SBI Savings Account -types, features, interest rates and documents required
State Bank of India (SBI) savings account is a type of deposit account where customers save money and earn interest.
SBI (State Bank of India) offers 8 different types of savings accounts including Insta Plus Savings Account, Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, General Savings Bank Account, Savings Account For Minors, Savings Plus Account, MACT claims SB account, and Resident Foreign Currency Domestic Account. Each account type has its own beneficial features with attractive interest rates.
SBi Savings Bank account provides features such as banking services, mobile applications, personalized debit cards, and exclusive deals that make SBI Savings Accounts stand out from the rest.
The documents required to open SBI savings account include proof of identity, proof of address, and passport-size photographs. In the case of minors guardian’s identity and address proof are required.
What are the types of SBI savings account?
There are eight different types of SBI Savings Accounts that are listed below.
- SBI Insta Plus Savings Account
- SBI Basic Savings Bank Deposit Account
- SBI Basic Savings Bank Deposit Small Account
- SBI Savings Bank Account
- SBI Savings Account For Minor
- SBI Savings Plus Account
- SBI Resident Foreign Currency Domestic Account
- SBI Motor Accident Claim Tribunals (MACT) Savings Account
1. Insta Plus Savings Account
SBI’s Insta Plus Savings Account account is a type of deposit account that allows paperless account opening process through Video KYC without the need to visit SBI branch. With the Insta Plus Saving account, SBI customers have 24*7 access to fund transfers, rupay classic card, and more.
To open Insta Plus Savings account, download YONO on your smartphone, enter your details including name, address, email, contact, PAN and UID (Aadhar) details.
The features, eligibility, documents needed and the account opening process is given in the table below.
| Features | Eligibility | Required Documents | How to Open |
| Paperless account opening through Video KYC | Resident Indians above 18 years | Physical (Original) PAN and Aadhaar number are mandatory | Step 1: Download YONO App. Click New to SBI. Open Savings Account. Without Branch visit. Insta Plus Savings Account |
| 24*7 banking access through the YONO app, internet banking | New to bank customer without an existing CIF with SBI | 1.Aadhaar 2.PAN card | Step 2: Enter PAN Aadhaar details. Enter the OTP sent to Aadhaar’s registered mobile number. Schedule Video Call |
| Fund transfers using NEFT, IMPS, UPI, etc. | The customer should be physically present in India during the process | Aadhaar must have the current address | Step 3: Login to the YONO App at the scheduled time. Complete Video KYC process. Account activated for debit transactions |
| Rupay classic card issuance | Mode of operation allowed is only “Single” | The mobile number is mandatory. | Step 4: Apply for cheque book through YONO/INB/Branch after successful account opening. |
| SMS Alerts, SBI Quick Missed call facility | Nomination facility is mandatory | Customer have to be physically present in India. |
2. Basic Savings Bank Deposit Account
The SBI basic savings bank deposit account doesn’t require any minimum balance and you get a Rupay ATM-cum-debit card free of charge, ensuring accessibility for all.
Enjoy the simplicity of withdrawals through ATMs or branches and the flexibility of operating singly or jointly. Plus, benefit from cost-free services like electronic fund transfers and government cheque transactions.
The below table includes information on features, requirements and service charges.
| Features | Terms & Conditions | Service Charges |
| Available at all branches | Customer cannot have any other Savings Bank Account | Basic RuPay ATM-cum-Debit card issued free of cost |
| Minimum balance amount: Nil | If already have a Savings Account, close within 30 days | No annual maintenance charge for the debit card |
| Maximum balance/amount: No upper limit | Maximum 4 free cash withdrawals in a month | Receipt/credit through NEFT/RTGS is free |
| No Cheque Book facility available | Account will be KYC compliant | Deposit/collection of government cheques is free |
| Withdrawals only through withdrawal forms or ATMs | Eligible for individuals with valid KYC documents | No charge on activation of inoperative accounts |
| Basic RuPay ATM-cum-Debit card will be issued | Accounts can be opened as a single account or a joint account | No charges for account closure |
3. Basic Savings Bank Deposit Small Account
Through Basic Savings Bank Deposit Small Account, you can enjoy the freedom of withdrawals through branches or ATMs and a complimentary RuPay ATM-cum-debit card. The account also offers a maximum balance of 50,000 rupees and zero service charges for essential transactions.
