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Savings Account

State Bank of India is the leading and most trusted public sector bank in India with roots going back to the first decade of the 19th century, making it the oldest commercial bank in the Indian subcontinent. SBI provides a range of financial product and services including all kinds of loans, SME banking, and savings accounts through its wide network of branches in India and overseas.

Opening saving accounts with SBI is a norm in India and the bank has the largest number of customers in the country. Opening an SBI savings account is one of the most crucial and significant steps you take towards becoming financially independent and accomplishing your goals and achieving your dreams. The wide network of branches across the country makes it quite easy to open a savings account with SBI. Like other banking institutions in our country, State Bank offers a cluster of generic and specialised savings bank accounts, thereby catering to the need of every section of society. SBI offers a range of savings bank accounts ranging from premium accounts to basic ones, accounts for children and also for youth, and SBI women’s savings bank accounts. With a range of accounts for every need, the bank caters to the banking requirements of every individual. Before going into the details of types of SBI savings accounts, let us have a look at some of the advantages offered by these savings accounts.

Types of Accounts

  • Premium Savings Account – SBI offers premium version of the savings bank account for enhanced features and benefits. The features are as follows:
  • Auto sweep-in facility is available at monthly intervals where the account can be linked to MOD scheme for higher interest earning on surplus balance. TD or STD will be created under the MOD scheme in multiples of Rs.1,000 subject to a minimum of Rs.10,000 for a period of 1-5 years whenever the balance in the Savings account is high.
  • With this SBI savings account, you get 20 multicity cheques free at the first instance and thereafter charged at Rs.2 per cheque for accounts whose Quarterly Average Balance (QAB) is Rs.25,000 or above and for accounts whose QAB is lower than Rs.25,000, the cheques are charged at Rs.3 per leaf after the first free 20 leaf cheque book is used. For emergency requirement of a cheque book, charges will be Rs.3 per cheque irrespective of the QAB of the account.
  • There can be unlimited number of debits on this SBI savings account
  •  SBI offers free MasterCard or Visa ATM-cum-Debit Gold Card
  • There is a 50% discount in the draft issue charges and the cheque collection charges under this SBI Saving account
  • Bankers cheque is issued free of cost and there is no service charge for outward NEFT or RTGS transactions under this SBI saving account
  • Conversion of an existing Savings or a savings Plus account to a Premium Savings Account is allowed.
  • Being an SBI accountholder, the individual can avail a Personal Accident Insurance and Health Insurance from SBI General Insurance Company at discounted rates
  •  With this SBI Savings account the customer is entitled to an SBI Rewards Program for making everyday banking transactions.
  • SBI offers the facility of mobile banking, internet banking and missed call banking wherein the inquiries can be made by the customer by sending an SMS or giving a missed call to the bank. Moreover, the bank also provides for a 24*7 customer care facility for any queries
  • Savings Plus account – an SBI savings account wherein the excess balance above a pre-defined limit is transferred to a term deposit scheme of MOD operated by the bank so that the customer can earn higher interest. The features are:
  • Any surplus in the savings bank account in excess of Rs.25,000 is transferred to a MOD deposit scheme in multiples of Rs.1,000 subject to a minimum of Rs.10,000 which is called auto sweep-in facility
  • The period of deposit chosen by the customer can range from 1-5 years under these SBI savings accounts.
  • If the SBI savings accounts’ balance is deficient in making any payment, the payment can be made by withdrawing from the MODS account under the Last In First Out (LIFO) basis
  • Nomination facility is available under this scheme of savings account with SBI
  •  This savings account with SBI offers a free ATM-cum-Debit card that is issued to the accountholder
  • The bank provides the facility of mobile banking, internet banking and missed call banking wherein the inquiries can be made by the customer by sending a SMS or giving a missed call to the bank. Moreover, the bank also provides for a 24*7 customer care facility for any queries
  • Being a accountholder of savings account with SBI, the individual can avail a Personal Accident Insurance and Health Insurance from SBI General Insurance Company at discounted rates
  • The customer is entitled to an SBI Rewardz Program for making everyday banking transactions with such a savings account.
     
