When it comes to opening a bank account, specifically a savings account, the most popular name that comes to any person living in India is “SBI savings account”. This is because SBI is by far the largest commercial bank in India – in public and private sector, collectively. There are muliplt eoptions given to cater to such a mammoth customer-base of SBI savings account.
In this blog post, we will talk about the SBI savings account interest rates, minimum balance in SBI savings account along with the features, benefits, and eligibility criteria for opening an SBI savings account – thus, helping you make an informed decision.
First of all, let’s look at the SBI savings account interest rate.
SBI Savings Account Interest Rate, 2023
The below-mentioned are the interest rates offered by SBI on its savings accounts or in banking lingo, savings bank deposits:
|Deposit Slab||SBI Savings Account Interest Rate|
|Less than Rs 10 Crores||2.70%|
|Rs 10 Crores & above||3.00%|
Disclaimer: Interest rates are subject to change. Please check the bank website for the most recent data.
Types of SBI Savings Account
SBI offers as many as six types of savings accounts for its customers to choose from. Apart from these, SBI also provides the option to open Motor Accidents Claims Account (MACT) and Domestic Foreign Currency Account. Let’s know about these accounts in detail:
1. SBI Insta Plus Savings Account
- Can be opened online 24×7 through video KYC
- Minimal documentation – Aadhaar details & PAN Card required (not ePAN)
- RuPay Classic Debit Card issued
- Mandatory to provide nominee
- Passbook facility – on request
- Other facilities – SBI SMS alerts, SBI Quick missed call, netbanking & mobile banking
- Fund transfer options – NEFT, IMPS, UPI, RTGS via SBI YONO or Online SBI (netbanking)
- Eligibility – Resident of 18 years or above; only new customers; singular holding capacity only
2. SBI Basic Savings Bank Deposit (BSBD) Account
- Meant for poorer sections of society to push them towards saving their money without any burden of charges or fees
- Can be opened at any SBI branch – single/joint
- No minimum balance requirement
- Cheque book facility not available
- Basic Rupay ATM-cum-debit card
- Eligibility – All individuals having valid KYC documents are eligible to open BSBD Account
3. SBI Basic Savings Bank Deposit Small Account
- Can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents
- Due to relaxed KYC requirements, it has several operational restrictions
- Can be converted into a Regular Savings Account by submitting KYC documents
- Account holders can withdraw money from branches or ATMs
- Basic RuPay ATM-cum-debit card
- No minimum balance requirement
- Maximum balance limited to Rs 50,000
4. SBI Savings Bank Account
- Facility of Online SBI, mobile banking, SMS alerts, SBI YONO, State Bank Anywhere, SBI Quick Missed Call
- First 10 cheque leaves free in a financial year
- 10 Leaf Cheque Book at Rs 40/-+GST thereafter
- 25 Leaf Cheque Book at Rs 75/-+GST thereafter
- Restricted free withdrawals based on Monthly Average Balance maintained
- Transfer of accounts through Internet Banking channel
- Nomination facility is available
- Monthly Average Balance: NIL
- No limit on Maximum balance
- A Passbook is issued to record the transactions
- Duplicate pass book can be issued if original is lost, on payment of charges
- Statement of accounts can also be sent through e-mail
- Free Consolidated Account Statement
5. SBI Savings Account for Minor
- Two variables of PehlaKadam and PehliUdaan
- PehlaKadam: Minor of any age (jointly opened with the parent/guardian)
- PehliUdaan: Minors above the age of 10 years & who can sign uniformly (opened in the sole name of the minor)
- To help kids learn about savings & manage finances from an early age
- Internet banking and mobile banking enabled
- Monthly average balance – not required
- Maximum Balance Rs. 10 lakh
- Cheque book available
- Photo ATM-cum-Debit Card issued
- Limited transaction rights, including bill payment and top-ups
- PehlaKadam per day transaction limit of Rs 2,000
- PehliUdaan per day transaction limit of Rs 2,000 with IMPS option
- Viewing rights for transactions
- Auto sweep facility offered with a minimum threshold of Rs 20,000
- Sweep-in amount in multiples of Rs 1,000 with a minimum of Rs 10,000
6. SBI Savings Plus Account
The Savings Plus Account is a type of Savings Bank Account that is connected to MODS (Multi Option Deposit Scheme). This means that any funds that exceed a certain threshold limit in the Savings Bank Account are automatically transferred to Term Deposits that are opened in multiples of Rs. 1000.
- Deposit tenure: 1-5 Yrs
- ATM Card issued
- Monthly Avg. Balance: NIL
- Maximum Balance Limit: NIL
- Minimum threshold limit for transfer to MODS account: Rs 35,000
- Facilities: Netbanking, mobile banking, SMS alerts, State Bank Anywhere, etc.
