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State Bank of India (SBI) Savings Account vs Kotak Mahindra Bank Savings Account

Interest Rate

2.70% p.a.
3.50% - 4.00% p.a.

Minimum Balance

NIL or Metro & Urban: Rs. 3000, Semi-Urban: Rs. 2000, Rural: Rs. 1000
Zero Balance Savings Account

Monthly Average balance

NIL
Nil or Rs. 10,000

Features

Internet banking/ mobile banking facility

SMS Alerts and e-statement facility

YONO App facility

State App Anywhere

SBI Quick Missed Call Facility

ATM facility

Free NEFT through Internet Banking

Free Cash Withdrawals at Domestic ATMs

Scan and Pay to make payments for shopping, groceries, and much more

Documents Required

* Application form along with Photographs

(a) Proof of identity (any of the following with authenticated photographs thereon):

(i) Passport

(ii) Voter ID card

(iii) PAN Card

(iv) Govt./Defence ID card

(v) ID cards of reputed employers

(vi) Driving Licence

(b) Proof of current address (any of the following)

(i) Credit Card Statement

(ii) Salary slip

(iii) Income/Wealth Tax Assessment Order

(iv) Electricity Bill

(v) Telephone Bill

(vi) Bank account statement

(vii) Letter from reputed employer

(viii) Letter from any recognized public authority

(ix) Ration Card

* Driving License, Passport, Voter's ID, Aadhaar Card, PAN Card

* Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)

* Latest Passport Size Photographs


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