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SBI Savings Account

State Bank of India (SBI) offers different types of savings account to its customers. Depending on the type of savings account, the features and benefits will vary.

Table of Contents

Revision of Interest Rates on SBI Savings Bank Deposits with effect from May 2020

Particulars Rate of Interest
Saving Deposits Balance up to Rs.1 lakh 2.70% p.a.
Saving Deposits Balance above Rs.1 lakh 2.70% p.a.

Note: The new rates shall be effective from 31 May 2020

SBI Savings Account Interest Rates & Minimum Balance Required

Savings Account Interest Rate Minimum Balance
Basic Savings Bank Deposit Account 2.70% p.a. Nil
Basic Savings Bank Deposit Small Account 2.70% p.a. Nil
Savings Bank Account 2.70% p.a. Nil
Savings Account for Minors 2.70% p.a. Nil
Savings Plus Account 2.70% p.a. Nil
Motor Accidents Claim Account (MACT) 2.70% p.a. Nil
Resident Foreign Currency Domestic Account 2.70% 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

Additional Benefits

  • 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 deposit 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.

Documents Required

  • 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:

  1. 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.
    • The account can be opened at all branches.
    • No cheque book will be provided.
  2. Basic Savings Bank Deposit Small Account
    • 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.
    • The maximum balance that can be maintained in an account is Rs.50,000.
    • No minimum balance needs to be maintained.
  3. Savings Bank Account
    • There is no limit on maximum balance.
    • You can avail nomination facility.
    • 10 cheque leaves are provided in a year at no additional cost.
    • No average monthly balance needs to be maintained.
    • Mobile banking, SMS alerts, and internet banking facilities are provided.
    • A passbook is provided.
  4. Savings Account for Minors
    • Comes with banking features like internet banking, mobile banking etc.
    • Maximum balance of Rs.10 lakh can be maintained in the account.
    • Can be operated singly or jointly with parent(s).
    • A chequebook is provided.
    • A Photo Debit Card is given.
    • You can set up standing instructions.
  5. Savings Plus Account
    • This savings account is linked to MODS.
    • Loan against MOD deposit available.
    • Transfer of accounts through internet banking available.
    • Mobile banking, SMS alerts, and internet banking facilities are provided.
    • No limit to the maximum balance that can be maintained.
    • The deposit period can range between 1 year and 5 years.
  6. Motor Accidents Claim Account (MACT)
    • Minimum/Maximum Balance Requirement is not applicable.
    • ATM, cheque book, passbook available
    • Internet banking facility and statement by e-mail is available.
    • Mobile banking, SMS alerts, and internet banking facilities are provided.
    • Only single operation is allowed.
    • Welcome kit is provided.
  7. Resident Foreign Currency Domestic Account
    • The balance in the account is freely repatriable.
    • A resident Indian can open the account.
    • No chequebook will be provided.
    • No ATM card will be given.

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)

  1. What is the minimum balance in SBI 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.

  2. What is interest rate?

    The interest rate offered by State Bank of India (SBI) on savings account is 2.75% p.a.

  3. Is there a limit on the maximum balance when it comes to Basic Savings Bank Deposit Account?

    No, there is no limit on the maximum balance when it comes to Basic Savings Bank Deposit Account.

  4. Can minors operate a savings account singly?

    Yes, minors can operate a savings account singly. The bank offers the option of operating the account either singly or jointly.

  5. Does SBI offer the facility of internet banking on savings account?

    The facility of internet banking is provided by the bank

News About SBI Savings Account

  • SBI customers may not be able to avail these facilities after 30 June

    The customers of State Bank of India (SBI) will now have to link their Aadhaar with PAN in order to avoid any sort of inconvenience. The bank has announced that the last date to link Aadhaar and PAN is 30 June. SBI tweeted asking their customers to link their Aadhaar with their PAN by the prescribed date to enjoy a seamless banking service.

    SBI said that it is mandatory for customers to link their PAN with Aadhaar. If customers fail to link their PAN with Aadhaar, then their PAN will be rendered inactive. Once a PAN becomes inactive, it can’t be used for conducting specified transactions.

    One needs to provide the details of their PAN for making bank-related transactions worth more than Rs.50,000.

    You will also be required to provide the details of your PAN, if your account has amount deposited over Rs.5 lakh in a financial year.

    The details of your PAN are required to be submitted if you acquire a property worth Rs.10 lakh and above.

