The State Bank of India offers a variety of savings accounts for both minors and adults. SBI Basic Savings Account, Savings Plus Accounts, Small Savings Accounts, and more products are available in this category.
State Bank of India (SBI) is the largest public sector bank and caters to almost all Indians. The bank approximately has over 40 crore customers. SBI offers multiple types of savings accounts for different banking requirements. The SBI savings account interest rate starts from 2.70%. Learn more about SBI savings accounts in detail.
SBI Savings Account
SBI offers different types of savings accounts catering to all ages, from minors to senior citizens. SBI savings account allows you to enjoy various exclusive benefits and earn regular interest. SBI last revised its interest rate on savings accounts in October 2022.
SBI Savings Account Interest Rate 2024
Account Balances | SBI Saving Account Interest Rate |
Rs. 1 lakh | 2.70% |
More than Rs. 1 lakh | 2.70% |
Characteristics of SBI Savings Account
- SBI savings accounts have no minimum account balance. In other words, no minimum account balance is required in such savings accounts.
- State Bank of India SBI offers a nomination opportunity for their savings bank account. Also applicable to the Motor Accidents Claim Account.
- SBI provides ATM cards for all of its savings accounts except the Resident Foreign Currency (Domestic) Account.
- The maximum account balance for savings accounts with SBI varies depending on the kind of savings account. Furthermore, with the exception of the small savings account and the kids’ account, there is no maximum balance in an SBI savings account.
Furthermore, the maximum amount for minors accounts is INR 10 lakhs. The maximum balance for the small savings account, on the other hand, is INR 50,000.
SBI Savings Account Opening Online
Step 1: By accessing the SBI website, any Indian resident can open a savings account. Go to “Deposit schemes” under personal banking to find the savings bank account choice.
Step 2: Before selecting the “apply online” option, it is critical to study the benefits, restrictions, and laws.
Step 3: Fill out the online application form completely.
Step 4: The registered mobile number will be assigned a TCRN (Temporary Customer Reference Number).
Step 5: Your account will be opened if you visit the nearest SBI bank within 30 days with the appropriate original documentation.
Who Can Open a Savings Account with SBI?
- You need to be a resident Indian above 18 years of age and should not have any existing contact with the bank.
- At any given moment, you could only have a single Insta Savings Account and no other accounts.
- You must have a valid Aadhar Number (connected to a registered mobile phone in your name) and a valid Permanent Account Number (PAN)
Documents Required
- dentity and address proof (passport, voter ID, driver’s license, Aadhar card, NREGA card, PAN card)
- two recent passport-sized color pictures
- ID proof of the person who would be operating the account is essential for youngsters under the age of ten. If the kid is able to operate the account independently, the standard procedure will apply
Types of State Bank of India Savings Accounts
1) Basic Small Savings Account
This savings account is also intended for economically disadvantaged members of society, but it is specifically developed for people who do not have officially valid KYC proof and experience difficulties in obtaining a bank account.
2) Basic Savings Account
It is primarily intended to help the weaker parts of society by giving them a choice to begin saving.
3) Savings Account for Minors
It is intended to teach youngsters the value of money and savings while also letting them experience purchasing power so that they can learn to handle their finances effectively in the future.
4) Savings Bank Account
This is a primary savings bank account that offers general public services such as SMS Banking, Internet Banking, Credit cards, and more. This account must be opened with valid KYC documentation.
5) Savings Plus Account
The SBI Multi Option Deposit Scheme provides this account. It uses the customer’s savings or current account to open and link a term deposit account. This fixed deposit has a maturity period of 1 to 5 years. This is done to encourage the practice of investing.
A loan against MOD deposit is also available to help consumers better manage their money.
6) Insta Plus KYC Account
It may be opened online with simply Aadhaar and PAN (physical) credentials using Video KYC.
FAQs
Is it possible to open a zero-balance account with SBI?
Yes. With a zero balance, you can open an SBI Basic Savings Bank Account.
Is it feasible to open multiple savings accounts with SBI?
SBI allows you to hold several sorts of accounts (such as savings, current, and so on) while using the same customer ID. All of the accounts will be linked.