New York Branch - Checking Accounts
Please read the complete disclosure of account terms and fee schedule in the Customer Manual before applying for an account. Only the salient features of the Customer Manual pertaining to this type of account are given below.
A. Checking Account
This is a non-interest bearing account with no restrictions on the number
of withdrawals or credits. There is no minimum deposit required for opening
an account. However, the following minimum balance is required to be maintained
to avoid monthly service charges:
- Checking account for consumers in the USA: $500
- Checking account for a business/association based in the USA: $2500
A checking account for a non-USA based consumer or business/association
will be opened as per bank’s convenience and policy, either on the
same terms and conditions as for U.S.-based customers or on mutually agreed
terms and conditions.
Consumers/Individuals who have opened a checking account with us can request for International Debit Card which will be linked to their checking account. Please read the Consumer Debit Card Agreement before applying for debit card.
Early closure fees will apply if you close your account
within three months of opening.
The bank will provide a statement of account at
monthly intervals.
|
|||||||||
B. Basic Checking Account
In order to provide low cost banking services, we offer “basic banking” checking accounts to all consumers who fulfill the following requirements:
- Residents of New York State who do not maintain any transaction account with SBI, New York.
- Receive direct credit of a recurring payment like Social Security, wage or pension.
- Have limited monthly transactions.
- Desire basic checking services.
Salient Features of Basic Checking Accounts
|
Application Form
Use form DEP-4 (PDF)
for opening a basic checking account. A check list accompanies the form
that will enable you to complete the application effortlessly.
C. Designation of Beneficiary
If you are a consumer, you may designate
a beneficiary (or two beneficiaries) of your choice to whom the balance
in your account would be payable upon your death. If you designate two
beneficiaries, you can also specify the proportion in which they should
be paid. In case of joint accounts, the payment to the beneficiary will
be made upon the death of all the account holders. Designation of beneficiary
can be done at the time of opening an account or any time thereafter.
It can also be cancelled or varied. Apply on form DoB
for designating beneficiary.