- Loan against MOD deposits available
- 25 free cheque leaves per year
Features of SBI Savings Account
Here are some basic features of SBI Savings Account:
- No Monthly Average Balance (MAB) requirement
- Debit card for cash withdrawals and purchases
- Cheque book facility
- Mobile banking and SMS alerts
- Internet banking and YONO app
- Passbook and e-statement facility
- Nomination facility
- Free deposit and withdrawal facility at SBI branches
- Limited free withdrawals based on MAB maintained
- Overdraft facility (subject to certain terms and conditions).Top of Form
How to Open an SBI Savings Account?
To open an SBI (State Bank of India) savings account, you can follow these steps:
Step 1: Visit the nearest SBI branch or go to the SBI online portal.
Step 2: Collect the account opening form from the bank or download it from the SBI website.
Step 3: Fill in the form with all the necessary details, such as your name, date of birth, address, occupation, etc.
Step 4: Choose the type of savings account you want to open. SBI offers various types of savings accounts, such as basic savings account, savings plus account, and more. You can select the one that best suits your needs.
Step 5: Submit the completed form along with the required documents, such as your Aadhaar card, PAN card, passport-size photographs, and address proof.
Step 6: After submitting the form, the bank representative will verify your details and documents.
Step 7: Once your account is opened, you will receive your account number, passbook, and other account-related details.
Note: We advise you to carry the original copies of your documents for verification purposes when visiting the bank to open a savings account.
How to Open an SBI Savings Account Online?
The online account opening option is available only with Insta Plus Savings Account. Here is a step-by-step guide to open an SBI Insta Plus Savings Account:
Step 1: Download the YONO App on your smartphone.
Step 2: Click on “New to SBI” followed by “Open Savings Account” within the app.
Step 3: Select the option “Insta Plus Savings Account” to proceed with opening the account without visiting a branch.
Step 4: Provide your PAN and Aadhaar details.
Step 5: Enter the OTP sent to your Aadhaar registered mobile number.
Step 6: Fill in the other relevant details, such as your personal information and contact details.
Step 7: Schedule a video call with an SBI representative to complete the verification process.
Step 8: Log in to the YONO App at the scheduled time and complete the Video KYC process during the call.
Your Insta Plus Savings Account will be opened, and it will be activated for debit transactions after verification by the bank.
Documents Required for SBI Savings Account
The below-mentioned is the list of documents required to open a savings bank account/deposit with the State Bank of India:
- Identity proof: You’ll be required to submit any one of the following documents as identity proof:
- Aadhaar Card
- PAN Card
- Voter ID Card
- Driving License
- NREGA Job Card
- Address proof: You will need to submit any one of the following documents as address proof:
- Aadhaar Card
- Voter ID Card
- Driving License
- Utility bill (electricity, telephone, gas, etc.)
- Bank account statement or passbook
- Letter from a recognized public authority or public servant verifying the address
- Passport-size photographs: After this, you’ll be asked to provide two recent passport-size photographs, in colour.
- Age proof: If you are opening a SBI savings account for a minor, you will need to submit a document as age proof, such as the birth certificate of the minor.
- KYC Form: Properly filled and duly signed.
It is important to note that the above documents may vary depending on the type of account you are opening and other factors. For example, when opening the SBI Insta Plus Savings Account, Aadhaar will be mandatory but it would become option in other cases.
Eligibility Criteria for SBI Savings Account
The below-stated is the eligibility criteria for opening an SBI savings account in India:
- Should be a resident of 18 years or above (in case of minor, natural parent or legal guardians are required to assist)
- Entities like individuals, Central and State Government departments can open a regular SBI savings bank account
- Authorization necessary for opening accounts for government-sponsored programs and schemes (from respective government department)
- Most of the SBI savings accounts can be operated singly, jointly, or with survivorship clauses
- Must furnish PAN card
- Aadhaar Card mandatory for opening SBI Insta Plus Savings account; it’s optional for other types of savings accounts
- Can be opened in single or joint capacity (except for SBI Insta Plus Savings Account)
- Birth certificate required when opening SBI savings account minor(s)
Benefits of an SBI Savings Account
Here are some benefits of having an SBI Savings Account:
- Wide network of branches and ATMs – making it convenient for customers to access their accounts and perform transactions.
- Range of account option – to suit different needs, such as basic savings account, savings plus account, digital savings account, and more.
- Internet banking and mobile banking – providing banking services in your hands, literally.
- Wide range of products and services – such as SBI debit cards, credit cards, personal loans and more (as per the customer’s eligibility).
- Multiple funds transfer options – such as NEFT, RTGS (for amounts of Rs 2 lakhs or more), IMPS and UPI.
SBI Savings Account vs. SBI Current Account
SBI Savings Account and SBI Current Account are two different types of bank accounts offered by State Bank of India. Here are some of the main differences between the two:
- Minimum Balance: SBI Savings Account now does not have any minimum balance requirement, whereas its current Account has a high balance requirement.
- Interest Rates: Savings accounts usually earn interest on the balance, while current accounts will earn no such interest.
- Overdraft Facility: Current Account by SBI comes with an overdraft facility, thus allowing customers withdraw more money than is currently in your account (T&Cs apply). The overdraft facility is not usually available for SBI Savings Accounts.
