SBI Savings Account

SBI Savings Account

Jun 22, 2024

15 Mins

A savings account is a fundamental financial product offered by all Indian banks. It allows account holders to store their funds and earn interest. State Bank of India (SBI) offers a variety of savings accounts with numerous facilities, offers, and benefits. The features and benefits vary depending on the type of savings account.

SBI Savings Account Interest Rates & Minimum Balance Required (Effective from 15 October 2022)

  • Savings Deposits Balance up to Rs.10 crore: 2.70% p.a.

  • Savings Deposits Balance above Rs.10 crore: 3.00% p.a.

SBI Savings Account Types and Details

  1. Basic Savings Bank Deposit Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  2. Basic Savings Bank Deposit Small Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  3. Savings Bank Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  4. Savings Account for Minors

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  5. Savings Plus Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  6. Motor Accidents Claim Account (MACT)

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  7. Resident Foreign Currency Domestic Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: USD 500, GBP 250, and EURO 500

  8. Insta Plus Video KYC Savings Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Contact the bank

SBI Savings Account Charges

  • Issuing Multi City Cheque Book (for Savings Bank): Ten free cheque leaves each financial year. Rs.40+GST for a ten-leaf cheque book and Rs.75+GST for a 25-leaf cheque book.

  • Issuing Multi City Cheque Book (for Senior Citizens): Free

  • Issue of First Passbook or Continuation: Free

  • Emergency Cheque Book: Rs.50+GST for a ten-leaf cheque book

  • Duplicate Passbook Issue: Rs.100+GST and Rs.50+GST for 40 entries or per page

  • Savings Bank Account Transfer: Free

  • Account Closure between 14 days and one year from the date of account opening: Rs.500+GST

  • Account Closure before 14 days from the account opening date: Free

  • Account Closure after one year from the account opening date: Free

  • Contactless/Global/Silver/Classic Debit Card Issuance Charge: Free

  • Stop Payment Instruction: Rs.100 to Rs.500+GST per instrument per issuance

  • Platinum Debit Card Issuance Charge: Rs.300+GST

  • Gold Debit Card Issuance Charge: Rs.100+GST

  • Debit Card Issuance Charge for Salary Accounts: Free

  • Contactless/Global/Silver/Classic Debit Card Annual Maintenance Charge: Rs.125+GST

  • Combo/Gold/Yuva Debit Card Annual Maintenance Charge: Rs.175+GST

  • Platinum Debit Card Annual Maintenance Charge: Rs.250+GST

  • Doorstep Banking for Non-Financial Transactions: Rs.60+GST

  • Debit Card Annual Maintenance Charge for Salary Package Accounts: Free

  • Doorstep Banking for Financial Transactions: Rs.100+GST

  • Interest Certificate: Original – Free, Duplicate – Rs.150+GST

Benefits of SBI Savings Account

  • Internet Banking, Mobile Banking, Kiosk Banking

  • Account Transfer to Any SBI Branch without Changing the Account Number

  • Free Passbook Issuance

  • Multicity Cheques

  • Safe Deposit Lockers

  • Nomination Facility

  • Personal Accident Insurance at a Nominal Premium

  • No Inter-Core Charges for Transfer Transactions

  • Multiple Variants of ATM/Debit Cards

  • Linkage to Multi Option Deposit (MOD) Account

Additional Benefits of SBI Savings Account

  • Mobile Banking Services: Funds transfers, IMPS, enquiry and statements, cheque book requests, utility bill payments, mobile recharges, and M-Commerce.

  • Net Banking Facilities: Opening and closing fixed deposits and recurring deposits, fund transfers (RTGS, NEFT, and Western Union Money Transfer), utility bill payments, online shopping, statement viewing, Demat operations, e-Tax filing, and setting standing instructions.

  • Debit Card Usage: Balance enquiry, withdrawing money, paying insurance premiums, shopping, donations, and card-to-card transfers.

  • MOD Linkage: Automatic break up of MOD to honor cheques in case of a shortfall, ensuring the cheque doesn’t bounce. MOD can also be broken through ATM withdrawals.

