SBI Savings Account – Interest Rates 2023, Types, KYC, Documents Required

State Bank of India has put forth 6 different types of saving account options for its customers. Accounts are classified in a way to make sure inclusion of economically weaker sections of the society (via Pradhan Mantri Jan Dhan Yojana) so that their finances can be managed better. Along with it, minors are also included (SBI Savings Account for Minors) to inculcate the habit of savings in them.

Types of SBI Savings Account

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

2. Basic Small Savings Account

3. Savings  Bank Account

4. Savings Account for Minors

5. Savings Plus Account

6. Insta Plus Video KYC Savings Account

Types of SBI Savings Account – Features & Benefits

People should always open a savings account that meets their requirements and where they can benefit the most. One should go through all types of SBI savings accounts before selecting one. Below mentioned are the various kinds of SBI savings accounts:

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

This SBI savings account is basically meant to strengthen the poorer sections of society by providing them with the option to start their savings.

Particulars	Details
Minimum/Maximum Balance	No limit
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
Debit Card	Basic Rupay ATM-cum-debit card; issued free of cost
Credit Card	Not provided
Other Features	Safe Deposit Lockers (as per availability) Nomination facility available and recommended

2. SBI Basic Small Savings Account

This savings account is also meant for economically-weaker sections of society but is designed specifically for those who do not have officially valid KYC documents and face hardships in opening a bank account.

Particulars	Details
Minimum/Maximum Balance	Nil/ Rs. 50,000
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)
Debit Card	Basic Rupay ATM-cum-debit card; issued free of cost
Credit Card	Not provided
Other Features	Zero Balance Savings Account Transaction limit per month: Rs. 10,000 Maximum credits allowed in a year: Rs. 1 lakh 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 Regular Savings Bank Account

This account is the one that is generally offered to an applicant when he/she applies for an SBI savings account. This is a basic savings bank account that provides facilities like SMS banking, internet banking, credit card and more to the general public. Valid KYC documents are required to open this account.

Particulars	Details
Maximum Balance	No maximum limit
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
Debit Card	RuPay ATM-cum-debit card; personalized debit card also offered
Credit Card	As per terms & conditions
Other Features	Zero Balance Savings Account No monthly average balance requirement Can be opened online with a one-time branch visit Internet banking and mobile banking available Nomination is mandatory

4. SBI Savings Account for Minors

This SBI savings account has been designed to help children learn about the importance of money and savings. It also allows them to experiment with purchasing power so that they can learn to manage their finances well in future. Parents’ or guardian’s supervision is required to open and operate 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
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
Debit Card	Provided; Photo ATM-cum-Debit Card
Credit Card	Not provided
Other Features	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) Pehla Kadam – Issued to the parent/guardian singly or jointly with the minor Pehli Udaan – Issued when a minor can sign uniformly Auto Sweep facility provided with minimum of Rs. 20,000 limit E-Term Deposit option offered Specially designed passbook issued free of charge

5. SBI Savings Plus Account

This account is a product of the SBI Multi Option Deposit Scheme. In it, the customer’s savings account or current account is used to create and link a term deposit account. This fixed deposit has a tenure of 1-5 years. This is to encourage the habit of investment. A loan against MOD deposit is also offered to help customers manage their finances better.

Particulars	Details
Balance	Min. Balance – Rs. 35,000 to be kept in MODS
Transaction Limit	Min. transfer of Rs. 10,000
Eligibility Criteria	All individuals with valid KYC documents
Cheque Book Facility	Provided with 25 free leaves per annum
Debit Card	ATM Card provided
Other Features	MODS-linked* account to encourage savings Surplus amount automatically converted into fixed deposits Deposit period: 1-5 years Loan against MOD deposits available *MODS: Multi-Option Deposit Scheme

6. Insta Plus Video KYC Savings Account

This SBI savings account can be opened online through Video KYC with only Aadhaar and PAN (physical) details. The applicant is not required to visit the bank branch for any verification.

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

Suggested Read: SBI Salary Account

SBI Savings Account Fees & Charges

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)

Eligibility Criteria to Open SBI Savings Account

The eligibility criteria for opening a savings account with the State Bank of India are as follows:

• You should be a resident Indian above 18 years of age and should not have any existing relationship with the bank
• You should have a valid Aadhaar Number (linked with a mobile number registered in your name) and a valid Permanent Account Number (PAN)
• You can only have one Insta Savings Account and no other accounts at a given time

Note: Not applicable to SBI Savings Account for Minors and Basic Small Savings Account

You need to carry a photocopy of all the documents with their originals at the time of account opening. These documents need to be self-attested and attached with the account opening form. below is the list of documents required for opening SBI savings account.

