Currency

Savings Bank Account can be opened in Bahraini Dinar only.

Eligibility

Individuals above the age of 21 (of all nationalities) are eligible to open a SBI Premier account. Parent or legal guardian may open and operate 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

Monthly Minimum weighted average balance of BD 500.000 shall be maintained in the account. Penal charge of BD 1.000 per month plus applicable VAT will be levied if the monthly minimum weighted average  balance in the account falls below BD 500.000

Rate of Interest

Interest at the rate of 0.60 % p.a. will be payable half yearly as at the end of June and December. No interest will be payable if the monthly minimum weighted average balance is below BD 500.000.

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

Guarantee Cover

Cover under the Deposit Protection Scheme of the Central Bank of Bahrain will be available for eligible deposits.

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

Cheque book will be issued in SBI Premier accounts. Withdrawals upto BD 1000.000 shall be through ATM. Withdrawals above BD 1000.000 shall be through Withdrawal Slips/cheque. The account holder shall appear at the branch in person for withdrawals through withdrawal slips.

ATM facility

Depositors under the scheme shall be eligible for ATM card. Transactions through Bank’s own ATM shall be free of charge.

Access to ATMs of other banks

ATM transactions charges will be free of charge irrespective of any Bank. Access to ATMs in other GCC countries will be available subject to normal charges.

Internet Banking

Depositors under the scheme shall be eligible for Internet Banking facility

Remittance of funds

One free remittance (in INR) to any Branch of State Bank of India per month will be provided.  Issuance of one payment order will be free of charges.