For detailed information, check the below table:
| Features | Terms & Conditions | Service Charges |
| Available at all branches except specified ones | Liberalized KYC process – self-attested photograph and signature/thumb impression before a bank officer. | Basic RuPay ATM-cum-Debit card issued free, no annual maintenance charge |
| Withdrawal from branch or through ATM | Balance limit: Minimum NIL, Maximum Rs. 50,000. | Free receipt/credit via electronic payment channels like NEFT/RTGS |
| Basic RuPay ATM-cum-debit card will be issued | Applicable to regular Savings Bank Account terms and conditions. | Free deposit as well as collection of government cheques |
| Single / Joint or with survivorship facilities | Restrictions on balance and transactions: Must not exceed Rs. 50,000; Monthly withdrawals and transfers are capped at Rs. 10,000. | No charges on closure account |
| KYC process with only self-attested photograph and signature/thumb impression | If the balance exceeds Rs. 50,000 or total credit in a year exceeds Rs. 1,00,000, full KYC is needed. | |
| Balance should not exceed 50,000 rupees | Maximum 4 withdrawals in a month, Including ATM and other modes | |
| 4 withdrawals a month (Max) | Foreign remittances not allowed unless full identity established through valid documents. | |
| Foreign Remittances are not allowed to be credited into a Small Account | A Small Account is operational for 12 months, extendable by another 12 months if evidence of KYC document application is provided. | |
| Small Account operational initially for 12 months | No further transactions permitted if KYC documents are not submitted within 24 months of account opening, except for account closure. | |
| No further transactions after 24 months without KYC submission | Conversion to Regular Savings or BSBD account allowed manually by home branch upon full KYC compliance. The account number remains the same. | |
| Conversion to Regular Savings or BSBD account allowed |
4. SBI Savings Bank Account
With the SBI Savings Bank Account, you can enjoy features like Mobile Banking, SMS Alerts, and Internet Banking, coupled with the flexibility of YONO and State Bank Anywhere.
With no Monthly Average Balance requirement and a range of services, including free initial cheque leaves and a Nomination facility, it caters to diverse needs seamlessly.
Here’s detailed information on SBI savings bank account.
| Features | Eligibility | Additional Information |
| Mobile banking | All individuals/Central/State Govt Departments | First 10 cheque leaves free in a financial year |
| SMS Alerts | Govt depts./bodies/agencies for grants, subsidies | Charges for additional cheque books: 10 Leaf – Rs 40/-+GST, 25 Leaf – Rs 75/-+GST |
| Internet banking | Development agencies for rural women and children | Restricted free withdrawals based on Monthly Average Balance |
| YONO App | Self-help groups, etc. | Facility of transferring accounts through Internet Banking |
| State Bank Anywhere | Nomination facility available | |
| SBI Quick Missed Call facility | Monthly Average Balance: NIL | |
| First 10 cheque leaves free | No limit on Maximum balance | |
| 10 Leaf Cheque Book at Rs 40/-+GST | Passbook issued for recording transactions; Duplicate passbook available at a charge | |
| 25 Leaf Cheque Book at Rs 75/-+GST | Statements can be sent through e-mail; Free Consolidated Account Statement | |
| Restricted free withdrawals based on MAB |
5. SBI Savings Account For Minor
SBI offers two types of minors accounts – PehlaKadam and PehliUdaan Savings Accounts. These account require no Monthly Average Balance and you can only have a maximum balance of Rs. 10 lakh. You also get specially designed cheque books, photo ATM-cum-Debit Card, and mobile banking privileges.
Here are the features of both the minor accounts offered by State Bank of India (SBI).
| Features | PehlaKadam | PehliUdaan |
| Monthly Average Balance (MAB) requirement | Not applicable | Not applicable |
| Maximum Balance | Rs. 10 lakh | Rs. 10 lakh |
| Cheque Book | – Available – Available if minor can sign uniformly | – Available – Available if minor can sign uniformly. |
| Personalised Chequebook (with 10 leaves) | Guardian’s name for PehlaKadam, Minor’s name for PehliUdaan | Minor’s name |
| ATM-cum-Debit Card | Photo embossed ATM-cum-Debit Card with Rs. 5,000 limit | Photo embossed ATM-cum-Debit Card with Rs. 5,000 limit |
| Mobile Banking | View and limited transaction rights (Bill payment, Top ups) with Rs. 2,000 limit. | View and limited transaction rights (Bill payment, Top ups, IMPS) with Rs. 2,000 limit. |
| Auto Sweep Facility | Minimum threshold of Rs. 20,000/-, sweep in multiples of Rs. 1,000/- with a minimum of Rs. 10,000/- | Minimum threshold of Rs. 20,000/-, sweep in multiples of Rs. 1,000/- with a minimum of Rs. 10,000/- |
| Mode of Operation | Jointly with Parent/Guardian or Singly by Parent/Guardian | Singly operated |
| KYC Requirements | Date of Birth proof of minor + KYC of Parent/Guardian | Date of Birth proof of minor + KYC of Parent/Guardian |
| Interest rate | Interest rate as applicable to Savings Bank A/c, calculated on a daily balance | Interest rate as applicable to Savings Bank A/c, calculated on a daily balance |
| Transferability | Transferability to any SBI Branch without changing the account number | Transferability to any SBI Branch without changing the account number |
| Nomination | Nomination facility available and recommended. | Nomination facility available and recommended. |
| Passbook | Specially designed branded Passbook issued free of charge. | Specially designed branded Passbook issued free of charge. |
| Inter Core | Inter Core charges NIL for transfer transactions | Inter Core charges NIL for transfer transactions |
6. SBI Savings Plus Account
Savings Plus Account is a dynamic banking solution with a 1-5 year deposit period, ATM, State Bank Anywhere, and Mobile Banking services.
