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Services Offered by Top Banks on Savings Bank Accounts

Highlights

  • Savings Bank accounts have different facilities such as Cheque Book, Passbook, SMS Alert, ATM/Debit Card, etc.
  • Read this post to know about such facilities in detail

A Savings Bank Account is one of the most popular and useful banking products among customers. The reason being a savings account helps customers develop a money-saving habit from an early age. But there is one more thing that trumps all other reasons by a fair margin – An extensive range of services that customers can enjoy by having a Savings Bank Account. When an individual opens a Savings Bank Account in any bank, there are a few services like Mobile Banking, SMS Alerts, Internet Banking, Chequebook facility, Cash Withdrawal, ATM/Debit Card facility, Passbook facility, Nomination Facility, that a bank provides on the same.

Several banks provide different types of Savings Account to customers according to their needs. Since there are so many options when choosing a Savings Bank Account, it is important to compare all the services provided by some of the leading Top Savings Bank Accounts. When we talk about the Top Savings Bank Account, the banks who provide these are State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Bank of Baroda.

So, how does the same service provided by a Savings Bank Account of one bank is different from another? We will cover some of the important services one after another in this article. Let’s begin.

Cheque Book Facility

One of the most popular services that customers get with a Savings Bank Account is the Cheque Book facility. So how does a Cheque help customers? A Cheque is a financial document that helps customers to pay a specific amount of money from his or her account to someone else’s account on whose name the cheque has been issued. A cheque helps customers in a hassle-free money transfer, Bill Payments, School Fee Payments, etc. Every customer gets a Cheque Book facility with a definite number of cheque leaves without any extra charge. This number may vary from one bank to another. After you have exhausted the given leaves, the bank will charge for every cheque leaf you use.

We are telling you about the Cheque Book facility provided by top banks to their Savings Bank Account customers. Have a look.

BankCheque Book Facility Description
SBIFirst 10 Cheque Leaves free in a financial year
Thereafter,
10 Leaf Cheque Book at INR 40 + GST
25 Leaf Cheque Book at INR 75 + GST
HDFC BankFirst 25 Cheque Leaves free in a financial year
Any additional Cheque Book of 25 Leaves at INR 75 per cheque book
ICICI Bank25 Cheque Leaves free in a year
Thereafter, INR 20 for every cheque book of 10 Leaves
Kotak Mahindra Bank100 Cheque Leaves free per Quarter
Thereafter, INR 3 will be charged per leaf
Bank of BarodaGet 30 Leaves in a Financial Year for FREE (For Metro-Urban Locations)
Thereafter, INR 4 per Leaf
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Number of Cash Transactions

Cash Transaction facility (both Deposit and Withdrawal) is one of the premier services provided by top banks to their savings bank account holders in India. With this facility, customers can deposit their hard-earned money or withdraw the amount from the Savings Account Balance to fulfill their needs. Each bank allows a specific number of cash transactions or a definite transaction value on a monthly or daily basis without any charges. Above this limit, savings banks account holders need to pay a definite charge for each transaction that varies from one bank to another. We are showing the cash transaction facilities of savings bank accounts offered by top banks in India. Do check.

BanksCash Transaction Facility
SBI3 Free Cash Transaction per month
Thereafter, INR 50 + GST per transaction

Free upto INR 2 lakh per day
Thereafter, INR 0.75 + GST per 1,000
(Minimum - INR 50, Maximum - INR 20,000)
HDFC Bank4 Free Cash Transaction per month
Thereafter, INR 150 per transaction

Free Upto INR 2.5 lakhs per month at any branch
Thereafter, INR 5 per 1,000 (Minimum of INR 150)
ICICI Bank4 Free Cash Transaction per month
Thereafter, INR 150 per transaction

Free Upto INR 2 lakh per month at Home Branch
Thereafter, INR 5 per 1,000 (Minimum of INR 150)

Free upto INR 25,000 per Day at Non-Home Branches
Thereafter, INR 5 per 1,000 (Minimum of INR 150)
Kotak Mahindra BankZero Charges upto 5 Transactions or INR 3 lakh per month (whichever is earlier)

Thereafter, Charge of INR 4.5 on per 1,000 (Minimum of INR 150)
Bank of BarodaUpto 50 Debit Entries - Zero Charges

After 50 Debit Entries
INR 15 per Debit (For Metro Urban Locations)
INR 12 per Debit ( For Rural/Semi-urban Locations)
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ATM/Debit Card Transactions

When you open a Savings Account, each bank provides an ATM/Debit Card with which you can do several things such as Bill Payments, Cash Withdrawal, Online & offline Shopping, Money Transfer, etc. The charges for the ATM/Debit card depends on the type of card your bank is providing.

