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. TheSBI savings account interest ratestarts 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 Saving Account Interest Rate
The following table lays down the details onSBI interest rates for saving accounts:
| Type of SBI Savings Account | Deposit less than Rs. 10 crore | Deposit equal to or more than Rs. 10 crore |
| SBI Insta Plus Savings Bank Account | 2.70% p.a. | 3.00% p.a. |
| SBI Basic Savings Bank Deposit Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Bank Account | 2.70% p.a. | 3.00% p.a. |
| SBI Basic Savings Bank Deposit Small Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Plus Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Account for Minors | 2.70% p.a. | 3.00% p.a. |
| SBI Motor Accidents Claim Account (MACT) | 2.70% p.a. | 3.00% p.a. |
| SBI Resident Foreign Currency Domestic Account | 2.70% p.a. | 3.00% p.a. |
*Interest rates are effective as of October 15, 2022, and are subject to change.
Minimum Balance in SBI Savings Account
Refer to the table below to learn about theminimum SBI savings account balance you need to maintain for various types of accounts:
| Type of Savings Account | Monthly Minimum Balance |
| SBI Insta Plus Savings Bank Account | NIL |
| Basic Savings Bank Deposit Account | NIL |
| SBI Savings Bank Account | NIL |
| Basic Savings Bank Deposit Small Account | NIL |
| Savings Plus Account | NIL |
| Savings Account for Minors | NIL |
| Motor Accidents Claim Account (MACT) | NIL |
| Resident Foreign Currency Domestic Account | USD 500, EURO 500, GBP 250 |
SBI Saving Account Maximum Balance
There is currentlyno ceiling on the maximum account balance for the majority of SBI savings accounts. However, there are exceptions for the Minors account and Basic Savings Bank Deposit Small account. Themaximum balance for theBasic Savings Bank Deposit Small account is Rs.50,000, and theSaving Account For Minors isRs.10 lakh.
SBI Saving Account Charges
The table below provides the details ofcharges and fees associated with the SBI Savings account:
| Service Type | Associated Charges |
| Issuance off First Passbook or Continuation | Free |
| Issuance of Multi City Cheque Book (for Savings) | 10 free cheques each financial year. Afterwards, 10 leaves for Rs.40 + GST and 25 leaves for Rs.75 + GST |
| Issuing Multi City Cheque Book (for Senior Citizens) | Free |
| Emergency Cheque Book | Rs.50+ GST for 10 leaves |
| Duplicate Passbook Issue | Rs.100 + GST or Rs.50+ GST for 40 entries or per page |
| Savings Bank Account Transfer | Free |
| Account Closure between 14 days and 1 year from the date of opening | Rs.500 +GST |
| Account Closure within 14 days from opening | Free |
| Account Closure after 1-year from opening | Free |
| Stop Payment Instruction | From Rs.100 to Rs.500 + GST per instrument per issuance |
| Contactless/ Silver/ Global/ Classic Debit Card Issuance | Free |
| Gold Debit Card Issuance | Rs.100 + GST |
| Platinum Debit Card issuance | Rs.300 + GST |
| Salary Account Debit Card Issuance | Free |
| Contactless/ Silver/ Global/Classic Debit Card Annual Maintenance Charge | Rs.125 + GST |
| Combo/ Yuva/ Gold Debit Card Annual Maintenance Charge | Rs.175 + GST |
| Platinum Debit Card Annual Maintenance Charge | Rs.250 + GST |
| Debit Card Annual Maintenance Charge for Salary Account | Free |
| Interest Certificate | Original: Free Duplicate: Rs.150 + GST |
| Doorstep Banking for Financial Transactions | Rs.100 + GST |
SBI Savings Account Transaction Limit
Here are thelimits for SBI account transfers and transactions:
| Transaction Type | Limit Per Day |
| Transfer within Self Accounts | Rs.2,00,00,000 |
| Fixed / Recurring Deposit | Rs.99,99,999 |
| IMPS | Rs.5,00,000 per transaction |
| Quick Transfer | Rs.50,000 per transaction/ per day; Rs.5,00,000 daily overall limits |
| Third-Party Transfer within SBI | Rs.10,00,000 |
| Interbank Transfer - RTGS | Rs.10,00,000 |
| Interbank Transfer - NEFT | Rs.10,00,000 |
| Credit Card VISA Transfer | Rs.1,00,000 |
| mCash | Rs.1,101/ transaction Rs.2,202/ Day Rs.5,101/ Month |
| UPI | Rs.1,00,000 per day transaction |
| QR Cash Withdrawal | Rs.4,000 |
| Transaction Limit for a newly added Beneficiary (Initial 4 days) | Rs.1,00,000 |
| Bill Payments | Rs.5,00,000 |
| SBI Prepaid Cards | Rs.50,000 |
| Mobile Top Up | Rs.10,000/ transaction; Rs.50,000/ day |
| SBI Life Premium | Rs.50,000 |
| Postpaid bill payment | Rs.50,000 |
| DTH Recharge | Rs.50,000 |
For Minor Account
| Transaction Type | Individual Limit | Overall Limit |
| Top-up | Rs.2000 | Rs.5000 |
| DD | Rs.5000 | |
| Bill Payment | ||
| NEFT | ||
| GRPT | ||
| e-RD, eTDR, eSTDR | ||
| UPI | ||
| IMPS - P2A | ||
| IMPS - P2P |
These charges are subject to change. Contact the branch for confirmation.
