Saving money is a nice habit every person should practice. In addition, saving in the piggy bank is a good start but it is better if you have your own savings bank account. In India, there are many state banks you can choose to open a new savings account. One bank that can be a good choice is State Bank of Hyderabad or SBH.
Introduction to State Bank of Hyderabad
SBH is an auxiliary bank of State Bank of India. The bank’s main office is located at Gunfoundry Area, Hyderabad, India. It has more than 1200 branches all over the country with about 12,800 employees.
Currently, the chairman of the bank is Shri O.P. Batt and the managing director is Smt Renu Challu.
SBH was founded in 1942 by Mir Osman Ali Khan, the last Nizam of Hyderabad having the name Hyderabad State Bank. In 1956, the bank was renamed State Bank of Hyderabad. It became the first subsidiary bank of State Bank of India when the Subsidiary Banks Act was passed in 1959.
Who can Open an Account at State Bank of Hyderabad?
Any individual , institution, organization, society, or minor 10 years old and above can open a bank account at SBH provided they meet and submit the requirements in applying an account.
Because of “Know Your Customer” policy of all the banks, clients are required to submit the following documents.
1) Three recent passport size pictures
2) Introduction from an existing account holder or person known by the bank (account holder should have minimum six months standing)
3) In order to verify the identity and authenticity of the address, all applicants should provide one or more of each of the following list of documents.
Features and Benefits of SBH
SBH provides benefits to all of its customers like single and joint accounts; free account transfer facility between branches; services such as payments to LIC and house rental at nominal costs; and half-yearly payment interest at 3.5%.
Procedures in Savings Account Application at SBH
Opening a savings account involves some procedures you should go through. Before anything else, the applicant must ready or prepare the basic requirements in starting a new account like money for initial deposit, proof of address, and proof of identity.
When you have the complete documents, you can go to the bank and inform the bank agent that you want to open a new account. You will need to fill up several forms and after that, the bank agent will check and approve your new account as long as there is no problem with your credentials.
SBH is one of the state banks in India under the administration of State Bank of India. It is not hard in applying a savings account at SBH as long as you have complete requirements needed by the bank. If you are looking what are the requirements, you can find the list mentioned in this article.