State Bank Lotus Savings Account Charges & features 2024 : finance banking

Summary

In this video, the host explores the benefits and hidden charges of the State Bank of India's Lotus Savings Accounts. Highlighting SBI's status as the largest government bank in India, the video emphasizes the account's features, such as zero minimum balance requirements and free SMS alerts. The host discusses various charges, including those for debit cards and checkbooks, while reassuring viewers about the bank's DICGC insurance coverage. With personal recommendations based on positive experiences, the video encourages viewers to consider opening an SBI savings account, fostering engagement through likes and subscriptions.

Takeaways

• 😀 SBI is the largest government sector bank in India, known for its trust and stability.
• 🛡️ Customers are insured for up to ₹1 lakh under the DICGC, providing a safety net for their deposits.
• 💰 The Lotus Savings Account requires no minimum balance, making it accessible to a broader audience.
• 📱 SBI offers free SMS alerts, helping customers monitor their accounts without extra charges.
• 📒 Customers receive a free 10-page checkbook, with additional pages available for a fee.
• 🏧 Withdrawals from ATMs are limited to ₹10,000 per day for customers.
• 🔄 Customers can make three cash deposits per month for free, with additional transactions incurring a fee.
• 💳 There are increased charges for debit cards, currently set at ₹200 plus GST.
• 💼 The customer service experience at SBI is reported to be positive, with helpful staff.
• 🔍 The speaker recommends opening a savings account with SBI for a hassle-free banking experience.

Q & A

What are the primary benefits of opening a Lotus Savings Account at SBI?

The primary benefits include zero minimum balance requirements, free SMS alerts, a free 10-page checkbook annually, and insurance coverage up to ₹1 lakh provided by the DICGC.

How does SBI ensure the safety of customer deposits?

Customer deposits in SBI are insured up to ₹1 lakh by the Deposit Insurance Credit Guarantee Corporation (DICGC), which operates under the Reserve Bank of India (RBI).

What are the different methods to open various SBI savings accounts?

iPlus Savings Accounts can be opened through the SBI mobile app, while standard SB Accounts and Lotus Savings Accounts can be opened in-branch, with assistance from bank staff.

Is there a minimum balance requirement for the Lotus Savings Account?

No, there is no minimum balance requirement for the Lotus Savings Account; however, some branches may suggest maintaining a small balance for operational purposes.

What are the charges associated with additional checkbooks for SBI accounts?

For additional checkbooks beyond the free 10 pages, a fee applies: ₹775 plus GST for 25 pages, and around ₹22 for 10 pages.

What changes have been made to the debit card charges at SBI?

The debit card charge has increased to ₹200 plus GST, up from the previous charge of ₹125 plus GST.

How many cash deposits are allowed monthly without incurring charges?

Customers can make up to three cash deposits per month without incurring any charges; beyond that, a fee will apply.

How are cash withdrawal limits determined for SBI customers?

Cash withdrawal limits are based on the average monthly balance maintained in the account, affecting how many times customers can withdraw cash each month.

What is the overall recommendation provided by the speaker regarding SBI accounts?

The speaker highly recommends opening an SBI savings account due to positive personal experiences with customer service and account features.

What customer support services does SBI provide for account holders?

SBI provides effective customer support, including assistance with account management and queries regarding transactions, charges, and services.