Having a savings account is one of the basic financial necessities for every individual today. It enables you to carry out transactions with ease, manage your money, gain interest and use banking services conveniently.  

The State Bank of India (SBI), one of the largest banks in the country, enables its customers to open a savings account using both online and offline methods. Their customers are offered attractive interest rates and services like net banking, mobile banking, utility bill payments, credit card offers, and more. 

So, if you also wish to open an SBI savings account, check out the simple steps below. 

How to Open an SBI Savings Account Online 

  • Download the SBI YONO app. 

  • Launch the app, navigate to "Open Savings Account," and select "With Branch Visit" to continue. 

  • Tap "Apply Now" and then “Next.” 

  • If you have an Aadhaar card, select "Open with Aadhaar using e-KYC (Biometric Authentication)".  

  • Otherwise, choose "Open with Officially Valid Document (OVD)" and tap "Next". 

  • Key in your mobile number, hit submit, followed by OTP and PAN entry. 

  • Fill in your personal, income, and educational details.  

  • Submit the details.  

  • Enter the OTP and submit.  

  • You will need to visit your nearest SBI branch for document verification. 

  • The bank will open your account after verifying your documents. 

Note: You don't need to visit a branch to open an Insta Savings Account. The bank employs a phone OTP to validate your account. 

How to Open an SBI Savings Account Offline 

  • Visit your nearest State Bank of India branch and obtain an account opening form.  

  • Fill it out with all required personal information. 

  • Make sure all information matches your ID proofs. 

  • Attach the required ID and address proofs. 

  • Bring your initial deposit. 

  • Submit the form and documents. 

  • Collect your chequebook and passbook after verification. 

  • For online convenience, you can complete an internet banking application form. 

Open an SBI Insta Savings Account Via Video KYC 

Open your SBI Insta Savings Account without visiting the bank. Here’s how: 

  1. Access SBI YONO by downloading the app to your phone. 

  2. Open the app and choose "Open Savings Account". Select "Without Branch Visit". 

  3. Pick "Insta Plus Savings Account". 

  4. Submit precise Aadhaar and PAN card information. 

  5. Verify your number with an OTP sent to your Aadhaar-linked mobile. 

  6. Schedule a video call. Have your original PAN and Aadhaar cards handy. 

  7. Complete the video call to verify your identity. 

  8. Your savings account will be opened. 

Open an SBI Savings Account Online for Your Child (Minor Account) 

SBI offers two savings accounts for kids: Pehla Kadam and Pehli Udaan. Anyone can open Pehla Kadam for their child with a guardian. Kids over 10 can open Pehli Udaan on their own. 

Here’s how to open an SBI savings account for your child: 

  1. Download the SBI YONO app. 

  2. Open the app, choose “Open Savings Account”, then “With Branch Visit”. 

  3. Click “Apply Now” and “Next”. 

  4. In the event you have an Aadhaar card, opt for "Open with Aadhaar using e-KYC". Conversely, choose "Open with OVD". 

  5. Start by entering your mobile number, then submit and input the OTP and PAN. 

  6. Fill out the application form. 

  7. Visit your nearest SBI branch to verify documents. The bank will open the account after checking your papers. 

Who Can Open an SBI Savings Account? - Eligibility Criteria 

  • To be eligible, you must be a citizen or resident of India and have attained the age of 18. 

  • If you are under 18, your parent or guardian can open an account for you. 

  • Documentation establishing identity and address is required. 

  • SBI offers different savings accounts with different minimum deposits. You must meet the deposit requirement for your chosen account. 

Documents Needed to Open an SBI Savings Account 

Bring photocopies of all your documents, along with the originals, when you open your account. Attach self-attested copies of documents to the account opening form. 

  • Proof of Identity: Choose one from passport, voter ID, PAN card, Aadhaar card, or driving license. 

  • Proof of Address: Choose one from a credit card statement, salary slip, income/wealth tax assessment order, electricity bill, Aadhaar card, telephone bill, bank account statement, a letter from a reputed employer, a letter from a recognized public authority, or a ration card. 

Recommended Read: How to Open a State Bank of India Zero Balance Account Online?  

Types of SBI Savings Accounts 

1. Regular Savings Account 

This is a popular account with many features like SMS alerts, online banking, and mobile banking. You can open it online or at a branch. There's no minimum or maximum balance. 

