State Bank of India (SBI) offers different type of savings account to its customers. These accounts are laced with a number of benefits and caters to a variety of needs of the customers. The bank offer facilities like internet banking, mobile banking among others on the saving accounts.
Revision of Interest Rates on SBI Savings Bank Deposits with effect from April 2020
|Particulars||Rate of Interest|
|Saving Deposits Balance up to Rs. 1 lakh.||2.75% p.a.|
Note: The new rates shall be effective from 15 April 2020
SBI Savings Account Interest Rates & Minimum Balance Required
|Savings Account||Interest Rate||Minimum Balance|
|Basic Savings Bank Deposit Account||2.75% p.a.||Nil|
|Basic Savings Bank Deposit Small Account||2.75% p.a.||Nil|
|Savings Bank Account||2.75% p.a.||Nil|
|Savings Account for Minors||2.75% p.a.||Nil|
|Savings Plus Account||2.75% p.a.||Nil|
|Motor Accidents Claim Account (MACT)||2.75% p.a.||Nil|
|Resident Foreign Currency Domestic Account||2.75% p.a.||USD 500, GBP 250, and EURO 500|
Why Choose SBI Savings Account?
Through its network of branches in India and overseas, SBI provides a range of financial products including the SBI Savings Account. The savings account has a variety of benefits and services. The most attractive features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.
Key Benefits of SBI Savings Account
- Internet Banking, Mobile Banking, Kiosk Banking
- Transfer accounts to any SBI Branch without changing the account number
- Passbook issued free of charge
- Multicity cheques
- Safe Deposit lockers
- Nomination facility
- Personal Accident Insurance available at a nominal premium
- No inter core charges for transfer transactions
- Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card, etc.
- Can be linked to Multi Option Deposit (MOD) Account
- Mobile Banking provides a host of services like funds transfers, interbank mobile payment services (IMPS), enquiry and statements, cheque book request, utility bill payments, mobile recharges, and M-Commerce.
- Some of the facilities of SBI Net Banking are opening and closing fixed and recurring deposits, transferring funds (RGTS, NEFT and Western Union Money Transfer), paying utility bills, online shopping, viewing statements and Demat operations, e-Tax filing, and setting standing instructions.
- The Debit card can be used for balance enquiry, withdrawing money, paying insurance premium, shopping, donations and card-to-card transfers.
- If the savings account is linked to a Multi Option Deposit, in case there is a shortfall in the account to honour a cheque, there is an automatic break up of MOD to ensure the cheque doesn’t bounce. MOD can also be broken through ATM withdrawals.
How To Open Online SBI Savings Account?
The SBI online savings account opening procedure is simple.
- Any Indian resident can open SBI savings account online by visiting the SBI website. Under personal banking, go to “Deposit schemes”, you will find the option of savings bank account.
- It is important to read the benefits, rules and regulations before clicking on the “apply online” option.
- Fill in all the details in the online application form.
- A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.
- Visit the nearest SBI branch within 30 days with the required original documents and your account will be opened.
- Print out the Account Opening Form (AOF)
- Proof of identity and address (Passport, Voter’s ID, Driving Licence, Aadhar card, NREGA card, PAN card)
- 2 recent passport-size coloured photographs
- In the case of minors below the age of 10, ID proof of the person who will operate the account is required. If the minor can operate the account independently, the regular procedure will be applicable.
Types Of SBI Savings Account
Listed below are the savings account offered by SBI along with some of the features:
- Basic Savings Bank Deposit Account
- Can be opened by any individual provided he/she has valid KYC documents.
- A basic Rupay ATM-cum-debit card is issued.
- There is no limit on the maximum balance or amount.
- Can be opened by individuals above 18 years of age who do not have valid KYC documents.
- Can be converted into a regular savings account upon submission of KYC documents.
- Will be issued a basic RuPay ATM-cum-debit card.
- There is no limit on maximum balance.
- You can avail nomination facility.
- 10 cheque leaves and a passbook is issued.
- Comes with banking features like internet banking, mobile banking etc.
- Maximum balance of Rs.10 lakh.
- Can be operated singly or jointly with parent(s).
- This savings account is linked to MODS.
- Loan against MOD deposit available.
- Transfer of accounts through internet banking available.
- Minimum/Maximum Balance Requirement is not applicable.
- ATM, cheque book, passbook available
- Internet banking facility and statement by e-mail is available.
- The balance in the account is freely repatriable.
- A resident Indian can open the account.
SBI Monthly Average Balance Charges
The bank of 11 March 2020 announced that it has waived off the requirement of holding average monthly balance for savings accounts. The move will benefit 44.51 crore savings bank account holders. Prior to the announcement, Savings bank account customers were required to maintain an average monthly balance of Rs.3000 in metropolitan cities, Rs.2,000 in semi urban cities, and Rs.1,000 in rural areas. For non-maintenance of average monthly balance, the bank used to levy a penalty between Rs.5 and Rs.15 plus taxes.
Frequently Asked Questions (FAQs)
- What is the minimum balance in SBI savings account?
- What is interest rate?
- Is there a limit on the maximum balance when it comes to Basic Savings Bank Deposit Account?
- Can minors operate a savings account singly?
- Does SBI offer the facility of internet banking on savings account?
You need not have a minimum balance in SBI savings account as the bank has waived off the requirement of holding average monthly balance on 11 March.
The interest rate offered by State Bank of India (SBI) on savings account is 2.75% p.a.
No, there is no limit on the maximum balance when it comes to Basic Savings Bank Deposit Account.
Yes, minors can operate a savings account singly. The bank offers the option of operating the account either singly or jointly.
The facility of internet banking is provided by the bank
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