But the most important thing that you need to know is the number of free transactions you can do with your ATM/Debit Card. Because, after a fixed number, the bank starts to charge on the same. However, the charges can vary from one bank to another and from one location to another. The ATM/Debit Card Transactions are mainly of two types — Financial (Cash Withdrawal) and Non-financial (Balance Enquiry, Mini Statement, Pin Change, Mobile Number Updation, etc.)

That’s why we are showing the details about ATM/Debit Card Transactions that top banks offer to their Savings Bank account holders. Please check.

BankATM/Debit Card Transactions
SBIAt SBI ATMs
Upto AMB of INR 25,000 - 5 Free Transactions
Above AMB of INR 25,000 - Unlimited

At Other Bank ATMs
Upto AMB of INR 1 lakh - 3 Free Transaction at 6 Metro Cities and 5 at other locations
Above AMB of INR 1 lakh - Unlimited
HDFC BankAt HDFC Bank ATMs
First 5 Transactions per month across all cities - Free
No Charges on Non-financial Transactions

Other Bank ATMs
First 3 Transactions in 6 Metro Locations and First 5 Transaction in all other locations - No Charges
Thereafter, INR 20 per Financial and INR 8.50 per Non-financial Transaction
ICICI BankFirst 3 Transactions in 6 Metro Locations and First 5 Transaction in all other locations - No Charges

Thereafter, INR 20 per Financial and INR 8.50 per Non-financial Transaction
Kotak Mahindra BankNil Charges for Cash Withdrawal or Non-financial Transaction at Kotak Bank’s ATM or Other Domestic ATMs
Bank of BarodaFirst 3 Transactions in 6 Metro Locations and First 5 Transaction in all other locations - No Charges
Thereafter, INR 20 per Financial and INR 10 per Non-financial Transaction
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Passbook Facility

How do customers keep track of their Savings Bank Account transactions? Well, for this, banks provide the Passbook Facility with which customers can record their transactions like Deposit or Withdrawal of the money date wise. A Bank Passbook can also be used as the Identification and Address Proof for different things. Generally, customers get a passbook from the bank without paying any extra cost for this. However, you may need to pay a certain charge if you want to issue a duplicate passbook for your Savings Bank Account. You can look at the passbook facility for some of the top Savings Bank Accounts in the below table.

BankPassbook Facility
SBIFirst Passbook - Free
Issuance Charges of the Duplicate Passbook - INR 100 + GST
Thereafter, INR 50 + GST per page ( 40 Entries)
HDFC BankFree Passbook facility at the Base Branch
Duplicate Passbook Issuance - INR 100
ICICI BankFree Passbook facility at Home Branch
Kotak Mahindra BankNil Charges for the First Passbook and issuance of the Duplicate Passbook
Bank of BarodaDuplicate passbook Issuance Charges - INR 100

Value-added SMS Alert Facility

Banks also provide the SMS Alert Facility to its Savings Bank Account Holders. You must be thinking, what is this SMS Alert facility all about? Well, with this, customers can get updated about the transactions in their Savings Bank Accounts such as Withdrawals, Deposit, Balance Enquiry, etc. For this facility, the banks charge a definite amount from the customers that can vary from one bank to another. We are showing the details about this facility in the below table. Please check.

BankSMS Alert Facility
SBIFor Debit Card Holders who maintain AQB of INR 25,000 or below - INR 12 + GST
HDFC BankINR 15 per Quarter (Although customer who have selected only ‘Email Alerts’ will not be charged)
ICICI BankINR 15 per Quarter
Kotak MahindraINR 0.50 per SMS (Daily and Weekly)
Bank of BarodaINR 15 per Quarter

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