SBI Savings Account

The State Bank of India (SBI) Savings Account is a simple and secure way to save your money. It helps you grow your savings by earning interest and also makes your daily banking easy. With features like internet banking, mobile banking, and ATM services, managing your account is quick and convenient. SBI has a vast network of over 22,500 branches and 63,580 ATMs across the country, making it easy for you to access your money wherever you are.

Keep reading to learn about the various types of SBI savings accounts, their features, the interest rates they offer, and how you can open one.

Key Benefits and Features of SBI Savings Bank Accounts

A State Bank of India (SBI) Savings Account offers many useful features. Here’s why it is a popular choice for saving money:

• Get Better Interest on Your Savings - SBI offers competitive interest rates, helping your money grow faster.
• Choose the Right Account for Your Needs - SBI provides different types of savings accounts for students, senior citizens, and more.
• Access Your Money Anytime - Use SBI’s wide network of ATMs and branches across India to deposit or withdraw money easily.
• Enjoy Digital Banking Services - Manage your account with internet banking, mobile banking, or the YONO app.
• No Minimum Balance for Some Accounts - Basic Savings Bank Deposit Accounts have no minimum balance requirement.
• Nominate a Family Member - Add a nominee to your account for added security and peace of mind.
• Bank Safely with SBI - SBI ensures your savings are safe, whether you bank online or at a branch.

What are the Types of SBI Savings Accounts?

Insta Plus Savings Bank Account (Video KYC)

• Open an account easily through Video KYC, without visiting a branch.
• Only Aadhaar and PAN details are required (PAN must be physical).
• Signature is captured during the Video KYC process.
• Supports fund transfers via UPI, NEFT, IMPS, and the YONO app.
• Apply for a RuPay Classic debit card after account activation.
• Access the account anytime through YONO, internet banking, and mobile banking.
• Get instant updates through SBI Quick Missed Call and SMS alerts.
• Includes a nomination facility for added security.
• No cheque book is issued initially, but you can request one through YONO, internet banking, or at a branch.

Basic Savings Bank Deposit Account

• A simple savings account available at over 22,000 SBI branches across India.
• No minimum balance requirement and no upper limit on the maximum balance.
• Does not provide a chequebook facility; withdrawals can be made through branches or ATMs.
• Customers can apply for a free RuPay Basic Debit Card with no annual maintenance fee.
• Offers up to four free cash withdrawals per month across all channels.

Basic Savings Bank Deposit Small Account

• Designed for Indian residents above 18 years without valid KYC documents.
• Account can be opened by submitting a self-attested photograph and thumbprint or signature to an SBI bank official.
• Can be upgraded to a regular savings account upon submission of KYC documents.
• Available at most SBI branches, except corporate, mid-corporate, personal banking, and special personalized banking branches.
• No minimum balance requirement, but the maximum balance allowed is ₹50,000.
• Withdrawals can be made through branches or ATMs.
• Customers can apply for a RuPay Basic Debit Card.

Savings Bank Account

• A regular savings account available for individuals across India.
• Requires a minimum balance depending on the branch location:
• Urban and metro branches: ₹3,000
• Semi-urban branches: ₹2,000
• Rural branches: ₹1,000
• Offers features like cheque book, passbook, internet banking, mobile banking, and ATM access.
• Customers can apply for a debit card and access various fund transfer options like NEFT, RTGS, IMPS, and UPI.
• Includes a nomination facility for account security.

These Top 5 Savings Accounts For Women In India offer more benefits to women account holders. Check them out!

Savings Account for Minors

• Designed to help children below 18 years develop saving habits.
• Accounts can be opened jointly with a parent or guardian managing the account.
• No minimum balance requirement.
• Provides features like ATM card and passbook.
• Allows limited transactions to ensure controlled usage.
• Suitable for savings and small deposits to inculcate financial discipline.

Savings Plus Account

• A unique savings account linked to a Multi Option Deposit (MOD) account.
• Surplus funds are automatically transferred to the MOD account, earning higher interest rates.
• Offers all standard savings account features like cheque book, passbook, and internet banking.
• Allows easy withdrawal of funds from the MOD account whenever required.
• Ideal for customers looking to maximize their savings with flexible access to funds.

Motor Accidents Claim Account (MACT)

• Specifically designed for beneficiaries of motor accident claims.
• Enables easy deposit and withdrawal of compensation amounts awarded by the Motor Accidents Claims Tribunal.
• Provides basic savings account features like ATM access, passbook, and internet banking.
• Includes a nomination facility for added security.
• No minimum balance requirement.

