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 Interest Rate 2023
Types of SBI Savings Account
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 – 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.
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.
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.
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.
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.
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.
SBI Savings Account Fees & Charges
SBI Savings Account ATM Charges
*Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad
Other Charges
Eligibility Criteria to Open SBI Savings Account
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.
Documents Required for Opening SBI 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