SBI Savings Account: Features, Interest Rates & Online Opening Process

Riya, as a young entrepreneur, started her business with a very simple account she had at SBI. Using online banking, she could manage her account effectively, deposit money, and check her progress with great ease. Her flexibility in using her SBI savings account is what helped her save money, earn interest, and focus on growing her business.

Her story corresponds well with the stellar growth that has been reported by the banking sector, more particularly in FY23, wherein all scheduled commercial banks (ASCBs) registered the highest deposit and credit growth since 1951-52. 

While the deposits surged to Rs 15.7 lakh crore, credit expanded by Rs 17.8 lakh crore. It took the credit-deposit ratio to a tremendous 113%. Like Riya, the sector continued to grow: FY24: deposits rose by Rs 24.3 lakh crore, and credit increased by Rs 27.5 lakh crore.

SBI provided Riya with the ease of maintaining her business transactions through ATM cards, online banking, and SMS services. Riya could even set up automated bill payments. The ease and convenience offered by SBI made it possible for Riya to turn her small venture into a successful brand with financial freedom for her to sustain herself.

About SBI Savings Account

You can easily put and withdraw your money from an account in the State Bank of India. It is offered with internet banking, SMS banking, and ATM/debit cards. You do not need to maintain a minimum balance. And a free passbook is available for you. A nominee facility can also be used, and personal accident insurance can also be obtained with this at minimal charges.

Interest Rates of SBI Bank Savings Account

The table below shows the old and new interest rates for SBI savings accounts, effective from October 15, 2022

SBI Savings Account Interest Rates

The following are the interest rates for different types of SBI savings accounts

Note: The updated interest rates took effect on October 15, 2022, and are subject to change in the future based on SBI’s policies.

Benefits of SBI Savings Account

Here’s a table summarizing the benefits of State Bank of India (SBI) savings accounts.

Types of SBI Bank Savings Accounts

1. Basic Savings Account

The SBI Basic Savings Bank Deposit Account, otherwise known as the BSBDA, is a simple savings account that does not provide any necessity for the minimum balance requirement. It is designed to help start people in saving. Some of the benefits of the SBI BSBDA include no maximum balance limit, up to four free ATM withdrawals per month, a free RuPay debit card, free transfers between SBI branches, and utility bill payments. 

Customers can also issue a chequebook, use the safe deposit locker facility, and add a nominee. You would require valid KYC documents and 18 years or older to open such an account; alternatively, open a Basic Small Savings Account sans KYC.

2. Basic Small Savings Account

This account can be opened by any Indian resident more than 18 years of age, without any valid KYC documents, providing a self-attested photo and thumbprint or signature to an SBI official; after furnishing the KYC documents, the account can also be converted into a regular savings account. 

The account is available in all SBI branches except at certain specifically designated branches, charges no minimum balance and has a maximum balance of ₹50,000.

3. Savings Bank Account

The account of SBI Savings Bank has many benefits. It is associated with services such as mobile banking, SMS alerts, internet banking, YONO, and SBI Anywhere. A customer can avail of the SBI Quick Missed Call facility as well. 

Account holders get 10 free cheque leaves per year. The charge for more than 10 cheque leaves is ₹40 + GST. No minimum balance requirement is there, and neither is there any cap on the balance, as such.

4. Savings Account for Minors

SBI offers two types of savings accounts for minors: Pehla Kadam and Pehli Udaan. These accounts help children learn about saving money.

The minimum balance requirement does not apply to these accounts. You receive a photo ATM/Debit Card with a limit of withdrawal amounting to ₹5,000 and a free passbook and chequebook. 

This account provides you with internet and mobile banking as well as an automatic sweep for any balances over ₹20,000. An option to include a nominee in the account is also available. The account may be transferred to any SBI branch without any change in account number.

Eligibility: For minors, Pehla Kadam can be opened by a guardian, while minors older than 10 can open Pehli Udaan.

5. Savings Plus Account

The SBI Savings Plus Account is associated with the MOD scheme, thereby providing an automatic carryover to a term deposit account if surplus funds are available.

Features: No monthly balance requirement, loans against MOD deposits, 25 free cheque leaves per year, internet banking, email statements, passbook, ATM cards, mobile banking, and SMS alerts.

Operation: The customers have the option to draw out the surplus from the deposit using the "First in First Out" or "Last in First Out" method. The excess amounts automatically get transferred to a term deposit account.

6. Insta Plus Video KYC Savings Account

SBI Insta Plus Video KYC Savings Account: This is a paperless account that can be opened without visiting a branch and uses a video call to capture your signature.