How to Open an SBI Savings Account

Online:

  1. Visit the SBI website.

  2. Go to 'Deposit Schemes' under personal banking and select 'Savings Bank Account'.

  3. Read the benefits, rules, and regulations, and click on the ‘Apply Online’ option.

  4. Fill in the details on the online application form.

  5. A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.

  6. Visit the nearest SBI branch within 30 days with the required original documents to complete the account opening process.

Offline:

  1. Visit the official 'Branch Locator' page on the SBI website.

  2. Select suitable options from the drop-down menus.

  3. Bring your original KYC documents to the nearest SBI branch.

  4. Complete the two-part form.

  5. Submit the completed form with an initial deposit of Rs.1,000.

  6. The bank will send a welcome letter, chequebook, and passbook after verifying the application.

Eligibility Criteria for SBI Savings Account

  • Indian resident

  • Minimum age: 18 years

  • Must have valid Aadhaar and PAN cards

  • Aadhaar card linked with a registered mobile number

  • No other existing relationship with the bank

  • One Insta Savings account only

Documents Required for SBI Savings Account

  • Account Opening Form (AOF)

  • Proof of Identity (any one): Driving license, Voter ID card, Passport, PAN card

  • Proof of Address (any one): Income or Wealth Tax Assessment Order, Bank account statement, Ration Card, Letter from a recognized public authority, Letter from a reputed employer, Credit Card Statement, Electricity Bill, Salary slip, Telephone Bill

  • Proof of Identity and Address: Passport, Voter's ID, Driving License, Aadhar card, NREGA card, PAN card

  • Two recent passport-size color photographs

  • For minors below the age of 10: ID proof of the person operating the account is required. If the minor can operate the account independently, the regular procedure applies.

Types of SBI Savings Accounts

  1. Basic Savings Bank Deposit Account (Pradhan Mantri Jan Dhan Yojana)

    • For individuals with valid KYC documents

    • Rupay ATM-cum-debit card issued

    • No limit on maximum balance

    • Four free monthly cash withdrawals

    • Safe Deposit Lockers and Nomination facility

  2. Basic Savings Bank Deposit Small Account

    • For individuals without valid KYC documents

    • Convertible to a regular savings account upon KYC submission

    • Rupay ATM-cum-debit card issued

    • Maximum balance: Rs.50,000

    • No minimum balance required

    • Monthly withdrawal limit: Rs.10,000, maximum credit: Rs.1 lakh per year

  3. Savings Bank Account

    • No limit on maximum balance

    • Nomination facility

    • 10 free cheque leaves per year

    • No minimum average balance required

    • Mobile banking, SMS alerts, and internet banking facilities

    • Free passbook issuance

  4. Savings Account for Minors

    • Banking features like internet banking, mobile banking

    • Maximum balance: Rs.10 lakh

    • No minimum average balance

    • Transaction limit for mobile/internet banking: Rs.2,000/Rs.5,000 per day

    • No credit card available

    • Operable singly or jointly with parents

    • Cheque book and Photo Debit Card provided

    • Standing instructions setup and E-Term Deposit option available

  5. Savings Plus Account

    • Linked to Multi Option Deposit Scheme (MODS)

    • Minimum transaction limit: Rs.10,000

    • Automatic conversion of surplus amount to fixed deposit

    • Loan against MOD deposit available

    • Transfer of accounts through internet banking

    • Mobile banking, SMS alerts, and internet banking facilities

  6. Motor Accidents Claim Account (MACT)

    • Receives interest on MACAD (Motor Accident Claim Annuity Deposit)

    • No minimum/maximum balance requirement

    • ATM, cheque book, passbook, internet banking, and SMS alerts available

    • Single operation only

  7. Resident Foreign Currency Domestic Account

    • Balance freely repatriable

    • No cheque book or ATM card provided

  8. Insta Plus Video KYC Savings Account

    • Requires Aadhaar number and PAN

    • Rupay Classic Card provided

    • Nominee addition available

    • No branch visit needed

    • Video KYC completion required

For detailed information on each type of SBI savings account and to apply, please visit the official SBI website.