  • Yuva Savings Bank account – a savings account from SBI for the younger generation of the nation. The features of the account are as follows:
  • Residents individuals aged 18-30 years can avail of this SBI savings account
  • 20 CTS 2010 standard multicity cheques free for the first instance and thereafter charged at Rs.2 per cheque for accounts whose Quarterly Average Balance (QAB) is Rs.25,000 and above and for accounts whose QAB is lower than Rs.25,000, the cheques are charged at Rs.3 per leaf after the first free 20 leaf cheque book is used.
  • Nomination facility is available under these schemes of savings accounts
  • A free ATM-cum-Debit card is issued to the accountholder
  •  The bank provides the facility of mobile banking, internet banking and missed call banking wherein the inquiries can be made by the customer by sending a SMS or giving a missed call to the bank. Moreover, the bank also provides for a 24*7 customer care facility for any queries
  • Being an accountholder of SBI savings accounts, the individual can avail a Personal Accident Insurance and Health Insurance from SBI General Insurance Company at discounted rates
  • The customer is entitled to an SBI Rewardz Program for making everyday banking transactions.
  • Basic Savings Bank Account – a basic SBI savings account which provide the common man with banking facilities. The features of these savings accounts are as follows:
  • The account can be opened and operated either singly or jointly
  • There is no minimum balance required to be maintained in the account. Moreover, there is also no maximum limit of balance that can be kept in the account. Thus, the account allows the accountholder to maintain any balance which he or she can manage without any predefined limits on the minimum or maximum amount
  • A cheque book and a free ATM-cum-Debit card is issued to the accountholder
  • Apart from having a Savings Bank account, the customer cannot have any other form of savings account with bank. If the customer already holds another savings account with the bank as on the date of opening a Basic Savings Account, the same will have to be closed within 30 days of opening the Basic Savings Account
  • Receipt of money through NEFT or RTGS, deposit or collection of cheques drawn by Central or Sate Government, deposit of cash at the bank’s branches and activation of an inoperative account will all be free of cost
  • Customers can also pay utility bills like telephone or electricity bills or credit card bills and insurance premium through the account.
  • A maximum of 4 free withdrawals are allowed in a month. The withdrawals include ATM withdrawals at own or other banks’ ATMs.
  • A simple form needs to be filled and submitted for opening the account
  • Small Account – a savings account with SBI for people with low income to meet their banking requirements. The features of these savings accounts are as follows:
  • The KYC requirement for this type of account is liberalized.
  • The account can be opened and operated either singly or jointly
  • There is no requirement of an initial deposit to open the account. The account can be opened without any deposit and there is no requirement of maintaining a minimum balance in the account. However, there is a limit on the maximum amount of balance that can be maintained which is Rs.50,000.
  • A cheque book and a free ATM-cum-Debit card is issued to the accountholder
  • Receipt of money through NEFT or RTGS, deposit or collection of cheques drawn by Central or Sate Government, deposit of cash at the bank’s branches and activation of an inoperative account will all be free of cost
  • A maximum of 4 free withdrawals are allowed in a month. The withdrawals include ATM withdrawals at own or other banks’ ATMs.
  • The total credits in a year should not exceed Rs.1 lakh and the total withdrawals and transfer which debit the account in a month cannot exceed Rs.10,000
  • Foreign Payments are not allowed to be credited in the account until the accountholder’s identity is completely established by submission of valid documents.
  • The customer can convert the Small Account into a Basic Savings Account only if the complete KYC formalities are done by the accountholder
  • Since the KYC formalities are liberal, the Small Account will remain operative for a period of 12 months which can be extended to 24 months only if the accountholder shows that the valid KYC documents have been applied for by him. After the completion of 24 months, the home branch will review the account and only after complete satisfaction will the account be continued to operate
  • Savings Account for Minors – there are 2 type of savings account for minors under this category namely PehlaKadam and PehliUdaan. These accounts teach the children the concept of banking and the power of saving money. As they offer several benefits, young customers prefer this way of savings with SBI. The features of the account are as follows:
  • PehlaKadam Account is available for minors of all ages to be jointly opened with a parent or a guardian while PehliUdaan Account is available for minors above the age of 10 years and will be opened in the name of the minor only.
  • There is no requirement of a minimum balance in the both the accounts. However, there is a cap on the maximum balance that can be maintained which is limited to Rs.5 lakh and an aggregate of Rs.10 lakh on the CIF of the minor.
  • While the PehlaKadam account is operated jointly by the minor and the parent or guardian, the PehliUdaan Account is operated solely by the minor.
  • Both the accounts provide the facility of internet banking through which the accountholder(s) can make enquiries, make bill payments, open an e-TDR or e-STDR or e-RD account, make inter-bank fund transfers through NEFT and issue Demand Drafts.
  • The per day limit on account transactions is Rs.5,000
  • The account requires the submission of date of birth proof of the minor and the KYC documents of the parent at the time of account opening
  • A specially designed personalized cheque book is issued containing 10 leaves with the name of the minor u/g the parent in case of PehlaKadam account and the cheque book contains only the name of the minor if he or she can sign uniformly in case of PehliUdaan account
  • An ATM-cum-Debit card with the photo of the child embossed thereupon will be issued in the name of the child and the guardian in case of PehlaKadam and in the name of the child only in case of PehliUdaan
  • The limit on withdrawal / POS on the debit card will be Rs.5,000 per day
  • Mobile banking facility will be provided wherein transactions such as bill payments and top-ups will be allowed to a limit of Rs.2,000 per day for PehlaKadam account and bill payments, top-ups and IMPS will be allowed with the same limit for PehliUdaan account
  • There is an auto sweep-in facility in the account with a threshold of Rs.25,000 and SBI minimum balance requirement of Rs.10,000 in multiples of Rs.1,000
  • There is a facility of overdraft for the parent or guardian against fixed deposits or two months’ salary for corporate salary package accounts in case of PehlaKadam account
  • Under both the accounts, there is a facility of setting up Standing Instructions for meeting Recurring Deposit payments
  • The account can be transferred to any other branch without changing the account number
  • Nomination facility is available under the scheme
  • This account can also be opened as a joint savings account with parents or a guardian
  • A specially designed passbook is issued free of cost
  • Parents can avail of a Personal Accident insurance cover from SBI General Insurance Company and also a Smart Scholar child plan for their child from SBI Life Insurance.
  • Special Salary account: These kinds of savings account are designed especially to meet the requirement of corporate people. This savings bank account serve as salary accounts for people belonging to a salaried group. The accounts are available for employees of corporations, colleges, schools, universities, government organisation and establishment, railways, defence personal, police establishments, etc. The features and advantages of the account are as follows:
  • SBI offers competent range of services and benefits with its salary account such as zero balance account, free multicity cheques, free ATM and debit card, etc. together with seamless access to internet banking and mobile banking. SBI has very recently launched a new buddy app which you download from the Google play store and enjoy its banking facilities.
  • SBI Salary savings accounts can be customised as special and unique package for institutions and corporates depending upon the business relationship with the bank. Salary account from SBI are further categorised into eight different packages.
    • Corporate salary package account
    • State Government salary package account
    • Central Government salary package account
    • Defence salary package account
    • Indian Coast Guard salary package account
    • Police salary package account
    • Para-military salary package account
    • Railway salary package account

