State bank of Travancore Savings Account
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State Bank of Travancore or SBT was founded in 1945 as a part of SBI but with private shareholdings. It has now merged with State Bank of India.

Types Of SBT (now SBI) Savings Account

1.     Savings Plus Account

• This account is linked to MOD or Multi Option Deposit where surplus funds exceeding the preset upper limit of the savings account is automatically converted to Term Deposits.
• This scheme retains a minimum balance of Rs.25000 in the savings account.
• The term deposits are opened in multiples of Rs.1000 subjected to a minimum of Rs.10000 at an instance.
• The tenure of the deposit can be of 1 to 5 years, depending upon the choice of the account holder.

2.     Yuva Savings Account

• This savings account is designed for youths within the age bracket of 18 and 30 years.
• The account has a free debit card with complimentary facilities.
• One draft or banker’s cheque in a calendar month is issued free of cost, in favor of educational institutions or job applications.
• The account can continue even after the account holder crosses the age of 30 years.

3.     Basic Savings Account

• This account gives the common man access to basic banking facilities.
• This account cannot be opened in case the person already has another savings account.
• Regular KYC documents are required to be submitted in order to open this account.
• This account doesn’t have any minimum or maximum balance limit.
• A cheque book is issued.
• A basic Debit card is issued for free with maximum 4 withdrawals in a month, following which the regular service charges are applicable.
• Online fund transfers are free.
• Cash and cheque deposits by Central/State Government are free
• No charge is levied for activating dormant accounts
• Regular service fee is charged for any other services.

4.     Small Account

• This account is for those individuals who cannot comply to the KYC requirements. It has a liberal account opening procedure through a simplified form.
• This account does not have a limit for minimum balance.
• Fund transfers through NEFT or RTGS are free.
• Deposits or cheques drawn by Central or State Government are free.
• A basic debit card is given to the account holders for free which doesn’t have any annual maintenance charge.
• This account can be converted to a regular Savings account by the home branch once the KYC requirement is met.
• The debit card is subject to a maximum of four withdrawals in a month up to a maximum of Rs.10000.
• The account balance cannot exceed Rs.1 lakh in a year.
• Foreign remittances are credited after verifying and validating the client’s official documents.
• This account remains operational only for 1 year after which the account holder is required to submit the necessary document for renewal of the account.

5. Savings Account for Minors

• This account aims to introduce minors to banking. The account provides interesting features such as mobile and Internet banking.  It acquaints children to modern-day banking and makes them realize the importance of personal finance and savings.
• Minors below 10 years of age can opt for the PehlaKadam scheme. This scheme requires the parents or guardians to jointly open and operate the account.
• Minors above 10 years of age can opt for the PehliUdaan scheme which they can operate individually if they comply to the KYC norms.

SBT (now SBI) Salary Accounts

The SBI salary accounts offer benefits like:

• Zero Balance accounts.
• Unique Lifetime Account number.
• Auto sweep facility on request.
• Free personalized multicity cheques.
• Free debit card.
• RGTS or NEFT.
• Overdraft up to the salary of 2 months, repayable within 6 months.
• Free personal accident insurance.
• SMS and email alerts.
• Various personal loans options.
• Demat facility.
• Mutual funds investment plans.

Types of Salary Accounts

SBI offers 8 types of salary accounts:

1. Corporate Salary Package - This is a customizable package to suit the corporate or institution, depending upon its business relationship with the bank. The included institutions include hospitals, hotels, transport corporations, etc. The company must have at least 25 employees earning a gross monthly income of Rs.5000.

2. Central Government Salary Package - For employees of various ministries or departments of the Central Government, Nabard and RBI.

3. State Government Salary Package - For employees of the State Government, Union territories, their boards and corporations.

4. Railway Salary Package - For the employees of Indian Railways, Konkan Railways, Kolkata Metro, Mumbai Metro, Delhi Metro, Bangalore Metro.

5. Police Salary Package (PSP) - For employees of Central Police Organizations, Armed and Reserved Police of all States, Police Forces of The Union Territories, Civil Police, Railway Protection Force (RPF) and Government Railway Police (GRP.

6. Defence Salary Package - For serving and retired Defense personnel of Army or Navy or Air Force or Indian Coast Guard or Assam Rifles, as well as Rashtriya Rifles, GREF and Border Road Organization (BRO)

7. Para Military Salary Package  - For serving personnel of the Central Paramilitary Forces such as:

• Central Reserve Police Force (CRPF)

• Border Security Force (BSF)

• National Security Guard (NSG)

• Indo Tibetan Border Police (ITBP)

• Central Industrial Security Force (CISF)

• Sashastra Seema Bal (SSB)

8. Indian Coast Guard Salary Package (ICGSP) - For serving and retired personnel of the Indian Coast Guard.

SBI Savings Account Interest Rates & Minimum Balance Required

Charges for SBT Savings Account

Documents Required to Open a Savings Account

• Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA
  Card, etc.
• Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
• Passport sized photographs
• Application form
• For minors below 10 years of age, the parent who will operate the account must provide their KYC documents.