SBI Rishtey Family Savings Account: A Smart Banking Solution for Your Family
If you are an SBI Salary Package customer, SBI has a special offering for you and your family – the SBI Rishtey Family Savings Account. This account not only allows zero balance banking but also comes with a host of benefits such as free debit cards, unlimited ATM transactions, accident insurance, and more.
What is SBI Rishtey Family Savings Account?
The SBI Rishtey Family Savings Account is designed for Gold and above variant SBI Salary Package customers. Under this scheme, the primary salary account holder can link up to four family members – Parents, Siblings, Spouse, and Children.
This makes banking convenient and rewarding for the entire family.
Key Features & Benefits of SBI Rishtey Family Savings Account
1. Zero Balance Account
- No requirement to maintain Minimum Balance or Monthly Average Balance (MAB).
- Your account will remain active even with zero balance.
2. Family Linked Accounts
- One primary Salary Package customer can link up to four family members.
3. Free Debit Card
- Each member gets a Classic Debit Card.
- Annual Maintenance Charges (AMC) are completely waived.
4. Unlimited Free ATM Transactions
- Unlimited free transactions at SBI ATMs.
- At other bank ATMs: 10 free transactions per month (financial + non-financial).
5. Personal Accident Insurance
- Each eligible member (excluding minors) gets ₹5 lakh Personal Accidental Death Insurance cover.
6. Concession on Locker Rental
- Get a 10% discount on annual SBI Locker charges.
7. Auto Sweep Facility
- Extra balance in your account can be automatically converted into Multi Option Deposits (MODs) to earn higher interest.
8. Free Cheque Book
- Receive 25 free Multi-City Cheque leaves every month.
9. Free Demand Draft & Online Transactions
- Free Demand Draft issuance when issued by debiting Family Savings Account.
- Free NEFT/RTGS through online channels.
10. Free SMS Alerts
- Get instant SMS notifications on all account activities.
SBI Rishtey Family Savings Account Benefits at a Glance
| Particulars | Benefits |
| Eligibility | Gold & above SBI Salary Package customers |
| Family Members | Parents, Siblings, Spouse, Children |
| Max. Accounts | 4 Family Members |
| Minimum Balance | Nil |
| Debit Card | Free (AMC waived) |
| ATM Transactions | Unlimited at SBI, 10 free at other bank ATMs |
| Insurance Cover | ₹5 Lakh Accidental Death Cover (excluding minors) |
| Locker Facility | 10% concession on annual rent |
| Cheque Book | 25 free cheque leaves/month |
| Demand Drafts | Free |
| NEFT/RTGS | Free (online) |
| Auto Sweep | Available |
| SMS Alerts | Free |
How to Open SBI Rishtey Family Savings Account?
- You must be an existing SBI Salary Package (Gold or above) customer.
- Eligible family members include Parents, Siblings, Spouse, and Children.
- Visit the nearest SBI branch to open or convert an existing account under the Rishtey program.
- Provide the required declarations/documents to establish the family relationship.
The SBI Rishtey Family Savings Account is a comprehensive family banking solution that offers zero balance, free debit cards, unlimited ATM transactions, insurance cover, locker concessions, and more. If you already hold an SBI Salary Package account, extending these benefits to your family is a smart move.
Family Savings Account Offerings by Other Banks
1. HDFC Bank – Family Savings Account
- Setup: Allows grouping of 2 to 4 existing HDFC accounts (excluding Saving Max, Current, HUF) under one family group.
- Balance Requirements: At account setup, initial deposit equal to average monthly balance (AMB) variant is required (e.g., ₹5,000 for kids or senior accounts, ₹10,000 for regular savings). Group AMB of ₹40,000 must be maintained.
- Benefits:
- 50% discount on locker rentals during the first year.
- Complimentary international debit card and free cash withdrawals from HDFC ATMs.
- Free Demand Drafts up to ₹50,000 per account per month.
- 50% discount on locker rentals during the first year.
2. Kotak Mahindra Bank – My Family Savings Account
- Setup: Two variants available:
- Edge: Up to 3 members, ₹50,000 family AMB.
- Pro: Up to 5 members, ₹100,000 family AMB.
- Edge: Up to 3 members, ₹50,000 family AMB.
- Features:
- “ActivMoney” auto-converts excess balance into a Term Deposit to earn higher interest.
- Dedicated relationship manager.
- Free ATM usage for “Ace” and “Pro” accounts.
- Travel card at a 25% discount.
- Classic or Platinum debit cards with high withdrawal limits and special offers.
- Debit card spends earn cashback under specific programs.
- “ActivMoney” auto-converts excess balance into a Term Deposit to earn higher interest.
3. ICICI Bank – Family Banking (Family ID)
- Setup: Individual accounts from family members are grouped via a single Family ID. The primary customer acts as head.