Note: SBI also provides personal accident insurance (death) cover and Air India accident insurance (death) cover for salary accounts. The scheme has been recently revised from that of the 2015 scheme with the inclusion of more benefits.

  • Interest Rates

The SBI savings account interest rates are 4% per annum which is calculated on a daily basis. The SBI savings account charges are negligible.

Eligibility

  • The criteria for SBI saving account eligibility are almost same for all savings accounts with slight variation in age numbers
  • One of the common criterion for regular accounts is that the person should be a citizen of India

Documents required for opening savings accounts: The documentation for SBI savings account is simple and hassle free.

  • Print out of account opening form filled by you online
  • Proof of identity (PAN card, voters ID, passport)
  • Proof of residence (electricity bill / telephone bill / Aadhaar card)
  • 2 recent passport size photographs
  • In case of minor below 10 year of age, ID proof of person who will be operating the account, i.e. the guardian, is required. Once the minor reach adulthood and can operate the account independently, regular procedure as all other accounts are followed

Benefits of SBI Savings accounts:

  • Kiosk banking, internet banking and mobile banking
  • You can transfer the account to any SBI branches without changing the account number or any other detail
  • Passbook is issued free of charge
  • Safe deposits lockers is provided to every customer
  • Multicity cheques
  • Nomination facility is also available
  • Insurance cover for personal accident is available at a nominal premium
  • There are no charges for inter-bank transfer transactions
  • It can linked to multi-option deposit accounts
  • There are various types of debit cards such as gold card / ATM card / international debit card and ATM card

Applying Online

Anyone can apply for an SBI Savings Account online by following the steps mentioned below:

You can visit Paisabazaar.com and choose the savings account which fits to your requirements and apply for it. It’s an easy and hassle-free process. A customer can also visit any of the nearby SBI branches, fill up the application form, supply the necessary documents and apply for an account.

SBI Savings Account
(3.7/5 ) 3 Reviews
Savings AccountSavings Account
3/5

Satisfied

SBI has good deposit scheme that provides good returns. I applied for my savings scheme which will earn 4%. The schemes by SBI are very good but the processing needs to speed up. Good experience so far though!

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Posted on: Jan 12 , 2017
Savings AccountSavings Account
5/5

Excellent

The bank has excellent services and very fast processing and quick documentation process. My SBI savings account got activated within 3 days and it will earn an interest rate of 4%. Very prompt bank people who helped to clear my documentation easily...Read more...

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Posted on: Jan 12 , 2017
Savings AccountSavings Account
3/5

Great services

I applied for my SBI savings accounts from the website. The website showed that my application was successfully done but when I confirmed there was some mismatch. The customer service people said that they don’t have my record. However, they w..Read more...

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Posted on: Jan 6 , 2017
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