SBI Bank Savings Account

State Bank of India has different types of savings accounts for both minors and adults. They have options like SBI Basic Savings Account, Small Savings Account, and Savings Plus Accounts. Here, you can find and compare the latest interest rates for SBI savings accounts. Plus, you can learn how to open an SBI savings account online or offline and get info on the required documents and other important details.

SBI Savings Account Balance Rate of Interest (p.a.)
Balance less than Rs. 10 crores 2.70%
Balance Rs. 10 crores and above 3.00%

State Bank of India has six different kinds of savings accounts for its customers. These accounts are set up to help people with lower incomes through initiatives like Pradhan Mantri Jan Dhan Yojana, making it easier for them to handle their money. The bank also has accounts for kids, like the SBI Savings Account for Minors, to encourage them to start saving early.

Types of SBI Savings Account

1. Savings  Bank Account

2. Basic Small Savings Account

3. Savings Account for Minors

4. Savings Plus Account

5. Insta Plus Video KYC Savings Account

6. Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)

Types of SBI Savings Account – Features & Benefits

1. SBI Regular Savings Bank Account

This is the kind of account you usually get when you apply for an SBI savings account. It's a simple savings account that comes with things like SMS banking, internet banking, and a credit card for everyone. You just need the right documents (KYC) to open this account.

Particulars Details
Maximum Balance No maximum limit
Debit Card RuPay ATM-cum-debit card; personalized debit card also offered
Credit Card As per terms & conditions
Eligibility Criteria All individuals/Central/State Govt Departments PAN Card required to open an account
Cheque Book Facility

First 10 cheque leaves free in a financial year

After that,

Rs. 40+GST for 10 leaf cheque book

Rs. 75+GST for 25 leaf cheque book

Other Features
  • Zero Balance Savings Account
  • No need to maintain a monthly average balance
  • Easy online opening with just one branch visit
  • Accessible through internet banking and mobile banking
  • Nomination is a mandatory feature

2. SBI Basic Small Savings Account

This savings account is also for people with lower incomes, especially those who don't have the right documents for a regular bank account. It's designed to make it easier for them to open an account and manage their money, even if they face challenges in getting official documents.

Particulars Details
Minimum/Maximum Balance Nil/ Rs. 50,000
Debit Card Basic Rupay ATM-cum-debit card; issued free of cost
Credit Card Not provided
Eligibility Criteria

All individuals above 18 years of age who DO NOT have official KYC documents

(Self-attested photo + sign or thumb impression in presence of authorized branch officer)

ATM Charges

Monthly withdrawal limit

No annual maintenance charges

Rs. 10,000 (total of 4 withdrawals allowed)

Other Features
  • Zero Balance Savings Account
  • Maximum credits allowed in a year: Rs. 1 lakh
  • Transaction limit per month: Rs. 10,000
  • Foreign remittance not allowed until officially valid KYC documentation is completed
  • Account facility not available at Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches

3. SBI Savings Account for Minors

This SBI savings account is made for helping kids understand the value of money and savings. It lets them try out spending so they can learn to handle their money wisely as they grow up. Parents or guardians need to be involved in opening and managing this account.

Particulars Details
Maximum Balance Rs. 10 lakh
Minimum Average Balance (MAB) Not required
Transaction Limit

Mobile Banking: Rs. 2,000 per day

Internet Banking: Rs. 5,000 per day

Debit Card Provided; Photo ATM-cum-Debit Card
Credit Card Not provided
Eligibility Criteria

Pehla Kadam: Minor (jointly with parent/legal guardian)

Pehli Udaan: Minor above 10 years of age who can uniformly sign (Opened solely in minor’s name)

Cheque Book Facility Provided
Other Features
  • Pehla Kadam – Issued to the parent/guardian singly or jointly with the minor
  • Pehli Udaan – Issued when a minor can sign uniformly
  • 2 cheque books available (Pehla Kadam & Pehli Udaan)
  • Viewing rights & transaction rights (per day transaction of Rs. 2,000 allowed in case of mobile banking)
  • Auto Sweep facility provided with a minimum limit of Rs. 20,000
  • E-Term Deposit option offered
  • Specially designed passbook issued free of charge

4. SBI Savings Plus Account

This account is a type of savings plan called the SBI Multi Option Deposit Scheme. In this, your regular savings or current account is used to create a fixed deposit for 1-5 years. It's meant to encourage people to start investing. You can also get a loan using this deposit to help manage your money better.