Enjoy Internet Banking, SMS alerts, and the option for loans against MOD deposits. With 10 free cheque leaves, no MAB requirement, and flexible break-open options, it’s your comprehensive and flexible banking companion.
For detailed information, check out the below table.
| Features | |
| Period of deposit | 1-5 Years |
| ATM card | Yes |
| State Bank Anywhere | Yes |
| Mobile banking | Yes |
| Internet banking | Yes |
| SMS alerts | Yes |
| Loan against MOD deposits available | Yes |
| Minimum threshold limit for transfer to MOD | Rs. 35,000 |
| Minimum amount of transfer to MOD | Rs. 10,000 in multiples of Rs. 1,000 at one instance |
| 10 free cheque leaves per annum | Yes, further leaves issued with charges |
| Restricted free withdrawals based on MAB | Yes |
| Transfer of accounts through Internet Banking | Yes |
| Maximum Balance | No Limit |
| A Pass Book is issued to record transactions | Yes, Duplicate passbook available on payment of charges |
| Statement of accounts can be sent through e-mail | Yes |
| Monthly Average Balance | NIL |
| Eligibility | All individuals with valid KYC documents, Singly, jointly, or with survivorship facilities |
7. SBI Motor Accident Claim Tribunals (MACT) Savings Account
This account facilitates swift compensation disbursement from Motor Accident Claim Tribunals. It includes features like SB interest rates, nomination facilities, and the convenience of a passbook, chequebook, ATM cum Debit Card, Internet Banking and other options.
Open to all individuals, including minors, this account prioritises compliance with KYC guidelines for a secure and accessible financial solution.
For detailed information, check out the table below.
| Features | |
| Eligibility | All individuals, including minors (through guardian), with valid KYC documents |
| Other Conditions | Certificate/undertaking for Minor’s fund withdrawal required (Annexure II) |
| Operations stopped on the guardian’s death | |
| Strict compliance with KYC guidelines |
8. Resident Foreign Currency Domestic Account
The Resident Foreign Currency Account (RFC) offers a non-interest bearing current account. It allows individuals, singly or jointly with a resident in India, to manage foreign currency. With a minimum balance requirement, the RFC account supports permissible credits.
Further, it facilitates withdrawals for various purposes, including travel, studies, and capital account transactions like property purchases and investments abroad.
Here’s the detailed information to open the account.
| Resident Foreign Currency Account (RFC) | Particulars |
| Type | Non-Interest Bearing Current Account |
| Cheque Book/ATM Card | Not available |
| Minimum Balance Required | USD 500, GBP 250, EURO 500 |
| Repatriability | Freely repatriable |
| Account Holder Eligibility | Resident individual or jointly with a resident in India |
| Special Condition | Conversion of monthly credits to INR as per RBI guidelines |
| Permissible Credits | Foreign currency received for various purposes |
| Permissible Withdrawals | Private visits, gifts, employment abroad, emigration, medical treatment abroad, studies abroad |
What are the features of SBI Savings account?
The features of State Bank of India (SBI) Savings account include accounts variety, video KYC convenience, high-interest rate, SBI diversified services, low to zero minimum balance requirement, nomination facility and comprehensive online presence.
The details of all the SBI savings account features are listed below.
- Variety of Accounts: SBI offers 8 different types of savings accounts that includes Insta Plus Savings Account, Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, General Savings Bank Account, Savings Account For Minors, Savings Plus Account, MACT claims SB account, and Resident Foreign Currency Domestic Account targeted for different consumers.
