This is about an account that is exclusively aimed at the students/youth of the country, the SBI Yuva Savings bank account. To be eligible for this account, the person must be in the age group of 18 to 30 years at the time of entry (the account will continue to be existent even after the person attains 30 years). Account can be held either by self or in partnership with another holder (joint account, with survivor benefits). The Interest rate will be the same as any other savings bank accounts (rate calculated daily as per the latest RBI Norms).
The minimum average quarterly balance required is
Rs.5000 nil (so this is essentially a no frills account with much more relaxed eligibility conditions) and comes without any maximum limit. With this account you get cheque book with 50 leaves, Internet banking account, free SMS alerts, any city cheque book (at-par) with 25 leaves free per year and a SBI Yuva ATM cum Debit card
SBI Yuva card
This is a VISA card (normal SBI ATM cum Debit cards are Maestro cards which do not enjoy all the privileges that a VISA card has). You can withdraw amounts up to Rs.50000 each day, subject to a minimum of Rs.100 and can make a purchase of up to Rs.2 lakh at any Point of sale.
There is absolutely no annual maintenance charges levied on the card and you also get a Insurance coverage of Rs.2 lakhs in case of an accidental death. With this card you can also enjoy the SBI debit card reward points.
You’ll need to set up your VbV account (verified by Visa) before you can do any online shopping. This card will be valid for 10 years from the issue date.
Yuva Home loan
Any salaried person between 21 and 45 years of age earning atleast 30000 a month (not including any other income apart from company salary) can apply for Yuva Home loan. One can get 20% more loan via Yuva home loan when compared to normal home loan. In the first 3 years, one only needs to pay the interest. The actual installments can be paid from the 4th year. Interest rate will be same as for other home loan products.