If you’re an SBI bank account holder, here’s some good news that could make your banking experience even better. The State Bank of India (SBI), one of the largest and most trusted banks in the country, offers several exclusive benefits to its customers—many of which go beyond traditional banking services. From accidental insurance coverage to discounts on loans and even locker fee concessions, SBI ensures its customers get the most value out of their relationship with the bank.
In this article, we’ll walk you through the top 5 SBI bank account benefits that you might not be using yet. Whether you’re a salaried employee, a professional, or simply someone with a savings account, these benefits are designed to make your financial life easier, safer, and more rewarding.
SBI Bank Account Benefits
| Benefit | Details |
|---|---|
| 1. Accidental Insurance | Up to ₹20 lakh accidental cover and ₹30 lakh air accident cover (salary a/c) |
| 2. Loan Fee Discounts | 50% off processing fees on home, car, and personal loans |
| 3. Overdraft Facility | Overdraft up to 2 months’ salary, based on eligibility |
| 4. Locker Rent Concession | Up to 25% off on locker fees for eligible account holders |
| 5. YONO SBI Digital Services | One-stop mobile banking app for shopping, loans, insurance, and more |
If you’re an SBI bank account holder, these 5 amazing benefits could make your financial life a lot smoother. From insurance protection to loan savings, digital banking to safe storage options, SBI truly delivers more than just banking.
Whether you’re a seasoned professional, a first-time job holder, or a retiree looking for smart banking solutions, SBI has something valuable for you. The key is to know what’s available and how to access it. Make sure you’re not missing out on any of these features—check your account today, download YONO SBI, and make the most of what the nation’s largest bank offers.
Understanding the SBI Advantage: Why It Matters
The State Bank of India is not just any public sector bank—it’s the country’s largest lender with a legacy of trust that spans decades. When you open an SBI bank account, especially a salary account, you’re not just opening a place to keep your money—you’re gaining access to a suite of premium services, many of which come at no extra cost.
These benefits are designed to help you save money, stay financially secure, and access services faster and easier.
see also: SBI Gives Big Relief to Senior Citizens Will Get Interest of ₹44,000
Top 5 SBI Bank Account Benefits You Should Know
1. Free Accidental Insurance Coverage – Up to ₹30 Lakh
Perhaps the most underutilized benefit is the free personal accident insurance provided to SBI salary account holders.
- ₹20 lakh accidental death coverage
- ₹30 lakh air accident death coverage
- Automatically covered upon salary credit
- No extra premium or application required
This benefit offers peace of mind to salaried professionals and their families. If anything unfortunate happens, this insurance can offer financial protection without any separate paperwork.
2. Discounts on Loan Processing Fees – Save Big
SBI account holders can enjoy a 50% discount on processing fees for:
- Home Loans
- Car Loans
- Personal Loans
- Education Loans
For example, if the typical processing fee on a home loan is ₹10,000, you pay just ₹5,000. Over time, this can result in thousands of rupees in savings.
This benefit is especially helpful for young professionals planning to buy a car, home, or fund higher education.
3. Overdraft Facility – Quick Access to Emergency Funds
Imagine your salary is delayed, but you need to pay rent or bills. SBI offers an overdraft facility of up to 2 months’ salary (for salary account holders), which can be a lifesaver.
- No need to break FDs or take high-interest loans
- Interest only on the amount you use
- Fast approval through YONO SBI app
For example, if your salary is ₹50,000/month, you could access up to ₹1 lakh as an overdraft during emergencies.
4. Locker Rent Concession – Store Your Valuables Safely
SBI offers up to 25% discount on locker fees for eligible account holders, especially those with:
- Higher average monthly balances
- Salary packages or premium accounts
With growing concerns about home thefts or misplacement of valuables, having a bank locker is a safe and smart choice—and discounts make it even more affordable.
5. YONO SBI – A Power-Packed Digital Banking App
YONO SBI (You Only Need One) is not just a banking app—it’s an all-in-one digital platform that:
- Lets you transfer money, pay bills, check balances
- Offers pre-approved loans and credit cards
- Allows investment in mutual funds, FDs, and insurance
- Provides access to shopping, travel bookings, and exclusive offers
If you haven’t tried YONO yet, download it and experience seamless banking at your fingertips. It’s designed to be simple enough for a 10-year-old yet powerful enough for a financial professional.
Who Can Benefit the Most?
These SBI benefits are especially valuable for:
- Salaried individuals looking for financial protection and convenience
- Young professionals planning to apply for loans
- Senior citizens who want safer storage options (lockers)
- Digital-savvy users who want seamless online banking
Even if you have a basic savings account, many of these features are available—especially if you upgrade or maintain a decent average monthly balance.
How to Make the Most of These SBI Account Benefits
Here’s a simple guide to get started:
Step 1: Check Your Account Type
Log in to YONO SBI or visit your nearest branch to know if you have a salary account or regular savings account. Salary accounts typically unlock more benefits.
Step 2: Maintain a Healthy Balance
Some perks like locker discounts are linked to your average monthly balance. Try to maintain the required amount to unlock these offers.
Step 3: Use YONO App Regularly
Many services, including loan applications, overdraft requests, and bill payments, are best accessed via YONO SBI.
Step 4: Ask About Insurance & Locker
If you’re unsure whether your account includes accidental insurance or locker benefits, speak to your SBI relationship manager or call SBI customer care.
Step 5: Stay Updated
Visit the official SBI website frequently or follow their social media handles to stay updated on new offers and account upgrades.
see also: These 6 Transactions Can Lead to Income Tax Department Notice?
SBI Bank Account Benefits FAQs
Q1. Is the accidental insurance benefit available to all SBI account holders?
No, it’s specifically available to salary account holders. The salary must be credited regularly for the insurance to remain active.
Q2. Can I apply for an overdraft online?
Yes. The YONO SBI app allows eligible users to apply for an overdraft with minimal documentation.
Q3. What are the locker rent concession conditions?
Locker discounts depend on your average balance and type of account. Premium or salary accounts usually qualify.
Q4. Do I need to pay to download or use YONO SBI?
No, the YONO SBI app is free to download and use.
Q5. Can non-salary savings account holders get these benefits too?
Some benefits like YONO access, discounted processing fees, and locker offers may still apply, but insurance and overdraft perks are mostly for salary accounts.