For Individuals

Proof of Identity (any of the following):

• Passport
• Voter ID card
• PAN Card
• Driving Licence

Proof of Address (any of the following):

• Credit Card Statement
• Salary slip
• Income/Wealth Tax Assessment Order
• Electricity Bill
• Telephone Bill
• Bank account statement
• Letter from a reputed employer
• Letter from any recognized public authority
• Ration Card

An applicant can either open new SBI savings account online through SBI YONO app or visit a bank’s branch to open a full-fledged savings account. It is noteworthy that not all savings accounts can be opened online. Let us find out how to open SBI savings account through different methods.

How to Open SBI Savings Account Online

You can apply for SBI savings account online through SBI mobile banking. Only NRE and NRO accounts can be opened through SBI netbanking. The basic steps involved in applying for a new savings account through SBI YONO app are as follows:

1. Download SBI YONO app in your smartphone (preferably having the same mobile number linked with Aadhaar)
2. Click on the “New to SBI—Open Savings Account” option and select “Without Branch visit”
3. Now select the “Insta Plus Savings Account” option in the savings account type
4. Enter your Aadhaar and PAN after which an OTP will be sent on the mobile number registered with Aadhaar
5. Provide the OTP to authenticate
6. Now schedule a video call and complete the video KYC (Keep your original Aadhaar card and PAN card for verification)
7. Once verified, your account will be opened and you can carry out transactions instantly.

How to Open SBI Savings Account Offline

Even though there are options to open SBI savings account online, you still may have to visit the SBI branch to open most of the accounts or convert an existing online account into a full-fledged savings account. Below-mentioned are steps that you need to follow to open SBI savings account offline:

1. Visit the SBI branch and fill the SBI Savings Account form
2. Provide basic details and choose the account type that you intend to open
3. Provide self-attested copies of your Aadhaar card and PAN card
4. Submit the form along with deposit slip (in case of cash) or demand draft and other proof of identity, income and residence
5. Upon successful verification by bank officials, your account will be opened

The bank will provide you the SBI savings account welcome kit containing the SBI ATM card, chequebook and other documents for future reference.

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

On March 11^th, 2020, SBI announced a waiver of the average monthly balance. This means, no penalty is charged if the balance is brought to nil.

Can I open an SBI account online?

Yes. Via the SBI digital savings account opening process, you can open your account online.  However, do note that a one-time visit to the branch is required.

Can I open an SBI zero-balance savings account?

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

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.

Is Aadhaar mandatory to open an SBI savings account?

No. As per the latest guidelines issued, you do not have to provide your Aadhaar Card to open an SBI bank account. This applies to every bank in the country. However, you may have to provide your Aadhaar card necessarily while opening an account online.

How can I check my SBI account balance?

For SBI balance enquiry, SMS “BAL” to 09223766666 from your registered mobile number. Click here to know how to get SBI mini-statement and more related to your SBI account.

SBI refunds charges deducted from basic savings bank accounts

April 15th 2021 SBI, on Thursday, clarifies that it has refunded the charges it recovered from Basic Savings Bank Deposit (BSBD) Accounts. Charges levied on transactions that took place between January 1 and September 14, 2020, have all been refunded, SBI claimed. Also, the bank further clarified that it has stopped levying charges on digital transaction of all BSBD accounts. However, charges have been retained on cash withdrawals post the fixed limit of 4 withdrawals in a month.

Facility to open SBI savings account online relaunched

June 12th 2020 State Bank of India (SBI) has relaunched its online facility to open a savings account. Now customers can now use the bank’s mobile app, SBI YONO to open “SBI Insta Savings Bank Account”. Customers only need to produce their PAN and Aadhaar number to open this account. They will be issued with an ATM-cum-debit card for instant access to money. The decision is in line with the need for social distancing in the current times of COVID-19.

SBI waives Average Monthly Balance (AMB)

March 12th 2020 SBI, the country’s largest bank, on Wednesday announced a waiver on maintaining the average minimum balance (AMB) requirement for all savings bank accounts. Currently, there is an AMB of ₹ 3,000, ₹ 2,000 and ₹ 1,000 in metro, semi-urban and rural areas, respectively. There was a penalty of ₹ 5 -15 +taxes on the non-maintenance of AMB. Along with the AMB waiver, the bank has also waived off SMS charges.

SBI changes Cash Deposit Rules for Savings Account

September 13, 2018 State Bank of India announced on Twitter has removed the upper limit on the amount which can be deposited in a savings account at a non-home branch. Earlier, the upper limit for cash deposit at the non-home branch was Rs. 25,000. SBI has also levied Rs. 50 plus GST per transaction on cash deposits at non-home branches, as listed on their website. For SME, the upper limit on cash deposits at non-home branch remains unchanged at Rs. 2 lakhs per day.