State Bank of India (SBI) offers a wide range of Savings Accounts like Basic Savings Accounts, Savings Plus Accounts, Savings Account for Minors, and Insta Plus KYC Accounts. Also know about SBI Savings Accounts’ Interest Rates, Minimum Balance, Debit Cards, features, charges, limits, and benefits.
State Bank of India (SBI) Savings Account
State Bank of India (SBI) is a well-known 48th largest bank in the world by total assets. State Bank of India’s name was Imperial Bank of India before 1955. After that in 1955 Reserve Bank of India took a 60% stake in the State Bank of India and the bank became a public sector bank.
State Bank of India (SBI) is India’s largest multinational public sector bank with a wide range of 22,219 Branches, 62,617 ATMs in India, and globally 229 Branches in different 31 countries. Also, the State Bank of India (SBI) has non-banking subsidiaries like SBI Capital Markets, SBI Cards & Payments Services, SBI Life Insurance, and SBI Mutual Funds.
State Bank of India (SBI) offers 6 to 7 types of savings accounts to its customers for a reliable banking experience. State Bank of India (SBI) gives you interest ranging from 2.70% to 3.00% annually for Savings Accounts based on the amount you deposited. State Bank of India (SBI) provides interest quarterly.
State Bank of India (SBI) Provides Services like Savings Accounts, Current Accounts, Salary Accounts, Zero Balance Savings Accounts, Fixed deposit (FD), Credit Card, Car Loan, Personal Loans, Business Loans, Home Loan, Insurance, Demat and Trading Accounts, Mutual Funds, Forex Card, etc.
Among the various types of savings accounts, the customer can open any type of savings account at his convenience. In SBI’s zero balance savings account no need to maintain a minimum balance. So in this article, you can learn about State Bank of India’s savings account opening, Savings Account Types, Interest Rate, Minimum Balance, features, charges, benefits, limits, account closure process, and Debit Card.
SBI Savings Account interest rate
Let us know what interest rate the State Bank of India (SBI) gives you. In Savings Accounts State Bank of India (SBI) gives you interest ranging from 2.70% to 3.00% annually, based on the amount you deposited. State Bank of India (SBI) provides interest quarterly. For more, refer below details.
| Balance | Rate of Interest (2024) |
| Deposits Less Than Rs.1 lakh | 2.70% p.a |
| Deposits Rs.1 lakh to Rs.10 crore | 2.70% p.a |
| Deposits above Rs.10 crore | 3.00% p.a |
SBI Savings Account types
State Bank of India (SBI) has different types of savings accounts like Basic Small Savings Accounts, Basic Savings Accounts (Pradhan Mantri Jan Dhan Yojna scheme), Savings Bank Accounts, Savings Plus Accounts, Savings Account for Minors, and Insta Plus Video KYC Savings Account with amazing Features, Eligibility criteria, Minimum Balance, Initial Funding, and Interest Rates.
1. Basic Savings Account (Basic Savings Bank Deposit Account)
SBI’s Basic Savings Bank Deposit Account provides money-saving services for the poor and middle-class people of society. people can transfer and withdraw their money and earn 2.70-3.00% interest on their daily balance. This account is part of the Pradhan Mantri Jan Dhan Yojana scheme.
Features: Maximum amount No upper limit, Internet Banking, UPI, Basic Rupay Debit Card.
Eligibility: Citizen of India, The applicant should be 18 years or above, Valid KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Basic Rupay Debit Card (Issuance Fee: ₹0, Annual Fee: ₹0)
Interest Rate: 2.70% to 3.00% Per Annum.
Limits: No Cheque Book, Only 4 free monthly cash withdrawals (SBI & other bank’s ATMs), No Credit Cards
Read More: Axis Bank Savings Account Types, Interest Rate, Minimum Balance & More
2. Basic Small Savings Account (Basic Savings Bank Deposit Small Account)
If you have not Officially Valid KYC documents and are 18 years old still you can open the State Bank of India’s Basic Savings Bank Deposit Small Account comes with many restrictions. After submitting KYC documents account is converted into a Regular Savings Account. Students can try this account.
Features: Zero Balance Savings Account, Internet Banking, UPI, Basic Rupay Debit Card, No Cheque Book.
Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents are not mandatory.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil (Maximum Balance: Rs. 50,000)
Debit Card: Basic Rupay Debit Card (Issuance Fee: ₹0)
Interest Rate: 2.70% to 3.00% Per Annum.
Limits: Maximum balance Rs. 50,000, Monthly withdrawal limit: Rs. 10,000 (But only 4 monthly withdrawals allowed), Maximum credits allowed in a year: Rs. 1 lakh.
3. Savings Bank Account
This State Bank of India’s Savings Bank Account is a true Zero Balance Savings Account with a 2.7% to 3.00% Per Annum interest rate. Anyone can open this account with Zero Account Opening fees. Also, you can get free SMS banking, Mobile & Internet Banking, and a Rupay Debit Card. This account is suitable for students, Women, and Children.