A savings account is a fundamental financial product offered by all Indian banks. It allows account holders to store their funds and earn interest. State Bank of India (SBI) offers a variety of savings accounts with numerous facilities, offers, and benefits. The features and benefits vary depending on the type of savings account.

SBI Savings Account Interest Rates & Minimum Balance Required (Effective from 15 October 2022)

  • Savings Deposits Balance up to Rs.10 crore: 2.70% p.a.

  • Savings Deposits Balance above Rs.10 crore: 3.00% p.a.

SBI Savings Account Types and Details

  1. Basic Savings Bank Deposit Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  2. Basic Savings Bank Deposit Small Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  3. Savings Bank Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  4. Savings Account for Minors

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  5. Savings Plus Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  6. Motor Accidents Claim Account (MACT)

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Nil

  7. Resident Foreign Currency Domestic Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: USD 500, GBP 250, and EURO 500

  8. Insta Plus Video KYC Savings Account

    • Interest Rate: 2.70% p.a.

    • Minimum Balance: Contact the bank

SBI Savings Account Charges

  • Issuing Multi City Cheque Book (for Savings Bank): Ten free cheque leaves each financial year. Rs.40+GST for a ten-leaf cheque book and Rs.75+GST for a 25-leaf cheque book.

  • Issuing Multi City Cheque Book (for Senior Citizens): Free

  • Issue of First Passbook or Continuation: Free

  • Emergency Cheque Book: Rs.50+GST for a ten-leaf cheque book

  • Duplicate Passbook Issue: Rs.100+GST and Rs.50+GST for 40 entries or per page

  • Savings Bank Account Transfer: Free

  • Account Closure between 14 days and one year from the date of account opening: Rs.500+GST

  • Account Closure before 14 days from the account opening date: Free

  • Account Closure after one year from the account opening date: Free

  • Contactless/Global/Silver/Classic Debit Card Issuance Charge: Free

  • Stop Payment Instruction: Rs.100 to Rs.500+GST per instrument per issuance

  • Platinum Debit Card Issuance Charge: Rs.300+GST

  • Gold Debit Card Issuance Charge: Rs.100+GST

  • Debit Card Issuance Charge for Salary Accounts: Free

  • Contactless/Global/Silver/Classic Debit Card Annual Maintenance Charge: Rs.125+GST

  • Combo/Gold/Yuva Debit Card Annual Maintenance Charge: Rs.175+GST

  • Platinum Debit Card Annual Maintenance Charge: Rs.250+GST

  • Doorstep Banking for Non-Financial Transactions: Rs.60+GST

  • Debit Card Annual Maintenance Charge for Salary Package Accounts: Free

  • Doorstep Banking for Financial Transactions: Rs.100+GST

  • Interest Certificate: Original – Free, Duplicate – Rs.150+GST

Benefits of SBI Savings Account

  • Internet Banking, Mobile Banking, Kiosk Banking

  • Account Transfer to Any SBI Branch without Changing the Account Number

  • Free Passbook Issuance

  • Multicity Cheques

  • Safe Deposit Lockers

  • Nomination Facility

  • Personal Accident Insurance at a Nominal Premium

  • No Inter-Core Charges for Transfer Transactions

  • Multiple Variants of ATM/Debit Cards

  • Linkage to Multi Option Deposit (MOD) Account

Additional Benefits of SBI Savings Account

  • Mobile Banking Services: Funds transfers, IMPS, enquiry and statements, cheque book requests, utility bill payments, mobile recharges, and M-Commerce.

  • Net Banking Facilities: Opening and closing fixed deposits and recurring deposits, fund transfers (RTGS, NEFT, and Western Union Money Transfer), utility bill payments, online shopping, statement viewing, Demat operations, e-Tax filing, and setting standing instructions.

  • Debit Card Usage: Balance enquiry, withdrawing money, paying insurance premiums, shopping, donations, and card-to-card transfers.

  • MOD Linkage: Automatic break up of MOD to honor cheques in case of a shortfall, ensuring the cheque doesn’t bounce. MOD can also be broken through ATM withdrawals.

