SBI Savings Account -Types, Features, Interest Rates, Documents

SBI (State Bank of India) offers 9 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.

Starting a journey involves making informed choices, especially when it comes to selecting the perfect savings account. The State Bank of India (SBI), the largest bank in India, offers a range of customized savings account options. SBI caters to customer requirements by offering accounts designed for students, professionals, seniors, and business owners. 

This guide will help you find the SBI savings account that fits you best including features, interest rates, and documents that you need to open an account.

Types of SBI Savings Account

There are 9 different types of SBI Savings Accounts that SBI offers to cater its consumer needs. They are as follows:

Insta Plus Savings Account

You can open SBI’s Insta Plus Savings Account account through Video KYC; without the need to visit SBI branch. With the Insta Plus Saving account, you can use 24*7 access to seamless fund transfers, a Rupay classic card, and more.

Simply download YONO, input PAN and UID details, and open a paperless SBI bank account.

Here’s detailed information on features, eligibility, required documents and the steps to open the account.

FeaturesEligibilityRequirementsHow to Open
Paperless account opening through Video KYCResident Indians above 18 yearsPhysical (Original) PAN and Aadhaar number are mandatoryDownload 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 bankingNew to bank customer without an existing CIF with SBIAadhaar details & PAN(Physical) requiredEnter 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 processAadhaar should have the current addressLogin to the YONO App at the scheduled time. Complete Video KYC process. Account activated for debit transactions
Rupay classic card issuanceMode of operation allowed is only “Single”The mobile number is mandatoryApply for cheque book through YONO/INB/Branch after successful account opening
SMS Alerts, SBI Quick Missed call facilityNomination facility is mandatoryCustomer should be physically present in India

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.

FeaturesTerms & ConditionsService Charges
Available at all branchesCustomer cannot have any other Savings Bank AccountBasic RuPay ATM-cum-Debit card issued free of cost
Minimum balance amount: NilIf already have a Savings Account, close within 30 daysNo annual maintenance charge for the debit card
Maximum balance/amount: No upper limitMaximum 4 free cash withdrawals in a monthReceipt/credit through NEFT/RTGS is free
No Cheque Book facility availableAccount will be KYC compliantDeposit/collection of government cheques is free
Withdrawals only through withdrawal forms or ATMsEligible for individuals with valid KYC documentsNo charge on activation of inoperative accounts
Basic RuPay ATM-cum-Debit card will be issuedAccounts can be opened as a single account or a joint accountNo charges for account closure

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:

FeaturesTerms & ConditionsService Charges
Available at all branches except specified onesLiberalized 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 ATMBalance 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 issuedApplicable to regular Savings Bank Account terms and conditions.Free deposit as well as collection of government cheques
Single / Joint or with survivorship facilitiesRestrictions 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 impressionIf 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 rupeesMaximum 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 AccountA 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 monthsNo 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 submissionConversion 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

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.

FeaturesEligibilityAdditional Information
Mobile bankingAll individuals/Central/State Govt DepartmentsFirst 10 cheque leaves free in a financial year
SMS AlertsGovt depts./bodies/agencies for grants, subsidiesCharges for additional cheque books: 10 Leaf – Rs 40/-+GST, 25 Leaf – Rs 75/-+GST
Internet bankingDevelopment agencies for rural women and childrenRestricted free withdrawals based on Monthly Average Balance
YONO AppSelf-help groups, etc.Facility of transferring accounts through Internet Banking
State Bank AnywhereNomination facility available
SBI Quick Missed Call facilityMonthly Average Balance: NIL
First 10 cheque leaves freeNo limit on Maximum balance
10 Leaf Cheque Book at Rs 40/-+GSTPassbook issued for recording transactions; Duplicate passbook available at a charge
25 Leaf Cheque Book at Rs 75/-+GSTStatements can be sent through e-mail; Free Consolidated Account Statement
Restricted free withdrawals based on MAB

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).