Features: Zero Balance Savings Account, Account opened online with a one-time branch visit, SMS banking, Mobile & Internet Banking, Rupay Debit Card, First 10 cheque leaves free in a financial year, Nomination is mandatory, Free Account Statement, Passbook.
Eligibility: Citizen of India, The applicant should be 18 years or above, Valid KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Rupay Debit Card (Issuance Fee: ₹0, Annual Fee: ₹0)
Interest Rate: 2.7% to 3.00% Per Annum.
Limits: Maintain Monthly Average Balance for Free withdrawals, Only the First 10 cheques are free.
4. Savings Account for Minors
This account has two types Pehla Kadam and Pehli Udaan. State Bank of India’s Savings Account for Minors has been designed to help children learn about Personal Finance, Money, and Savings. This account has lots of limits so that children spend the money wisely.
Features: Mobile and Internet Banking, UPI, Cheque books, Photo ATM-cum-Debit Card, Passbook.
Eligibility: Citizen of India, Minor above 10 years, Parents supervision is required to open and operate this account.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Photo ATM-cum-Debit Card (Issuance Fee: ₹0, Annual Fee: ₹0)
Interest Rate: 2.7% to 3.00% Per Annum.
Limits: Per day limits, Maximum Balance Rs. 10 lakh, Per day transaction limit of Rs. 2,000/-, Debit Card withdrawal limit: Rs. 5,000/-, Auto Sweep facility: minimum of Rs. 20,000/-.
5. Savings Plus Account
SBI’s Savings Plus Account is specially designed for investment. Savings Plus Account linked to Multi Option Deposit Scheme (MODS). Whenever your limit from the Savings Bank Account surplus is above a threshold that amount is automatically converted into fixed deposits. The minimum threshold limit for transfer to MOD is Rs. 35000. Also, you can get a Loan against MOD deposits available.
Features: Mobile and Internet Banking, 10 Free cheques, Sbi Debit Card, Period of the deposit is 1-5 Years, SMS alerts, Loan against MOD deposits.
Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: SBI Debit Card
Interest Rate: Fixed Deposit Rate 7.00% to 8.00% Per Annum.
Limits: Maintain Monthly Average Balance for Free withdrawals, Minimum transfer of Rs. 10,000 to MOD in multiples of Rs 1,000/- at one instance.
6. Insta Plus KYC Account
SBI’s Insta Plus KYC Account is a digital savings account and is open through Aadhaar details, PAN, and Video KYC. you don’t need to branch visit. This account is a zero-balance digital account. If you are an existing customer of SBI, you are not eligible for this account.
Features: Mobile and Internet Banking, SMS Alerts, NEFT, IMPS, UPI, free e-statement, Free passbook, Rupay classic Debit card.
Eligibility: Citizens of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Rupay classic Debit card (Free)
Interest Rate: 2.7% to 3.00% Per Annum.
Limits: A Mobile number must be linked to an Aadhaar Card is mandatory.
SBI Savings Account minimum balance
State Bank of India has 6 to 7 Savings Account types and all of them have No Minimum Monthly Average balance required except the Savings Plus Account. This is the benefit of public sector banks otherwise private sector banks have minimum balance amounts ranging from as low as Rs.2,500 to Rs.10,00,000/-.
SBI Zero Balance Digital Savings Account
State Bank of India’s Insta Plus Video KYC Account is a zero-balance digital savings account and is open through Aadhaar details, PAN, and Video KYC. No paperwork is needed, don’t need to branch visit. For this account, your Mobile number must be linked to an Aadhaar Card is mandatory. If you are an existing customer of SBI, then you are not eligible for this account.
In this Insta Plus Video KYC Account, you will get a 2.7% to 3.00% Interest Rate Per Annum and you don’t need a Monthly Average Balance or Initial Account Opening Funding. Also, you will get a Rupay classic Debit card with minimal fees.
Other Features: SMS Alerts, NEFT, IMPS, UPI, Mobile and Internet Banking, free e-statement, Passbook.
Eligibility: Citizens of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
SBI Savings Account Opening Process
You can open your State Bank of India savings account online or offline. Either you can go to the nearest State Bank of India (SBI) branch or You can go on the State Bank of India web portal or the SBI YONO app to open your savings account.
SBI Savings Account Opening Process Online:
You can apply for an SBI savings account online through the SBI web portal or the SBI YONO app to open your savings account. Just submit your details like name, address, phone number, Branch, city, and account type. Complete your Video KYC. Here are some basic steps for applying for a new savings account through the SBI YONO app.
- Download the SBI YONO app from the Play Store or App Store.
- Find the “New to SBI – Open Savings Account” option and select “Without Branch visit”.
- Now Click on the “Insta Plus Savings Account” option to open online savings accounts.