Features: It can be opened using the Aadhaar and PAN details only. Funds can be transferred through NEFT, IMPS, UPI, or even via the YONO application. A RuPay Classic debit card is issued, and it is open 24/7 through YONO, the internet, and mobile banking. The customer will get SMS alerts, and one can also apply for a cheque or a passbook.

Eligibility: Any citizen of India above the age of 18 with a valid ID and proof of stay.

What is the Required Minimum Balance for an SBI Savings Account?

As of January 2025, SBI does not levy any monthly minimum balance requirement for savings accounts. If your balance falls to a minimum or nil amount, it does not call for any form of penalty at this bank's end.

Explanations: SBI provides different zero-balance accounts, including the Basic Savings Bank Deposit Account and the SBI Insta Plus Savings Bank Account. The minimum balance to be maintained in an account differs according to the type of account and the services it provides. Some banks charge fees in cases where a minimum balance is not maintained in specific accounts.

What is the Maximum Balance for an SBI Savings Account?

Most SBI savings accounts have no balance limits. There are, of course, exceptions. The Basic Savings Bank Deposit Small account has a balance limit of ₹10 lakh, and the Savings Account for Minors has a maximum balance of ₹50,000. In light of these two exceptions, most SBI savings accounts have no limit on the balance that they can carry.

What Penalty is Charged for Not Maintaining Minimum Balance in SBI Savings Account

SBI no longer charges a penalty for not maintaining a minimum balance in savings accounts. It brings this change into effect on 11th March 2020.

Explanation: You don't have a penalty if your account balance is zero. But if you try to make a transaction and do not have enough balance in the account, SBI will charge a fee of ₹ 20 plus GST for a declined transaction.

What are SBI Savings Account charges?

Here is the table for SBI Savings Account Charges

What are the Transaction Limits for an SBI Savings Account?

Here are the daily transaction limits for various services in an SBI savings account

For Minor Accounts

How to Open a Savings Account in SBI?

Required Documents to Open a Savings Account in SBI

• ID proof: Aadhaar, driving license, voter ID, or passport
• Address proof: Aadhaar, driving license, voter ID, or passport
• PAN card 
• Two recent passport-size photos

Eligibility to open a savings account in SBI

To open a savings account in SBI, you need to meet these requirements

• You must be an Indian resident
• You must be 18 years or older
• You should have a valid Aadhaar card and PAN card
• Your Aadhaar card should be linked to your mobile number

Here’s a Step-By-Step Process on How to Open a Savings Account in SBI Offline

1. Visit your nearest SBI branch.
2. Go to the new account section and ask for an account opening application form.
3. Fill out the SBI Savings Account application form.
4. Provide basic information and choose the type of account you want.
5. Submit the application form along with the required documents.
6. After the bank verifies your details, your account will be activated.

Note: Pick up your SBI Savings Account Welcome Kit, which includes your ATM card, chequebook, and important documents for future use.

Here’s a step-by-step process on how to open a savings account online

Option 1: Via SBI website

1. Visit the official website of State Bank of India.
2. Click on ‘Apply for SBI/Current account,’ the 9th option in the navigation bar.
3. Select ‘Savings Bank Account’ from the drop-down menu.
4. Select ‘for Resident Individuals’ from the drop-down menu.
5. Select the ‘Savings Bank Account’ from the drop-down menu.
6. Click on ‘Apply Now.’
7. Enter your mobile number, Email ID, and referral code, and click on ‘Submit.’
8. Enter the OTP received on your registered mobile number and click on ‘Submit.’
9. Enter your PAN number and click on ‘Next.’
10. Read all the instructions and click on the ‘Next’ button.
11. Fill in the details (like proof of identity, a proof of current address), and click on ‘Next.’
12. Enter your personal details and click on ‘Next.’
13. Create your Username and password and click on ‘Submit.’
14. Enter your address details and click on ‘Next.’
15. Upload your photograph.
16. Enter your additional details and click on ‘Next.’
17. Enter your qualification details, occupation details, and click on ‘Next.’
18. Agree to all terms and conditions, and click on ‘Next.’
19. Enter the OTP received on your registered mobile number and click on the ‘Submit’ button.
20. Do your KYC to complete the process.
21. This is how you can open a savings account in SBI.