Types of SBI Savings Account
SBI offers various types of savings accounts. They come with unique features and benefits. Here are thetypes ofSBI savings accounts:
Insta Plus Savings Bank Account (Video KYC)
SBI's Video KYC Savings Account offers hassle-free, paperless and video-based account opening, eliminating the need for branch visits. Only the Aadhaar details and PAN (Physical) are required to open this account. The signature will be captured during the Video KYC process. It supports fund transfers through UPI, NEFT, IMPS, and the YONO app, with the option to apply for a RuPay Classic debit card.
Account holders can access their accounts 24x7 through the YONO app, internet banking and mobile banking. They can stay informed with instant updates via SBI Quick Missed Call and SMS alerts. The account provides a nomination facility, and although no cheque book is issued, account holders can apply for a cheque book through YONO, internet banking or visiting the branch.
Basic Savings Bank Deposit Account
SBI Basic Savings Bank Account is a simple savings account available at 22,000 SBI branches across India.
There is no minimum balance requirement and no upper limit for the maximum balance. Although the account does not provide a chequebook facility, withdrawals can be made through a branch or ATM visit.
Customers have the option to apply for a free RuPay Basic Debit Card that is free of annual maintenance fees. In addition, up to four free cash withdrawals are permitted across all channels.
Basic Savings Bank Deposit Small Account
Any Indian resident above 18 years without valid KYC documents can open this account by sending a self-attested photograph and thumbprint or signature to an SBI bank official.
Upon submission of KYC documents, this account can be converted to a regular savings account. Available at all 22,000 SBI branches, excluding corporate account group branches, mid-corporate group branches, personal banking branches, and special personalise banking branches. Customers can withdraw money at branches or ATMs and apply for a RuPay Basic Debit Card. The account has no minimum balance requirement and allows a maximum balance of Rs.50,000.
Savings Bank Account
SBI Savings Bank Account is a popular SBI account known for its extensive features and benefits. Account holders have access to a range of services, including mobile banking, SMS alerts, internet banking, YONO and state bank anywhere.
Additionally, customers can avail the convenience of the SBI Quick Missed Call feature. The account offers 10 free cheque leaves per year, with subsequent cheque books charged at Rs.40 + GST. There is no mandatory minimum balance requirement, and account holders may not have any maximum balance restrictions.
Savings Account for Minors
SBI introduced 'Pehla Kadam' and 'Pehli Udaan', ideal accounts to teach kids how to save money. With a current debit card withdrawal limit of Rs.5,000, it encourages responsible spending.
There is no average monthly balance requirement, and the maximum account balance can reach Rs.10 lakhs. The auto-sweep feature is available with a minimum limit of Rs.20,000, ensuring hassle-free financial management of your child's future.
Savings Plus Account
SBI's Savings Plus Account offers a MOD-linked structure that automatically transfers excess funds above Rs.35,000 to term deposits, providing higher returns without the need for additional paperwork.
The Multi Option Deposit (MOD) feature allows for a deposit period of one to five years. Account holders can apply for various services, including ATM cards, state bank anywhere, mobile banking, internet banking and SMS alerts.
There are also loans against MOD with 25 free cheque leaves per year and no maximum balance limit. Additionally, the account has no monthly average balance requirement.
Motor Accidents Claim Account (MACT)
The SBI Savings Account is tailored for recipients of interest or compensation from the Motor Accident Claim Annuity Deposit (MACAD) awarded to victims of motor accidents by the court/tribunal. The account comes with a welcome kit, including an ATM/debit card, and offers services like a chequebook app and free internet banking.
Resident Foreign Currency (Domestic) Account
Resident Indians can now open and manage a non-interest-bearing foreign currency account in USD, GBP or EURO to keep foreign exchange earned through various channels. This current account does not provide a chequebook or an ATM card. A minimum balance of USD 500, GBP 250 or EURO 500 must be maintained, and the account allows unlimited balance repatriation.