Monthly Average Balance (MAB) requirementNot applicableNot applicable
Maximum BalanceRs. 10 lakhRs. 10 lakh
Cheque Book
– PehlaKadamAvailableAvailable
– PehliUdaanAvailable if minor can sign uniformlyAvailable if minor can sign uniformly
Personalised Chequebook (with 10 leaves)Guardian’s name for PehlaKadam, Minor’s name for PehliUdaanMinor’s name
ATM-cum-Debit Card
– PehlaKadamPhoto embossed ATM-cum-Debit Card with Rs. 5,000 limitPhoto embossed ATM-cum-Debit Card with Rs. 5,000 limit
– PehliUdaanPhoto embossed ATM-cum-Debit Card with Rs. 5,000 limitPhoto embossed ATM-cum-Debit Card with Rs. 5,000 limit
Mobile Banking
– PehlaKadamView and limited transaction rights (Bill payment, Top ups) with Rs. 2,000 limitView and limited transaction rights (Bill payment, Top ups, IMPS) with Rs. 2,000 limit
– PehliUdaanView and limited transaction rights (Bill payment, Top ups, IMPS) with Rs. 2,000 limitView and limited transaction rights (Bill payment, Top ups, IMPS) with Rs. 2,000 limit
Auto Sweep FacilityMinimum 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 OperationJointly with Parent/Guardian or Singly by Parent/GuardianSingly operated
KYC RequirementsDate of Birth proof of minor + KYC of Parent/GuardianDate of Birth proof of minor + KYC of Parent/Guardian
Other FeaturesInterest rate as applicable to Savings Bank A/c, calculated on a daily balanceInterest rate as applicable to Savings Bank A/c, calculated on a daily balance
Transferability to any SBI Branch without changing the account numberTransferability to any SBI Branch without changing the account number
Nomination facility available and recommendedNomination facility available and recommended
Specially designed branded Passbook issued free of chargeSpecially designed branded Passbook issued free of charge
Inter Core charges NIL for transfer transactionsInter Core charges NIL for transfer transactions

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.

Period of deposit1-5 Years
ATM cardYes
State Bank AnywhereYes
Mobile bankingYes
Internet bankingYes
SMS alertsYes
Loan against MOD deposits availableYes
Minimum threshold limit for transfer to MODRs. 35,000
Minimum amount of transfer to MODRs. 10,000 in multiples of Rs. 1,000 at one instance
10 free cheque leaves per annumYes, further leaves issued with charges
Restricted free withdrawals based on MABYes
Transfer of accounts through Internet BankingYes
Maximum BalanceNo Limit
A Pass Book is issued to record transactionsYes, Duplicate passbook available on payment of charges
Statement of accounts can be sent through e-mailYes
Monthly Average BalanceNIL
EligibilityAll individuals with valid KYC documents, Singly, jointly, or with survivorship facilities

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.

EligibilityAll individuals, including minors (through guardian), with valid KYC documents
Other ConditionsCertificate/undertaking for Minor’s fund withdrawal required (Annexure II)
Operations stopped on the guardian’s death
Strict compliance with KYC guidelines

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
TypeNon-Interest Bearing Current Account
Cheque Book/ATM CardNot available
Minimum Balance RequiredUSD 500, GBP 250, EURO 500
RepatriabilityFreely repatriable
Account Holder EligibilityResident individual or jointly with a resident in India
Special ConditionConversion of monthly credits to INR as per RBI guidelines
Permissible CreditsForeign currency received for various purposes
Permissible WithdrawalsPrivate visits, gifts, employment abroad, emigration, medical treatment abroad, studies abroad
features of sbi savings account

SBI Savings Account Features

Here are the features that you get with a State Bank of India (SBI) Savings account.

  • Variety of Accounts: SBI offers 9 different types of savings accounts.
  • 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 Account2.70 PA3.00 PANil
Basic Savings Bank Deposit Account2.70 PA3.00 PANil
Savings Bank Account2.70 PA3.00 PANil
SBI Insta Plus Savings Bank Account2.70 PA3.00 PANil
Savings Plus Account2.70 PA3.00 PANil
Savings Account for Minors2.70 PA3.00 PANil
Motor Accidents Claim Account2.70 PA3.00 PANil
Resident Foreign Currency Domestic Account2.70 PA3.00 PA500 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.

Frequently Asked Questions (FAQs):

What is the Minimum Average Balance (MAB) to be maintained in an SBI savings account?

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.

ServiceSMS FormatSend 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 PDF09223588888
Certificate on Education Loan Interest“ELI / Account Number /<4 digit code of account holder’s choice to encrypt the PDF09223588888
Certificate on Home Loan Interest “HLI /Account Number / <4 digit code of account holder’s choice to encrypt the PDF09223588888


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.

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