Option 2: Open an SBI Savings Account Via the SBI Yono app

1. Download ‘YONO SBI: Banking & Lifestyle’ from the Google Play Store or Apple Play Store.
2. Install the application on your device.
3. Open the app and click on the ‘New to SBI’ option.
4. Click on ‘Open Savings Account.’
5. Click on the ‘Without Branch Visit’ option.
6. Select the account you want to open.
7. Click on ‘Start a New Application.’
8. Click on the ‘Next’ option.
9. Enter your mobile number and email ID, and click on ‘Submit.’
10. Enter the OTP received on your registered mobile number and click on ‘Submit.’
11. Create your application password, select the security question and click on ‘Next.’
12. Agree to the terms and conditions and click on ‘Next.’
13. Enter your Aadhaar card number and click on ‘Get OTP.’
14. Enter the OTP received on your Aadhar card-linked mobile number.
15. Fill in all your personal details and click on ‘Next.’
16. Enter your PAN card number and click on the ‘Next’ button.
17. Select your qualification details.
18. Fill in all your additional details and click on ‘Next.’
19. Enter your occupation details and click on ‘Next.’
20. Enter your nominee details and click on ‘Next.’
21. Select your home branch and click on ‘Next.’
22. Agree to the terms and conditions and click on the ‘Next’ option.
23. Enter the OTP received on your registered mobile number and click on ‘Next.’
24. Enter your Debit Card Details and click on ‘Next.’
25. Your token number is generated; note it down.
26. Click on the ‘Next’ button.
27. Do your video KYC to complete the process

How to Close an SBI Savings Account?

1. Visit the nearest SBI branch.
2. Fill out the account closure application form.
3. Submit the form along with the necessary documents.
4. Return your chequebook and any other related documents.
5. Ask for your balance to be transferred to another account, or request a cheque or demand draft in your na

Tips while opening a savings account in SBI Bank

Bring the required documents: Carry necessary documents such as proof of identity, which could be a PAN card, Aadhaar card, driver's license, or passport; proof of address; proof of income; and proof of residence.

Ensure Details Match: Make sure that the details given on the account form resemble your KYC documents.

Prepare Initial Deposit: Keep your initial deposit amount ready while submitting your form. The End.

Be in India: To open the account online with the help of YONO SBI, a person needs to be present physically in India.

Type of Account: A type of account for opening should be chosen like Savings Plus, Zero Balance, etc.

Application Form of Internet Banking: A facility of applying for internet banking can also be done while opening the account.

Waiting for Welcome Kit: After being accepted, a welcome kit would be issued containing the cheque book, passbook, and ATM card.

Customer Care Details

You can contact SBI customer care for your savings account using the following options:

1. Via Phone Numbers:

• Toll-free: 1800 1234, 1800 2100, 1800 11 2211, 1800 425 3800, 080 2659 9990

2. Via Email:

• customercare@sbi.co.in
• contactcentre@sbi.co.in
• socialreply@sbi.co.in
• nodalofficer.aadhaarseeding@sbi.co.in
• customercare.homeloans@sbi.co.in
• gm.customer@sbi.co.in

3. Via SMS:

• To express dissatisfaction, text "UNHAPPY" to 8008 20 20 20

4. Check Your Balance via Missed Call:

• Missed call: Dial 09223766666 or send an SMS with the word "BAL" to the same number.

Conclusion

SBI Savings Account offers you comfort, flexibility, and many other features to handle your finances efficiently. Like Riya, SBI gives you a plethora of accounts with zero minimum balance requirements, free passbooks, and even mobile and internet banking benefits. 

With great interest rates, various types of accounts, and easy access to banking services, SBI is the perfect choice for those looking to grow their savings and manage their money smoothly. Open your SBI Savings Account today and experience financial freedom!

FAQs related to SBI Savings Account

Q1: What are the Recent Changes in the Rules of Savings Accounts?

The Lok Sabha on December 3, 2024, passed the Banking Laws (Amendment) Bill, which allowed bank account holders to nominate up to four people for their savings accounts and locker accounts. Under this new amendment, customers will be able to add up to four nominees for their bank accounts, fixed deposits, and recurring deposits, which will give them more flexibility in handling their financial affairs.

Q2: Can I withdraw money without a passbook?

To withdraw money using a withdrawal form at the bank, you will need to present your passbook to finalise the transaction. However, you do not need the passbook if you are withdrawing funds via a debit card or cheque.

Q3: What is the Google Pay limit for SBI?

The daily UPI transaction limit for SBI through Google Pay is ₹1,00,000.

Q4: How many transactions are permitted in a savings account in an SBI bank?

In the SBI savings account you are allowed to perform 5 free transactions monthly if you visit the bank. This counts cash deposits, cash withdrawals, fund transfer at the branches, and ATM withdrawals.

Q5: What is the minimum balance for the SBI Savings Account?

Opening a saving account with SBI is free and there is no minimum balance requirement.

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