- Transactions: SBI Current Accounts usually have a higher limit on the number of transactions that can be carried out in a day compared to SBI Savings Accounts.
To conclude the comparison between SBI savings and current account, SBI Savings Account is suitable for individuals who want to save money and earn interest, while SBI Current Account works well for businesses and entrepreneurs who need to make daily transactions.
Tabular Comparison of SBI Savings Account vs. SBI Current Account
Here is a tabular comparison of SBI Savings Account vs. SBI Current Account:
|Particulars||SBI Savings Account||SBI Current Account|
|Purpose||To save money and earn interest||To make daily transactions|
|Minimum Balance Requirement||Typically lower||Typically higher|
|Interest Rates||Guaranteed interest earnings (2.75% – 3.00%)||No interest earning opportunity|
|Overdraft Facility||Not available||Available|
|Transactions||Typically lower number of transactions per day||Typically higher limits that can be carried out in a day|
How to Transfer Funds from SBI Savings Account?
There are various ways to transfer funds from your SBI savings account to another bank’s account, viz.:
- SBI NEFT: National Electronic Funds Transfer (NEFT) is a popular method of transferring funds electronically from an SBI Savings Account to another bank account. NEFT transfers can be initiated through OnlineSBI, SBI YONO or at the branch using the SBI NEFT form.
- SBI RTGS: Real-Time Gross Settlement (RTGS) is another electronic funds transfer mechanism offered by SBI. It is used for high-value transactions and settles the transfer on a real-time basis. SBI account holders can initiate RTGS transactions through SBI netbanking or mobile banking platforms, or by visiting an SBI branch using the SBI RTGS form.
- SBI IMPS: Immediate Payment Service (IMPS) is a real-time interbank electronic funds transfer system in India. It is available 24/7 and allows for instant fund transfers. SBI account holders can initiate IMPS transactions online via netbanking or mobile banking options.
- SBI UPI: Unified Payments Interface or UPI is a quick payment system that allows for instant money transfers between bank accounts without having to share bank account details. All you need is to generate your UPI ID or QR scan code and use it to transfer funds through various UPI-enabled mobile apps. It works on BHIM SBI pay as well as the various other UPI apps.
- SBI Cheque facility: SBI Savings Account holders can also transfer funds through cheque as well as demand drafts, which are age-old traditions, long before the online modes came in.
Suggested Read: What is a Cheque book?
How to Transfer Funds from SBI Savings Account Online?
Here, we are giving a step-by-step guide on how to transfer funds from BSI savings account online using the netbanking option of OnlineSBI:
- Visit the SBI website and click on the “Login” button for NetBanking.
- Enter your username and password and click on the “Login” button to access your account.
- Once you have logged in, click on the “Payments/Transfers” option from the main menu.
- Next, select the “Transfer Money” option from the drop-down menu.
- From the transfer options, choose the type of transfer you want to make – either NEFT, RTGS, IMPS, or UPI.
- Enter the recipient’s account details, including their name, account number, and IFSC code.
- Enter the amount you want to transfer and add a note, if needed.
- Review the transaction details and click on the “Submit” button.
- You will then be asked to confirm the transaction. If everything is correct, click on the “Confirm” button.
- You will be sent an OTP on your registered mobile number and email ID. Type it in.
- A confirmation message will be displayed on the screen, along with a reference number for the transaction.
That’s it! You have successfully transferred funds from your SBI savings account online using SBI NetBanking. Make sure to keep a record of the reference number for future reference.
SBI Savings Account Customer Care
To contact SBI’s customer care for their savings account, you can use any of the following channels:
- SBI Customer Care Toll-Free Numbers: You can call the SBI toll-free numbers from any mobile or landline number in India to speak with a customer care executive. The numbers are available 24×7. These are:
- 1800 1234/ 1800 2100
- 1800 11 2211/ 1800 425 3800
- SBI Customer Care Email: You can send an email to SBI customer care at email@example.com. Make sure to mention your account number, contact details, and a brief description of the issue in the email.
- SBI Customer Care Chatbot – ASK SIA: You can use SBI’s chatbot service on their official website or on their mobile app, YONO. The chatbot can assist you with your queries and help resolve your issues.
If you’ve noticed any unauthorized electronic transaction in your SBI savings account, contact on the following SBI customer care numbers:
- 1800 11 1109 (Toll Free)
- 94491 12211 (Mobile number, Toll Free)
- 080 – 2659 9990 (Toll number)
SBI Savings Account: FAQs
The types of SBI savings accounts are Basic Savings Bank Account, Basic Savings Bank Deposit Small Account, Savings Account, Savings Plus Account, Pehla Kadam and PEhli Udaad Savings Account, and Insta Plus Savings Account which is a digital savings Account by SBI.
All the savings accounts by SBI come with no requirement of maintaining monthly average balance.
Yes, SBI Insta Plus savings accounts can be opened online through the bank’s website or mobile app via video call KYC.
After certain amendments, now there is no need to maintain monthly average balance or minimum balance in an SBI savings bank account.