State Bank of Travancore Savings Account Rate of Interest

State Bank of Travancore has also introduced savings accounts for its customers. these accounts provide account holders with attractive rates of interest as well as deals and benefits, adding to the benefits people stand to receive.

State Bank of Travancore Savings Account Rate of Interest

The State Bank of Travancore offers its Savings Account holders an attractive rate of interest of 4% per annum.

State Bank of Travancore Savings Account Minimum Balance Requirements

The State Bank of Travancore has fixed a minimum balance requirement for its various Savings Accounts. These are fixed based on multiple factors such as the type of account, the geographical location (whether urban/rural) etc. the bank’s minimum balance requirements are mentioned below:

Type of Savings Account	Minimum Balance Requirement
Savings Plus Savings Account	Rs. 5, 000
Pratibha Savings Deposit Scheme	Rs. 250
Basic Savings Bank Deposit	N.A.
Basic Savings Bank Deposit Small Savings	N.A.

Types of State Bank of Travancore Savings Accounts

Savings Plus Account: With the Savings Plus account, enjoy the benefits of a savings account coupled with the advantages and high-interest rates of a term deposit. Balance exceeding Rs. 5, 000 would be invested in a Term Deposit, with the minimum amount being Rs. 10, 000 for a 12 month period or longer. Interest for the Term Deposit will be paid out at existing term deposit rates, while the balance would be at the Savings Account interest rate. Account holders will also enjoy features and benefits of a savings account such as an ATM card.

Pratibha Savings Deposit Scheme: This Savings Account is designed for women above the age of 18 years. The account can be held singly or jointly, with the primary holder being a woman. Holders will receive a chequebook free of charge as well as an ATM card. They will also be able to conduct transactions through the internet banking service. A KYC-compliant account, holders will be restricted to 4 transactions a month (not including ATM transactions).

Basic Savings Bank Deposit Small Account: This Savings Account is designed for individuals who cannot fully comply with the KYC norms as stipulated by RBI. This is a zero balance account, and holders will be able to make unlimited deposits into the account, and a maximum of 4 withdrawals each month. Holders will receive an ATM card at no charge and the account balance cannot be above Rs. 1 lakh at any point of time. This account would be closed 12/24 months from the account opening date.

Basic Savings Bank Account: This a no-frills Savings Account that is fully compliant with KYC norms, and is for those individuals who wish to avail to the services and facilities of a Savings Account without having to maintain a large balance. Account holders will receive a passbook as well as an ATM card, and will be permitted an unlimited number of deposits. There is no minimum balance requirement and holders will be able to receive foreign remittances as well as make use of the internet banking facilities.

Eligibility:

The eligibility criteria to open a Savings Account with the State Bank of Travancore is mentioned below:

Hindu Undivided Families
Individuals above the age of 18 (account can be held either singly or jointly)
Children above the age of 10 (as specified for particular accounts). For such accounts, a parent or guardian will operate the account till the minor account holder attains maturity.

Documents Required to Open a State Bank of Travancore Savings Account

The following documents have to be furnished when opening a Savings Account. These documents form the Know Your Customer (KYC) norms as specified by RBI.