- Minimum Family Average Balance (FMAB):
- Silver: ₹50,000 FMAB.
- Gold Privilege: ₹100,000 FMAB.
- Tiered charges apply for shortfall: ₹100 + 2% of shortfall or ₹500 (whichever is lower).
- Other categories include regional variants (urban/metro: ₹30,000; semi-urban/rural: ₹20,000).
- Silver: ₹50,000 FMAB.
- Additional Services: Access to private banking and wealth management services as a combined family group.
4. Union Bank – Family Savings Scheme
- Setup: Allows grouping of 2 to 6 family member accounts (including grandparents, parents, siblings, children).
- Balance Criteria:
- Combined Average Quarterly Balance (AQB) of ₹1 lakh in SB accounts, or ₹10 lakh across Term Deposits.
- For newly grouped accounts: combined savings balance must be at least ₹50,000.
- Combined Average Quarterly Balance (AQB) of ₹1 lakh in SB accounts, or ₹10 lakh across Term Deposits.
- Penalties: No penalties for AQB shortfall, but free benefits may be withdrawn if criteria aren’t met.
- Note: Despite family grouping, individual account operation and secrecy are maintained.
5. Standard Chartered – Parivar Account
- Branded as a flexible, convenient family savings account tailored for wealth accumulation and preservation.
- Details on eligibility and features are limited in the summary.
Summary Table
| Bank | Eligibility / Setup | Key Benefits | Any Major Drawbacks? |
| HDFC | 2–4 existing HDFC accounts, ₹40k AMB | 50% locker discount, free international debit card, DD fees waived | Requires substantial family AMB |
| Kotak Mahindra | Edge (3 members) or Pro (5 members), ₹50k–₹100k AMB | Auto sweep, RM support, travel card discount, cashback offers | High group AMB requirement |
| ICICI Bank | Family ID grouping, FMAB ₹20k–₹100k | Lower AMB per individual, wealth services access | Penalty charges for FMAB shortfall |
| Union Bank | 2–6 members, ₹50k initial, ₹1 lakh AQB | No penalty, maintains individual account operations | High balance requirement for benefits |
| Standard Chartered | Parivar account for families | Wealth-focused, flexible structure | Limited public info on terms |
- Yes, multiple banks besides SBI offer family savings account structures similar to the SBI Rishtey scheme.
- If you’re looking for zero or minimal balance requirements, free debit cards, and basic family linking, Union Bank might be the closest match—though benefits taper if AQB isn’t maintained.
- For premium benefits like auto-sweep, card offers, and dedicated management, HDFC, Kotak, and ICICI are stronger, but they come with higher collective AMB requirements and possible fees.
- Standard Chartered likely caters to premium clients but lacks clear public details.
F and Q
1. What is the SBI Rishtey Family Savings Account?
Answer:
The SBI Rishtey Family Savings Account is a special scheme for family members of SBI Salary Package customers (Gold and above). It allows linking up to four family accounts with benefits like zero balance, free debit cards, unlimited SBI ATM transactions, insurance cover of ₹5 lakh, and locker rental discounts.
2. Which bank has the lowest balance requirement for family savings accounts?
Answer:
SBI Rishtey offers zero balance accounts, making it the best choice for customers who don’t want to maintain a high minimum balance. Other banks like HDFC, ICICI, and Kotak require a family average monthly balance (AMB) of ₹40,000–₹1,00,000.
3. Does SBI Rishtey Family Account provide insurance benefits?
Answer:
Yes, each eligible family member (excluding minors) gets Personal Accidental Insurance (Death) Cover of ₹5 lakh under SBI Rishtey.
4. How many family members can be linked in SBI Rishtey vs. other banks?
Answer:
- SBI Rishtey: Up to 4 family members (parents, spouse, siblings, children).
- HDFC Bank: 2–4 accounts.
- Kotak Mahindra: 3–5 members depending on variant.
- ICICI Bank: Multiple members under a Family ID.
- Union Bank: 2–6 family members.
Final Thoughts & Recommendations
Which family savings account is best – SBI Rishtey or others?
For a cost-effective, zero-balance, simple family account with decent perks → HDFC Salary Family Account could be ideal if your employer is tied in.
- For comprehensive family linking with decent perks like ATM withdrawals, DDs, and locker discount → HDFC Family Savings Group Account works well if ₹40k AMB is manageable.
- For premium, concierge-style experience with insurance, lounge access, and RM support → ICICI Family Banking is powerful but needs high TRV.
For a balanced, user-friendly experience with good support → Kotak My Family Savings could be best, though details on exact features are less public.
If you want zero balance, free transactions, and insurance benefits, SBI Rishtey is the best option. But if your family can maintain a higher group balance, HDFC, Kotak, and ICICI offer premium services like relationship managers, auto-sweep facilities, and cashback debit cards.