How to Open an SBI Savings Account

Online:

  1. Visit the SBI website.

  2. Go to 'Deposit Schemes' under personal banking and select 'Savings Bank Account'.

  3. Read the benefits, rules, and regulations, and click on the ‘Apply Online’ option.

  4. Fill in the details on the online application form.

  5. A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.

  6. Visit the nearest SBI branch within 30 days with the required original documents to complete the account opening process.

Offline:

  1. Visit the official 'Branch Locator' page on the SBI website.

  2. Select suitable options from the drop-down menus.

  3. Bring your original KYC documents to the nearest SBI branch.

  4. Complete the two-part form.

  5. Submit the completed form with an initial deposit of Rs.1,000.

  6. The bank will send a welcome letter, chequebook, and passbook after verifying the application.

Eligibility Criteria for SBI Savings Account

  • Indian resident

  • Minimum age: 18 years

  • Must have valid Aadhaar and PAN cards

  • Aadhaar card linked with a registered mobile number

  • No other existing relationship with the bank

  • One Insta Savings account only

Documents Required for SBI Savings Account

  • Account Opening Form (AOF)

  • Proof of Identity (any one): Driving license, Voter ID card, Passport, PAN card

  • Proof of Address (any one): Income or Wealth Tax Assessment Order, Bank account statement, Ration Card, Letter from a recognized public authority, Letter from a reputed employer, Credit Card Statement, Electricity Bill, Salary slip, Telephone Bill

  • Proof of Identity and Address: Passport, Voter's ID, Driving License, Aadhar card, NREGA card, PAN card

  • Two recent passport-size color photographs

  • For minors below the age of 10: ID proof of the person operating the account is required. If the minor can operate the account independently, the regular procedure applies.

Types of SBI Savings Accounts

  1. Basic Savings Bank Deposit Account (Pradhan Mantri Jan Dhan Yojana)

    • For individuals with valid KYC documents

    • Rupay ATM-cum-debit card issued

    • No limit on maximum balance

    • Four free monthly cash withdrawals

    • Safe Deposit Lockers and Nomination facility

  2. Basic Savings Bank Deposit Small Account

    • For individuals without valid KYC documents

    • Convertible to a regular savings account upon KYC submission

    • Rupay ATM-cum-debit card issued

    • Maximum balance: Rs.50,000

    • No minimum balance required

    • Monthly withdrawal limit: Rs.10,000, maximum credit: Rs.1 lakh per year

  3. Savings Bank Account

    • No limit on maximum balance

    • Nomination facility

    • 10 free cheque leaves per year

    • No minimum average balance required

    • Mobile banking, SMS alerts, and internet banking facilities

    • Free passbook issuance

  4. Savings Account for Minors

    • Banking features like internet banking, mobile banking

    • Maximum balance: Rs.10 lakh

    • No minimum average balance

    • Transaction limit for mobile/internet banking: Rs.2,000/Rs.5,000 per day

    • No credit card available

    • Operable singly or jointly with parents

    • Cheque book and Photo Debit Card provided

    • Standing instructions setup and E-Term Deposit option available

  5. Savings Plus Account

    • Linked to Multi Option Deposit Scheme (MODS)

    • Minimum transaction limit: Rs.10,000

    • Automatic conversion of surplus amount to fixed deposit

    • Loan against MOD deposit available

    • Transfer of accounts through internet banking

    • Mobile banking, SMS alerts, and internet banking facilities

  6. Motor Accidents Claim Account (MACT)

    • Receives interest on MACAD (Motor Accident Claim Annuity Deposit)

    • No minimum/maximum balance requirement

    • ATM, cheque book, passbook, internet banking, and SMS alerts available

    • Single operation only

  7. Resident Foreign Currency Domestic Account

    • Balance freely repatriable

    • No cheque book or ATM card provided

  8. Insta Plus Video KYC Savings Account

    • Requires Aadhaar number and PAN

    • Rupay Classic Card provided

    • Nominee addition available

    • No branch visit needed

    • Video KYC completion required

For detailed information on each type of SBI savings account and to apply, please visit the official SBI website.

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