2. Basic Savings Bank Deposit  

This account is for low-income people. You don't need a minimum balance, but you can only keep up to Rs. 50,000 in it. Anyone over 18 can open it, even without full ID proof. 

3. Basic Savings Bank Deposit (BSBD) Account 

This is a zero-balance account. You don't need to keep a minimum amount. Open it online or at a branch. However, you can't use a chequebook, and you can only withdraw cash four times a month. 

4. Savings Plus Account 

Money over Rs. 35,000 in this account is automatically invested in fixed deposits. You can choose how long to invest. There’s no minimum balance requirement. 

5. Motor Accidents Claim Account 

This account is for people who get money from a motor accident claim. It comes with an ATM card, checkbook, and online banking. 

6. Savings Account for Minors 

Kids can have an SBI savings account. There are two types: 

  • Pehla Kadam: For kids under 10. Parents or guardians open it. 

  • Pehli Udaan: For kids aged 10 to 18. They can open it themselves. There's no minimum balance, but you can only keep up to Rs. 10 lakhs. 

7. Resident Foreign Currency (Domestic) Account 

This account is for Indians who earn money in foreign currency (Euros, US dollars, or Pounds). You can keep your foreign money here. No ATM card or chequebook, and you need to keep at least €500, $500, or £250 in the account. 

8. Insta Plus Savings Account 

Open this account online without visiting a branch. Open your account easily with just your Aadhaar and PAN card. A short video call confirms your identity. 

SBI Savings Account Interest Rates 

  • Deposits under Rs. 10 crore: Earn 2.70% interest per year. 

  • Deposits Rs. 10 crore or more: Earn 3.00% interest per year. 

SBI Savings Account Features 

  • Explore mobile banking, SMS alerts, internet banking, YONO, and State Bank Anywhere for account management. 

  • Get the first 10 check leaves free each year. After that, pay Rs. 40 + GST for a 10-leaf checkbook or Rs. 75 + GST for a 25-leaf checkbook. 

  • The number of free withdrawals depends on your account balance. 

  • Transfer money between accounts online. 

  • Nominate someone to manage your account. 

  • There's no minimum balance, and you can have as much money as you want. 

  • Get a passbook to record your transactions. Replacement passbooks are available for lost ones, but there's a fee associated with it. You can also get your account statement by email. 

  • Get a free combined statement for all your accounts. 

Nomination for Your SBI Savings Account 

You must choose a nominee for your SBI savings account. This person can manage your account after you pass away. Pick someone you trust to be your nominee during account setup. If you're a minor, you can manage your account yourself when you turn 18. 

SBI Welcome Kit 

SBI sends a welcome kit after you open an account. The kit includes an SBI ATM debit card and a chequebook. You'll get your PIN by separate mail. Check that the kit is sealed when it arrives. 

Frequently Asked Questions 

1. How can I open an SBI savings account online? 

Your SBI savings account adventure begins with downloading the YONO app and selecting "Open Savings Account". You'll need to fill out an application and visit a branch for verification. 

2. Can I open an SBI account instantly? 

Experience paperless banking with SBI's instant account opening. To finish the application, schedule a video call and have your Aadhaar and PAN card available. 

3. What are the options for opening an SBI account? 

You can open an SBI account online through the YONO app or offline at an SBI branch. 

4. What is the minimum balance required to open an SBI savings account? 

You can start saving with SBI without a minimum balance holding. You can even open a zero-balance account. 

5. How much time does it take to open an SBI account online? 

Start banking instantly with an Insta SBI savings account through a quick video call. Other account types take 3 to 5 days after verification. 

6. Is Aadhaar mandatory to open an SBI savings account? 

No, you don't need an Aadhaar card to open an SBI savings account. However, you might need it for online account opening. 

7. How do I access my SBI savings account balance information? 

You can check your SBI savings account balance at an ATM, bank branch, through net banking, by missing a call to 919223766666, or by sending an SMS "MODBAL" to 919223766666 from your registered mobile. 

8. Is an overdraft facility available with an SBI savings account? 

No, an overdraft facility is different from a savings account. A savings account helps you earn interest, while an overdraft lets you borrow money.