Can a Person Have Two SBI Accounts?

The process of having multiple SBI (State Bank of India) accounts, especially under the same name, is a common question among customers. Here, we explore the circumstances under which a single individual can hold and manage more than one SBI account, along with the guidelines provided by the bank.

Account Type Variations

While it is possible to have multiple SBI accounts, the bank typically allows different types of accounts under a single Customer ID (CIF). Customers may hold a single account that is either individual or a joint account. However, having two individual accounts in the same name is restricted to specific scenarios.

Here are the key points:

Single Account: An individual can have a single account in their name. Joint Account: The same person can also open a joint account with another individual, where they can be the first or second holder. Different Branches: Accounts can be opened in different branches and be accessible through netbanking.

Despite these guidelines, banks require that you provide sufficient justification for having more than one SBI account to avoid any potential misuse or fraud.

Account Number and Customer ID

The SBI system uses a unique Customer ID (CIF) to manage all the accounts opened by a single customer. When a new account is opened, the system automatically links it to the existing Customer ID. For example, a single customer can have:

A Savings Bank (SB) account with a normal cheque book. A Savings Bank (SB) account without a cheque book. A MOD (Minimum Operational Deposit) account. A Savings Plus account.

Banks encourage customers to consolidate their accounts to simplify management and enhance security. However, some customers may choose to open accounts with different IDs, addresses, or personal documents as a precautionary measure to avoid system interlinking.

Joint Accounts and Multiple Holders

In cases where a person needs to have legal or financial separation, multiple accounts with different holders (as primary or secondary) can be created. For example:

An account where the person is the first holder, another where they are the second holder. Accounts where the person is the third holder, but with different operating instructions.

These accounts can be managed either individually or as a survivor without operating jointly. This feature is useful in scenarios where one holder wants to ensure the account remains accessible solely by the other holder in the event of their passing.

Conclusion

While institutional regulations strictly limit the number of individual accounts per person in SBI, multiple account types and joint accounts are flexible and cater to various customer needs. Customers should understand the implications of having multiple SBI accounts and comply with the bank's guidelines to ensure smooth account management and avoid any legal or financial complications.