYC compliance accounts, such as SBI Tiny accounts.
Enjoy the benefit of a cheque facility account for a seamless transaction.
How to apply?
Yes, you need to apply as soon as you get the account number. For that, all you need to do is fill out a standard application form and advise the bank as per your requirements.
If you have active Internet banking or SBI YONO, you may apply online under my request section.
You can order a chequebook of 10 leaves, 25 leaves, 50 leaves, or 100 leaves. Beyond 100 leaves can be ordered, but who would require so much?
A plastic card called an ATM card
Yes! A debit card or an ATM card would be handy. So, opt for an ATM card too. A plastic card with the power to give and receive any kind of transaction.
It’s an effective financial tool where you would not feel the tension of handling hard cash and worrying about the change. This SBI ATM debit card is a multipurpose card that you can use both online and offline.
How to apply?
Normally, an ATM card is sent automatically when you open an SBI savings bank account. Now SBI provides an online account opening facility through the SBI YONO app, where you have the option of getting it done in 2 ways.
- With video KYC you could wind up everything at a go. It means your account will be open at one seating with video KYC verification which is done by an SBI official representative over a video call.
- Another way is although you have initiated the account opening process online you have given the creation of an account via depositing a hard copy of KYC at your choice of branch.
Either way, you will be getting options for choosing an ATM card. If you choose yes then your card will be dispatched as and when the account number is generated.
Another case is if you did not apply by the time of account opening or you are not getting it due to technical issues. You may apply simply by filling out the application form and submit to the designated counter. Or you may apply online through the bank’s internet banking or the YONO app. You will get the option of applying it under the My Request section.
Financial freedom of YONO
Personal Internet banking is an integral part of owning an account in any bank. Likewise, SBI’s internet banking is quite awesome to use.
Yes, it troubles you sometimes, but at times it will be far better than now.
Having INB is the ultimate financial freedom, where you can do all sorts of transactions. Besides, it’s one of the safest means of doing transactions, as SBI Net Banking has end-to-end SSL encryption, and losing money out of it fraudulently is far fetch unless you compromise your user credentials.
So, use wisely, and nothing bad or unwanted will come to you.
This SSL-encrypted security is provided by the world’s leading internet certification authority VeriSign.
How to apply?
If you choose an online account opening, you get the option of an Internet banking facility.
If you do not have an INB username and login password, you may download the SBI YONO app and register net banking on your own. It’s easy and would not take much time.
There are other SBI products that come along with opening a Savings Bank account.
The above 4 products would generally fulfill all your financial needs, but State Bank of India used to roll out new products and services now and then as per users’ needs.
Products which is worth mentioning among them are
- SBI Bhim Pay
- SBI Doorstep Banking (DSB)
- SBI Quick Service
- SBI mobile banking
- SBI SMS alert
- SBI telebanking
You can use all of it and the good news is there’s no extra charge for registration, although there is a nominal fee for transactions, especially in DSB. So, go ahead and enjoy the experience of various products and services.
What to expect when you open an SBI Savings bank account?
Having opened an account in your name, it follows with a few other things that should be monitored promptly.
Some are not that important, but others are important as they would hamper your transaction when in need.
As soon as you get the account number, a welcome letter is normally sent to your registered address. It serves the purpose of address verification and delivers welcome wishes from the bank as well.
Bank may intimidate you to update or provide the precise address to enable connecting you whenever the bank sends a letter or any other stuff such as an ATM card, credit card, cheque book etc.
If you do not get the welcome letter, check if your address in the account is proper or not. If not make sure you make the required amendment.
You can expect your first ATM card and chequebook in the days to come. Normally in metros and city areas, it delivers to you in 5 to 7 days. Rural and semi-urban areas might take a bit longer.
It surely depends on the postal service, as it would be sent via India Post.
If you do not get a time-bound letter, feel free to obtain a speed post tracking number through the bank’s home branch. That way, you could track your parcel and get it hassle-free.
There will be charges bank levies, you should watch out for those. As of now, there are no MAB (Minimum Average Balance) charges.
MAB is the amount you should maintain at any cost, if not bank penalizes you. Other than that, there will be an SMS charge, Cheque book issuing charge, an ATM annual maintenance fee, and a transaction charge.
Note that, when you do an online transaction, there will be no transaction charge, even for NEFT and RTGS without commission fees. Rely mainly on Internet banking and online services.
Savings Bank Account: A Window to Wealth Creation
Every financial product you deal with starts with a personal savings bank or current account. It’s the window to all the financial products and tools available in the market.
It stretches from the pure banking of deposits and advances to various other investment avenues and non-financial products. Opening an account is a long-term commitment to financial management and growth.
A Savings Bank account is meant for parking quick funds which you would be using now and then. When you have a surplus fund, it’s kind of useless to keep it there.
That’s when you would start thinking of investment such as Fixed Deposits, Mutual Fund, Recurring Deposits and other insurance plans that assures you of good returns and insures your life and properties as well.
This stuff is not possible when you do not have an account.
It’s quite true that having a bank account in your name is an important aspect of your financial matters.
Having it in a good bank that you could rely on for the rest of your life would be nice and fulfilling. You would get an array of accounts that are suitable for you. Choosing which one is the best is up to you.
So, it is just a little bit of research that you require. Learn and get a few ideas on how to open a savings bank account and decide which bank you would prefer to do so.
It would greatly impact your financial dealings as every bank has its terms and conditions with different charges they levy on end-users. Choose smartly and save your money to manage and get fulfilling financial growth.