Particulars Details
Balance Min. Balance – Rs. 35,000 to be kept in MODS
Transaction Limit Min. transfer of Rs. 10,000
Debit Card ATM Card provided
Eligibility Criteria All individuals with valid KYC documents
Cheque Book Facility Provided with 25 free leaves per annum
Other Features
  • Encourages savings with a MODS-linked* account
  • Automatically turns extra money into fixed deposits
  • Deposit period: 1-5 years
  • Available option for a loan against MOD deposits

*MODS: Multi-Option Deposit Scheme

5. Insta Plus Video KYC Savings Account

This SBI savings account can be easily opened online using Video KYC, and all you need are your Aadhaar and PAN (physical) details. No need to visit the bank branch for any verification – it's a hassle-free process.

Particulars Details
Debit Card Rupay classic card
  • Aadhaar and PAN mandatory with mobile number registered with Aadhaar
  • Literate resident Indians above 18 years of age who do not have a CIF/ active relationship with SBI
Other Features
  • Nomination is mandatory
  • SBI Quick Missed call facility, SMS alerts available
  • No chequebook, debit/voucher transactions, or any other signature-based services are allowed in the branch
  • Allows fund transfer using NEFT, UPI, IMPS, etc. through YONO app or online SBI (internet banking)

6. Basic Savings Account (Pradhan Mantri Jan Dhan Yojana)

This SBI savings account is made to help people with less money by giving them a way to start saving.

Particulars Details
Minimum/Maximum Balance No limit
Debit Card Basic Rupay ATM-cum-debit card; issued free of cost
Credit Card Not provided
Eligibility Criteria All individuals having valid KYC documents
Monthly withdrawal limit 4 free monthly cash withdrawals (Both SBI & other bank’s ATMs)
Cheque Book Facility Not Available
Other Features
  • Safe Deposit Lockers (based on availability)
  • Nomination facility is available and recommended

SBI Savings Account ATM Charges

Average Monthly Balance (AMB) in Savings Bank Number of Free Transactions (per month)
Both Financial and Non-financial Only Cash
Other Bank ATMs Our Bank ATM
In 6 Metro Centers* Other Centers
Up to Rs. 25,000 3 5 5
Above Rs. 25,000 up to Rs.50,000 3 5 Unlimited
Above Rs.50,000 up to Rs.1,00,000 3 5
Above Rs.1,00,000 Unlimited Unlimited -
Charges for Financial Transactions Beyond the Set Limit (Per Txn.) Rs. 20+GST Rs. 10+GST
Charges for Non-financial Transactions Beyond the Set Limit (Per Txn.) Rs. 8+GST Rs. 5+GST NIL

*Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad

Other Charges

One Time Locker Registration Charge
  • Small/ Medium: 500+GST
  • Large/Extra Large: 1000+GST
Safe Deposit Locker Charge Rs. 1,000 – Rs. 9,000+GST (annually)

To open a savings account with the State Bank of India, you need to meet the following criteria:

  • You must be a resident Indian aged 18 or above and should not already have an existing relationship with the bank.
  • You should possess a valid Aadhaar Number, linked with a mobile number registered in your name, and a valid Permanent Account Number (PAN).
  • At any given time, you are allowed to have only one Insta Savings Account and no other accounts.

Note: This does not apply to SBI Savings Account for Minors and Basic Small Savings Account.

You should bring photocopies of all the required documents along with their originals when opening an account. These documents should be self-attested and attached to the account opening form. Here is the list of documents needed for opening an SBI savings account.

Proof of Identity (any of the following):

1. PAN Card

2. Passport

3. Voter ID card

4. Driving Licence

Proof of Address (any of the following):

1. Electricity Bill

2. Telephone Bill

3. Bank account statement

4. Letter from a reputed employer

5. Letter from any recognized public authority

6. Ration Card

7. Credit Card Statement

8. Salary slip

9. Income/Wealth Tax Assessment Order

1. Is it possible to have more than one SBI savings account?

You can have different types of accounts in SBI (like savings, current, etc.) but with the same customer ID. All the accounts will be interlinked.

2. Can I open an SBI account online?

Yes, you can open an SBI digital savings account through the online process. However, it's important to mention that a one-time visit to the branch is required as part of the account opening process.

3. Can I open an SBI zero-balance savings account?

Yes. You can open SBI Basic Savings Bank Account with zero balance.

4. What is the Minimum Average Balance (MAB) required to maintain in an SBI savings account?

On March 11th, 2020, SBI said you don't need to keep a minimum balance in your account. So, there won't be any extra charges, even if your account balance is zero.

5. Is Aadhaar mandatory to open an SBI savings account?

As per the latest guidelines, providing your Aadhaar Card is not mandatory for opening an SBI bank account. This rule applies to all banks in the country. However, there might be instances where you are required to provide your Aadhaar card when opening an account online.

6. How can I check my SBI account balance?

To check your SBI account balance, simply send an SMS with the text "BAL" to 09223766666 from your registered mobile number.