- Video KYC convenience: Allows paperless account opening through a video-based process, with 24/7 access.
- High Interest Rates: Currently at 2.70% p.a. for balances less than Rs. 10 Crore.
- Diversified Services: SBI Card, SBI Mutual Fund, SBI Life Insurance, and SBI General Insurance.
- Minimum Balance Requirements: Low to 0 balance requirements.
- Nomination Facility: Control account distribution under uncertain situations.
- Comprehensive Online Presence: Various digital platforms, including YONO, mobile banking, and Internet banking.
SBI Savings Account Benefits
Extensive Network / Easy accessibility: It has more than 22,000 branches, 62,617 ATMs, and 71,968 Business Correspondent outlets.
Diverse Account Options: 9 different accounts.
Automatic Surplus Fund Transfer: Optimizes returns without manual intervention.
Nominal Charges: Transparent charges to avoid hidden costs.
Customer-Centric Approach: SBI’s core values include customer-centricity, ensuring a focus on customer needs and satisfaction in delivering banking services.
SBI Savings Account Interest Rate 2024
| Savings Bank Account | Deposit less than Rs. 10 crore (%) | Deposit equal to or more than Rs. 10 crore (%) | Monthly Minimum Balance |
| Insta Plus Savings Bank Account | 2.70 PA | 3.00 PA | Nil |
| Basic Savings Bank Deposit Account | 2.70 PA | 3.00 PA | Nil |
| Savings Bank Account | 2.70 PA | 3.00 PA | Nil |
| SBI Insta Plus Savings Bank Account | 2.70 PA | 3.00 PA | Nil |
| Savings Plus Account | 2.70 PA | 3.00 PA | Nil |
| Savings Account for Minors | 2.70 PA | 3.00 PA | Nil |
| Motor Accidents Claim Account | 2.70 PA | 3.00 PA | Nil |
| Resident Foreign Currency Domestic Account | 2.70 PA | 3.00 PA | 500 USD |
Documents Required To Open SBI Savings Account
To open SBI Savings Bank account, here are the documents you need.
| Documents Required for SBI Savings Account |
| Proof of Identity |
| – Passport |
| – Voter ID card |
| – Aadhar card |
| – Driving license |
| – PAN card |
| Proof of Address |
| – Passport |
| – Voter ID card |
| – Aadhar card |
| – Driving license |
| – Utility bills (electricity, water, gas) or property tax receipt |
| Other Requirements |
| – Passport-size photographs |
| – In the case of minors, guardian’s documents may be required |
| Note: It’s advisable to check with the nearest SBI branch or visit the official SBI website for any specific updates or additional requirements. |
What is the minimum balance required on SBI savings account?
There is no minimum balance required on SBI savings account as well as no upper limit is required for the maximum balance. State Bank of India (SBI) waived off minimum average balance requirement for savings account in the year 2020.
Is it okay to hold more than one SBI savings account?
Yes, it is possible to have more than one SBI savings account. One can have personal savings, joint accounts, or specialized accounts like those for minors.
How to check my SBI account balance?
You can check SBI account balance through
a) Internet Banking: Log in to your SBI internet banking portal to view your account balance online.
b) Mobile Banking: Use the SBI mobile banking app to check your account balance on your smartphone.
c) ATM: Visit any SBI ATM and use your debit card to check the account balance.
d) SMS Banking: Send an SMS from your registered mobile number to the specified SBI number to receive your account balance.
e) Passbook: Visit your nearest SBI branch and update your passbook to view the latest transactions and account balance.
f) Missed Call Service: SBI provides a missed call service. By giving a missed call to the designated number from your registered mobile number, you will receive an SMS with your account balance.
| Service | SMS Format | Send to Number |
| Balance Enquiry | “BAL” | 09223766666 |
| Mini Statement | “MSTMT” | 09223866666 |
| Cheque Book Request | “CHQREQ” | 09223588888 |
| E-statement | “ESTMT /Account Number /<4 digit code to encrypt the PDF | 09223588888 |
| Certificate on Education Loan Interest | “ELI / Account Number /<4 digit code of account holder’s choice to encrypt the PDF | 09223588888 |
| Certificate on Home Loan Interest | “HLI /Account Number / <4 digit code of account holder’s choice to encrypt the PDF | 09223588888 |
Conclusion:
State Bank of India (SBI) is a trusted, innovative, and customer-centric banking entity offering diverse savings accounts, competitive interest rates, and digital solutions. With its rich legacy and global presence, the SBI remains committed to high qualities like transparency, compliance, and enhancing the overall banking experience.
