Currency

Savings Bank Account can be opened in BHD only.

Eligibility

Individuals above the age of 21 (of all nationalities) are eligible to open a Savings Bank account. Parent or legal guardian may open account in the name of a minor. The account will be operated by the parent or legal guardian till the minor becomes a major.

Minimum Balance in Saving Bank Account (BHD)

Minimum monthly average balance of BD 20.000 shall be maintained in the account. Penal charge of BD 1.000 per month and applicable VAT will be levied if the minimum monthly average balance in the account falls below BD 20.000. (The penal charges will be waived for the months of account opening)

Rate of Interest

Applicable Interest will be payable half yearly as at the end of June and December on accounts with minimum monthly average balance of BHD 200.000 and above.  No interest will be payable if the minimum monthly average balance is below BHD 200.000

Joint Accounts

Accounts can be opened in the joint names of upto three persons. However, notwithstanding any instructions regarding mode of operation in the account / payment of balance in the account, on the death or incapacitation of one of the account holders, the account will be suspended until a representative of the deceased / incapacitated account holder is appointed. The account will be deemed to be divided among (not jointly owned by) the joint account holders.

Deposit Protection Scheme

Deposits held with SBI Retail Branch Bahrain in the Kingdom are covered by the Regulation Protecting Deposits issued by the Central Bank of Bahrain in accordance with Resolution No (34) of 2010.

Jurisdiction

Only the courts in Bahrain shall have jurisdiction in respect of all matters of dispute pertaining to deposits under the scheme.

Governing Law

The scheme shall be governed by and construed in accordance with the law of Bahrain

Withdrawals from the Account

No cheque book will be issued in Savings Bank deposit accounts. Withdrawals upto BD 1000.000 shall be through ATM. The account holder shall appear at the branch in person for withdrawals through withdrawal slips. The withdrawls upto BHD 1000.000 from the cash counter will be charged BHD 1.000 per transactions plus applicable VAT.

Access to ATMs of other banks

Access to ATMs of other Banks in Bahrain will be free of charge in accordinance with applicable law of Bahrain.

Internet Banking

Depositors under the scheme shall be eligible for Internet Banking Facility.

Remittance of funds

Facility for remittance of funds will be available under the scheme.