How to Open a Savings Account in SBI?
You can now open an SBI savings account online as well as offline. Here are the procedures for both:
- Online Process
Here is a step-by-step guide on how to apply for a SBI Savings Account through the SBI YONO App:
Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.
Step 2:Open the app, click ‘Open Savings Account', then select 'With Branch Visit'.
Step 3: Select ‘Apply Now’ and click ‘Next’.
Step 4: Select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option or ‘Open with Officially Valid Document (OVD)’ option when you do not have an Aadhaar card and click ‘Next’.
Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN.
Step 6: Enter your personal details, annual income details and educational details and submit.
Step 7: Enter the OTP and submit the application. Visit the bank branch to complete the document verification process. The SBI officials will open the account after the completion of the verification process.
Here is a step-by-step guide on how to apply for SBI Insta Plus Savings Account through the SBI YONO App:
Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.
Step 2:Open the app, click ‘Open Savings Account', then select 'Without Branch Visit'.
Step 3:Select ‘Insta Plus Savings Account’ as your preferred savings account type
Step 4: Enter your Aadhaar and PAN details. The OTP will be sent to the Aadhaar-linked mobile number for verification.
Step 5: Provide the OTP to complete the verification process.
Step 6: Schedule a video call and be ready with your original Aadhaar card and PAN card for verification during video KYC.
Step 7: After successful verification, your savings account will be opened, and you can start making transactions immediately.
- Offline Process
To open an SBI savings account offline, follow these steps:
Step 1:Head to your nearest SBI branch.
Step 2: Fill out the SBI Savings Account form.
Step 3:Enter the basic information and select the required account type.
Step 4:Submit attested copies of your Aadhaar and PAN cards.
Step 5:Submit the form along with the cash or draft deposit receipt and other necessary proof of identity, income and residence.
Step 6:After verification by bank officials, your account will be activated.
Collect your SBI Savings Account Welcome Kit including your ATM card, cheque book and relevant documents for future reference.
Documents Required for Opening Savings Account in SBI
You will need the following documents to open a savings account with SBI:
- ID proof (Aadhaar/ driving license/ voter ID card/ passport)
- Address proof (Aadhaar/ driving license/ voter ID card/ passport)
- PAN card or Form 16
- Two latest passport-size photographs
How to Close an SBI Savings Account?
You can close your SBI savings account by visiting the nearest branch. Here are the steps:
Step 1:Obtain an account closure form available for downloading online or at a branch.
Step 2: Fill out the form and submit it at your home branch.
Step 3: Include a copy of your ID and address, deposit book, chequebook, and ATM/debit cards.
Step 4: If there are any outstanding fees, settle them during submission.
Depending on account type and age, account closure charges may apply. SBI will initiate the account closure process and complete it within seven business days.
SBI Savings Account Features
Look at some of the prominent features of SBI savings accounts:
- There is no minimum balance requirement for SBI Savings Accounts.
- The nomination option is available for savings accounts.
- ATM cards are provided for all SBI Savings Accounts, except for (Domestic) Resident's Foreign Currency Accounts.
- No maximum balance for most SBI savings accounts except small savings (maximum Rs.50,000) and minor accounts (maximum Rs. 10,000).
SBI Savings Account Benefits
You can enjoy these exclusive benefits with an SBI savings account:
- Mobile banking services such as Interbank Mobile Payment Services (IMPS), fund transfers, chequebook requirements, payment of utility bills, M-Commerce, etc.
- Multi Option Deposit (MOD) linked to SBI Savings Account.
- Automatic distribution of MOD to cover the lack of funds for inspections.
- MOD compromise via ATM withdrawals.
- Banking options such as SBI Online Banking, mobile banking, and banking kiosk.
- Issuance of a passbook free of charge.
- SBI Net Banking Services such as opening and closing fixed deposits and recurring deposits, Money Transfers (RGTS, NEFT, Western Union Money Transfer), payment of online shopping, utility bills, Demat processes, e-tax filing, etc.
- Storage lockers
- Nomination service
- Low-cost accident insurance
- Gold card
- International Debit Card/ATM
The SBI savings account interest rate keeps revising. Currently, it is 2.70% p.a for all savings accounts having deposits below Rs.10 crore. Different types of SBI savings accounts offer great features and benefits. So, download the YONO app and open the savings account that most suits your requirements.
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3. SBI Mobile Banking - How to Register and Log In on the YONO/YONO Lite app?
4. How To Activate SBI Net Banking?
5. SBI Annuity Deposit Scheme
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