  • SBI offers zero balance savings account without KYC documents

    You can now open zero-balance savings account with India’s largest commercial public sector bank, the State Bank of India (SBI) without furnishing your Know-Your-Customer (KYC) documents. Generally, banks follow a stringent KYC procedure for opening an account but SBI’s small account can be opened by any individual above 18 years of age but does not have valid KYC documents. If you wish to convert the account into a regular savings account, you can do so by simply submitting the KYC documents. As the name suggests, you need not maintain any minimum balance in the account and the maximum amount that you can maintain in this account is Rs.50,000. The interest rate on the small account will be the same as of regular savings bank account. A basic RuPay ATM-cum-debit card will be issued by SBI to anyone holding a small account with them. There are no annual maintenance charges to be paid on the SBI small account.

  • Minimum balance, cash withdrawal, and ATM charges of SBI to change soon

    All ATM service charges including withdrawals and deposits have been revised by State Bank of India (SBI). The revised charges will be effective from 1 October 2019. SBI has removed money limits on mobile banking and internet banking transactions.

    Earlier, SBI customers who had a monthly balance of Rs.25,000 for the previous month could make a maximum of 40 transactions. Under the revised rules, the Average Monthly Balance (AMB) charges have also been changes. The minimum balance that must be maintained in urban centres is Rs.3,000. If the AMB is l50% lesser, the customer will be levied Rs.10 (plus tax) as a penalty. In case AMB maintained is lesser by 75%, the customer will be levied Rs.15 (plus tax) as a penalty. Any deposits to a savings account will be free for up to 3 times in a month. A charge of Rs.50 plus tax will be levied after that. SBI customers who maintain an AMB of Rs.25,000 or more can make up to five free ATM transactions in a month. A charge of Rs.10 plus GST (at SBI ATMs) will be charged for any transactions above the specified limit. Any transactions that have been declined because of insufficient balance will incur a fee of Rs.20 (plus GST).

  • All about the SBI Savings Plus Account

    The SBI Savings Plus Account is one of the many different types of accounts offered by the State Bank of India. The account can be opened by any individual who is eligible to open a regular savings account. In case somebody wants to transfer to a multi option deposit account or a mod account, he or she will be required to maintain a minimum threshold of Rs.35,000. The rate of interest offered for the SBI Savings Plus Account is similar to the SBI Savings Account.

    Furthermore, the deposit period for the SBI Savings Plus Account is 1 year to 5 years. Customers can also avail the Multi Option Deposit option. The minimum monthly average balance which needs to be maintained is Rs.3,000 in metro and urban areas, Rs.2,000 in semi-urban areas, and Rs.1,000 in rural areas. Customers can also avail the benefits of internet banking, mobile banking, and ATM card for the account. In case of non-maintenance of minimum balance in the account, the MODs will be broken to distribute and maintain the minimum balance.

  • State Bank of India waives IMPS charges for transactions up to Rs.1,000

    To improve the number of customers using their fund transfer services who could possibly be using mobile wallet apps to transfer funds, State Bank of India has waived the transaction charge for IMPS fund transfers. IMPS is an instant payment service that can be via the net banking account or the mobile banking account of the customer round-the-clock. Now, all fund transfers up to Rs.1,000 will have no transaction cost for SBI users on their banking portals. Currently, SBI customers are charges between Rs.1 - Rs.5 for RTGS fund transfers and between Rs.5 - Rs.50 for NEFT facilities. SBI has 6 crore net banking customers and almost 1.5 crore mobile banking customers.

  • No minimum balance required to open an SBI basic savings bank deposit account

    India’s largest lender, the State Bank of India, is offering the facility of opening basic savings bank deposit account to the customers in which they needn’t maintain a minimum balance. As per the latest SBI update, any individual who has valid KYC documents can open a basic savings bank deposit with SBI. This no balance account is offered by the lender to for the needy section of the society. According to SBI, this step will encourage them to start saving without any load of paying fees and charges incurred due to a low minimum balance. A basic savings bank deposit account can be opened at all the SBI branches located across the country. The depositors can withdraw money from this account through withdrawal forms which are available at all branches of SBI or using SBI ATM cards. After the successful completion of all the KYC formalities, a basic Rupay ATM-cum-Debit card will be issued to all the customers. This card will allow them to withdraw money along with other online transactions.

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