The State Bank of India is an Indian multinational service and public sector bank, with its headquarters in Mumbai. One can open a savings account with SBI online. A savings account bears an interest deposit held at a bank or financial institution. The customers can park their cash for immediate and short-term needs. The withdrawal amount from a savings account is unlimited. By opening an SBI savings account, you will obtain a lower rate than that paid by other savings and investments. The interest earned through a savings account is considered to be taxable income.
Eligibility criteria to open an SBI savings account
- You should be a resident of India.
- Your age must be above 18 years.
- You must have a valid Aadhaar card with your Aadhaar number and your name. It should be linked with your registered mobile number.
- The applicant must not have any OTP-based account with any other bank or financial institution.
- You are allowed to have only one Insta Savings Account and cannot have any other accounts at a given time.
How do you open an SBI savings account online?
- You can open your new savings account online using the SBI Yono Mobile App.
- You can also visit the SBI Yono portal online to open a savings account within a few minutes.
Documents required to open an SBI savings account
Identity proof
- Passport
- Voter ID
- PAN card
- Driving licence
Address proof
- Credit card statement
- Electricity bill
- Salary slip
- Ration card
- Letter from a reputed employer
- Income Tax Assessment Order
- Telephone bill
- Bank account statement
- Letter from any recognised public authority
SBI savings account interest rate
| SBI Savings Account Balance | SBI Savings Account Interest Rate |
| Upto Rs 1,00,000 | 2.70% |
| Above Rs 1,00,000 | 2.70% |
Types of SBI savings account
-
Basic savings account (associated with Pradhan Mantri Jan Dhan Yojna)
This type is designed to provide an option for savings for the downtrodden section of our society.
| Eligibility Criteria | People with valid KYC documents. |
| SBI Savings Account Minimum / Maximum Balance | No limit |
| Cash Withdrawal Limit | Four free monthly cash withdrawals (SBIs & other banks, ATMs) |
| Credit Card | Not provided |
| Debit Card | Basic Rupay Debit Card |
| Extra Features | Safe depository lockers and
Nomination facility is available |
-
Basic small savings account
- To assist people with weak financial and economic backgrounds.
- It is created for those who do not own valid KYC documents.
| Eligibility Criteria | People above 18 years of age who do not possess official KYC documents. |
| SBI Savings Account Minimum / Maximum Balance | NIL/ Rs 50,000 |
| ATM Charges | Four free monthly cash withdrawals (SBIs & other banks, ATMs) are allowed.
No annual maintenance charges. |
| Credit Card | Not provided |
| Debit Card | Basic Rupay Debit Card |
| Extra Features |
|
-
Savings bank account
- The basic savings bank account offers facilities such as internet banking, sms banking, credit card, etc.
| Eligibility Criteria | PAN Card is a must.
For everyone/ central/ state government |
| SBI Savings Account Maximum Balance | No limit |
| Cheque Book Facility | First ten cheques are free in the financial year after which:
|
| Credit Card | As per terms and conditions |
| Debit Card | Basic Rupay Debit Card |
| Extra Features |
|
Check out: Have information about SBI Bank IFSC code
-
SBI savings account for minors
- To help children learn about the value of money and savings.
- The savings account is an initiative to give them the power to manage their finances and help them in the future.
| Eligibility Criteria |
|
| SBI Savings Account Maximum Balance | Rs 10 Lakh |
| Transaction Limit | Mobile Banking – Rs 2,000 per day
Internet Banking – Rs 5,000 per day |
| Credit Card | Not provided |
| Debit Card | Photo ATM Debit Card |
| Extra Features |
|
| Cheque Book facility | Provided |
-
SBI Savings Plus Account
- The savings account is a product of the State Bank of India Option Deposit Scheme.
| Eligibility Criteria | People with valid KYC documents. |
| SBI Savings Account Minimum Balance | Rs 35,000 in MODS |
| Transaction Limit | Minimum of Rs 10,000 |
| Cheque Book Facility | 25 free leaves p.a |
| Debit Card | ATM Card |
| Extra Features |
|
-
Insta Plus Video KYC Savings Account
- The Insta Plus Video KYC savings account can be opened online through Video KYC.
| Eligibility Criteria | People above 18 years of age.
Aadhaar Card and PAN Card are mandatory. |
| SBI Savings Account Minimum / Maximum Balance | No limit |
| Cash Withdrawal Limit | Four free monthly cash withdrawals (SBIs & other banks, ATMs) |
| Credit Card | Not provided |
| Debit Card | Rupay Classic Card |
| Extra Features |
|
SBI savings account fees and charges
ATM charges
| Average Monthly Balance (AMB) in Savings Bank | Number of Free Transactions Per Month | ||
| In 6 Metro centres | Other centres | Our bank ATM | |
| Upto Rs 25,000 | 3 | 5 | 5 |
| Above Rs 25,000 to Rs 50,000 | 3 | 5 | Unlimited |
| Above Rs 50,000 to Rs 1,00,000 | 3 | 5 | |
| Above Rs 1,00,000 | Unlimited | Unlimited | |
| Charges for Financial Transactions Beyond the Set Limit | Rs 20+ GST | Rs 10 + GST | |
| Charges for Non-Financial Transaction Beyond the Set Limit | Rs 8 + GST | Rs 5 + GST | NIL |
Other charges
| One Time Locker Registration Charge | Small/Medium – 500 + GST
Large/ Extra Large – 1000 + GST |
| Safe Deposit Locker Charge | Rs 1000 to Rs 9000 + GST (annually) |
See also: Have information about SBI IFSC
SBI contact details
| Toll free numbers | 1800 1234
1800 2100 1800 11 2211 1800 425 3800 080-26599990 |
| customercare@sbi.co.in
contactcentre@sbi.co.in |
|
| Missed Call Banking | SBI QUICK |
| Address | Customer Service Department
State Bank of India State Bank Bhavan, 16th Floor Madam Cama Road, Mumbai 400 021 |
| Report unauthorised electronic transactions |
|
| Are you disappointed with any service? | SMS UNHAPPY to 8008 20 20 20 |
FAQs
Is it possible to open an SBI account online?
Yes, you can open the account via SBI digital saving opening process. However, it is mandatory to make a one-time visit to the branch.
Will I be able to open a zero balance account with the State Bank of India?
Yes, you can open an SBI Basic Savings Bank Account with zero balance.
Is there a minimum average balance to maintain in an SBI savings account?
No, the State Bank of India announced a waiver about the monthly balance. It says that no penalty will be charged to the customer with a nil balance.
How to check your balance in an SBI savings account?
SMS ‘BAL’ to 09223766666 from your registered mobile number.
Is an Aadhaar card a must to open an account in SBI?
No, an Aadhaar card is not necessary to open an account in any of the banks.