- Enter your name, address, phone number, Branch, Aadhaar, and PAN Card details and submit OTP. (Mobile number must linked with an Aadhaar Card)
- Remember if you are an existing customer of SBI then you can’t open your digital savings account.
- For full KYC you need to complete the video KYC.
- Schedule a video call and complete your video KYC (Keep your original Aadhaar card and PAN card for verification, blank paper and pen for signature)
- Once all details are verified, your account will be ready to go and you can carry out transactions instantly.
Document Required for Open Saving Account in State Bank of India (SBI)
If you are a citizen of India and 18 years old or above, then you are eligible to open a savings account in the State Bank of India. But for this, you need KYC documents and address proof for account opening. For minor savings accounts some rules may be different.
Required Document for Open Saving Account:
- Two passport-size photographs
- Proof of Age
- Aadhaar card
- PAN Card
- Address Proof
- Voter ID Card
- Valid Driving License
- Indian Passport
- Other ID Proof
But if you want to Open a Digital savings account in SBI, then you only need only PAN Card, an Aadhaar card with a registered mobile number, and Video KYC, That’s it.
SBI Savings Account charges
State Bank of India is operating in the public sector. Here are some charges that you need to know. Please read the Pricing & Charge documents carefully before opening an account in a bank, Otherwise, you need to pay more for your mistakes.
| Charges | Prices |
| First Passbook | Free |
| Savings Bank Account Transfer | Free |
| Cheque Book | 10 free cheques each financial year, After 10 leaves for ₹40, and 25 leaves for ₹75 |
| Duplicate Passbook Issue | ₹100 |
| Silver/ Global/ Classic Debit Card Issuance | Free |
| Account Opening charges | Free |
| Account closure charges | ₹500 +GST |
SBI Savings Account Benefits
State Bank of India has many benefits for Savings Accounts that can increase seamless banking experience.
- Instant fund transfers, Mobile and Internet Banking, cheque books, bill payments, and mobile recharges through mobile banking.
- State Bank of India (SBI) provides A secure way to keep your money.
- No opening deposit and minimum Monthly Average Balance.
- Men, Women, senior citizens, and children can own accounts.
- Enjoy seamless banking transactions anywhere in the world.
- The free passbook.
- Lockers for safe deposit.
- Premium Debit Cards.
- large transaction limits
- Personal Accident Insurance is provided at a low cost.
- It is possible to link it to a Multi Option Deposit (MOD) account.
- Discounts and Rewards on online shopping, cinema tickets, food, and travel.
SBI Savings Account statement
It is time to move on to E-Statement, no need to waste papers and time. Now, SBI’s new and existing users can easily download e-statements online. Follow these steps:
- Just Download and log in to the SBI YONO app.
- Click on ‘Accounts’, and Select the option to view the account statement.
- Click on the Passbook icon to save and download the account statement as a PDF file.
How to close an SBI savings account
Yes, you can close a SBI account offline, Not allow you to close an account online. For account closure, submit a filled Account Closure Form with your documents like passbook, debit card, and chequebook at your home branch.
If you close your State Bank of India Account between 14 days to 1 year, then you should pay ₹500 as a Charge for Account closure. But, if an account is closed after 1 year or within 14 days of account opening, then you don’t need to pay any charges.
Services Provide By State Bank of India
State Bank of India Provides Services like Savings Accounts, Current Accounts, Salary Accounts, Zero Balance Savings Accounts, Fixed deposit (FD), Credit Card, SBI FASTag, Car Loan, Personal Loans, Business Loans, Home Loan, Insurance, Demat and Trading Accounts, Mutual Funds, Forex Card, Doorstep Banking Services, Safe Deposit Lockers, Broking Services, etc.
For More Details: SBI Bank
FAQs
Is there a minimum balance requirement for opening a Savings Account in SBI?
No, There is no minimum balance requirement or upper limit for the maximum balance. You can open zero-balance savings accounts.
What types of Savings Accounts are offered State Bank of India?
State Bank of India offers Basic Small Savings Accounts, Basic Savings Accounts, Savings Bank Accounts, Savings Plus Accounts, Savings Account for Minors, and Insta Plus Video KYC Savings Account with amazing Features and Interest Rates.
What is the SBI Basic Savings Account’s interest rate?
The State Bank of India’s Basic Savings Account has a 2.70% to 3.00% interest rate that is calculated on the daily balance. State Bank of India (SBI) provides interest quarterly.
Does SBI offer a free savings account?
Yes, SBI offers a free Basic savings account or Insta Plus KYC Account that can be opened free of cost at any SBI branch. You need to submit details and complete your KYC.
What is the age limit to open a Basic Savings Account in SBI?
Excluding a Minor Savings Account, To apply for a Basic Savings Account in SBI, the applicant must be a minimum of 18 years old or above.
How to close an SBI savings account online/offline?
You can’t close your SBI savings account online. For account closure, Submit a Closure Form with your documents like a passbook, debit card, and chequebook at your home branch.