Resident Foreign Currency (Domestic) Account

• Designed for Indian residents who want to maintain foreign currency deposits.
• Allows deposits in major foreign currencies like USD, GBP, and EUR.
• Provides protection against foreign exchange rate fluctuations.
• Interest earned on the account is subject to applicable tax laws.
• Suitable for individuals with income or savings in foreign currencies.

SBI Savings Account Interest Rates

SBI Savings Bank interest rate is calculated on a daily basis and credited every quarter. Below is the table showing the applicable SBI savings account interest rates:

Knowing the current interest rates is important for better financial planning. It helps you estimate how much you can earn from your savings and compare the returns with other banks.

SBI Savings Bank Account Minimum Balance

The minimum balance requirement for an SBI savings account depends on the type of account you choose. SBI offers flexible options to suit different financial needs.

Basic Savings Accounts: These accounts do not have any minimum balance requirements. You can enjoy banking services without worrying about maintaining a specific balance.

Regular Savings Accounts: The minimum balance requirement for regular savings accounts varies based on the features and location:

• Urban and Metro Branches: ₹3,000
• Semi-Urban Branches: ₹2,000
• Rural Branches: ₹1,000

The balance requirement may also depend on whether you choose additional features like a cheque book or specific account privileges.

SBI Savings Account – Fees and Charges

SBI Savings Account come with a few different fees and charges for the various services they offer. Below is a detailed table of the fees and charges associated with SBI savings accounts, debit cards, and related services:

Account-Related Charges

Debit Card-Related Charges

Cheque Book Charges

Transaction Charges

Other Miscellaneous Charges

What is the Eligibility to Open an SBI Savings Bank Account?

SBI savings account can be opened by an individual, a parent opening an account for your child, or a guardian managing finances for someone.

• Individuals - Any Indian citizen aged 18 years or above can open an account.
• Minors - Savings accounts can be opened for children below 18 years, with a parent or guardian managing the account.
• Joint Accounts - Accounts can be opened jointly by two or more individuals.
• Guardians for Special Cases - Accounts can also be opened by guardians on behalf of individuals with disabilities or minors.
• An HUF (Hindu Undivided Family) – Accounts are opened in the name of the ‘Karta’ using the HUF’s PAN details.

Documents Required for Opening an SBI Savings Account

To open an SBI savings account, you need the following documents:

ID Proof - Any government-issued photo ID like Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License.

Address Proof - Aadhaar Card, Utility Bill, Ration Card, Passport, or other valid proof.

Passport-Sized Photograph - Recent photographs for account opening.

For Minors - Birth certificate or school ID and guardian’s ID proof.

How to Open a SBI Savings Bank Account?

Opening an SBI savings account is simple and can be done offline at a branch or online for the Insta Plus Savings Account. Here’s a step-by-step guide for both methods:

Offline Process

You can visit any of your nearest SBI bank branches to open a savings account. Follow these steps:

1.Get the Account Opening Form and fill it with your personal details like name, address, and account preferences.

2.Self-attested copies of Aadhaar card, PAN card, and two passport-sized photos to be attached.

3.Verification Process - The bank will take around 15-20 minutes to verify your documents and open your account.

4.Once your account is opened, the bank official will give you a ‘New Account’ kit with a basic cheque book and a debit card. You will also get a Passbook with your account number, CIF number and other details printed on it.

5.In the next 7-10 days, you will get a cheque book and debit card with your name printed on them, delivered to your registered address.

6.In the meanwhile, using your debit card and account number, you can register for online banking and the YONO app using the Register New User option.

7.You can start using your account for deposits and withdrawal immediately.

Online Process (Insta Plus Savings Account Only)

SBI Insta Plus Savings Account can be opened online using the YONO app or SBI’s website.

1.You can open the account either through the YONO SBI app or visit the official SBI website.

2.Select the ‘New to SBI’ option to start the account opening process.

3.Fill in your Aadhaar number, PAN, and other KYC information.

4.An SBI official will call you to complete the Video KYC process and verify your identity.

5.Once the verification is successful, your account will be activated immediately.

6.You will receive a virtual card that you can start using for deposits and withdrawals, and register for online banking and other digital services.

Disclaimer: The process to apply, and all other information specified above are as of when this page was written and are subject to change. For exact information, contact the bank or refer to the official website.

FAQs about SBI Savings Bank Account

Disclaimer:

This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.