The State Bank of India (SBI) offers a wide variety of savings accounts for adults and minors. State Bank of India offers a uniform interest rate of 2.50% per annum on all savings account balances. So, if you are a first-time account holder or want to switch your existing savings account, read on to know all should know about managing and opening your SBI savings account and earn on your savings.
| Table of Contents |
Here is the table mentioned below mentions the SBI savings account interest rate:
| SBI Savings Account Balance | Rate of Interest (p.a.) |
| Across All Account Balances | 2.50% |
| SBI Savings Account Type | Rate of Interest (p.a.) |
| Savings Account through Video KYC | 2.50% |
| Basic Savings Bank Deposit Account | 2.50% |
| Basic Savings Bank Deposit Small Account | 2.50% |
| Savings Bank Account | 2.50% |
| Savings Account for Minors | 2.50% |
| Savings Plus Account | 2.50% |
Note: Interest rates are updated as on 4 July 2025.
While opening a savings account, you must always look for a savings account that meets your requirements and where you can benefit the most. You should go through all types of SBI savings account before selecting the one that meets your requirements. Mentioned are the various types of savings accounts provided by SBI.
|
Types of SBI Savings Account |
| 1. SBI Savings Account Through Video KYC |
| 2. Basic Savings Bank Deposit Account |
| 3. Basic Savings Bank Deposit Small Account |
| 4. Savings Bank Account |
| 5. Savings Account for Minors |
| 6. SBI Savings Plus Account |
This SBI savings account can be opened from the comfort of your home. There is no need to visit bank’s branch to open this account since it’s a paperless process. You can open this account through YONO SBI and there is no in-person verification required. Mentioned are the features offered by this savings account.
| Particulars | Details |
| Minimum/Maximum Balance | No minimum balance required / No upper limit for maximum amount |
| Eligibility Criteria | Indian residents above 18 years of age
Active relationship/CIF with bank are not eligible |
| Debit Card | Basic Rupay ATM-cum-debit card will be issued |
| Credit Card | Not provided |
| Other Features | Transfer funds using NEFT, IMPS, UPI etc. through YONO app or Online SBI i.e. Internet Banking.
Paperless account opening and no branch visit needed Free consolidated account statement SMS Alerts, SBI Quick Missed call facility available. |
*You may find this account as Insta Plus Savings Bank Account on the bank’s website.
This savings account by SBI can be opened by any individual provided if he/she has valid KYC documents. This savings account is primarily meant for the weaker section of society so that they have an option to start their savings without any burden of charges and fees.
It is to be noted that if an individual wants to open a basic savings deposit account, he/she will have to close their existing SBI savings account if any with 30 days of opening basic savings bank deposit account.
|
Particulars |
Details |
| Minimum/Maximum Balance | NIL |
| Eligibility Criteria | Individuals having valid KYC documents
Eligible Entities: Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. |
| Debit Card | Basic RuPay ATM-cum debit card provided free of cost |
| Credit Card | No |
| Withdrawal | Using withdrawal form at branches or through ATMs |
| Cheque Book Facility | Not available |
| Other Features | Withdrawals only using withdrawal form at Branches or through ATMs
No account closure charges No limit on number and value deposits that can be made in a month |
The BSBDA Small savings account by SBI is designed for individuals aged 18 and above who do not have officially valid KYC documents. There are certain limitations on the account’s functionality due to relaxed KYC process. However, if you want to upgrade to a Regular Savings Account, you can do so by submitting the required KYC documents. The account aims to support economically weaker individuals and provide them with an easy account opening process with no fees and charges.
|
Particulars |
Details |
| Minimum/Maximum Balance | NIL/Rs. 50,000 |
| Eligibility Criteria | Individuals above 18 years of age who do not hold official KYC documents
Eligible Entities: Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. |
| Withdrawal | From branch or through ATM
Total of withdrawal and transfers in a month should not exceed Rs. 10,000 Maximum of 4 withdrawals in a month including ATM withdrawals at own or other bank’s ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions /EMI, etc. |
| Debit Card | Basic RuPay ATM-cum-debit card issued free of cost |
| Other Features | Total credit in a financial year should not exceed Rs. 1,00,000
No account closure charges |
This savings bank account by SBI is generally offered to individuals who are looking to open a regular savings account that provides services like SMS banking, internet banking, credit card and more. To open this account, valid KYC documents are required.
|
Particulars |
Details |
| Maximum Balance | No limit |
| Monthly Average Balance | NIL |
| Eligibility Criteria | All individuals, and Central, State and Govt. depts., bodies and agencies
Women and Children in Rural areas, Self-help Groups, etc. |
| Cheque Book Facility | First 10 cheque leaves free in a year After that, Rs. 40+GST for 10 leaf cheque book Rs. 75+GST for 25 leaf cheque book |
| Withdrawal | Restricted free withdrawal based on monthly average balance maintained |
| Other Features | Zero balance savings account
No monthly average balance required SBI Quick missed call facility Nomination facility is available Internet and mobile banking available |
SBI offers two types of minor account in this category namely, PehlaKadam and PehliUdaan. This savings account by SBI is especially designed for minors, helping parents and guardians who want to introduce their child to the world of banking from an early age.
| Particulars | PehlaKadam | PehliUdaan |
| Maximum Balance | Rs. 10 lakh | Rs. 10 lakh |
| Minimum Average Balance (MAB) | Not required | Not required |
| Eligibility | Minor of any age and the account will be opened jointly with the parent or guardian | Minors above the age of 10 years |
| Mode of Operation | Jointly with parent/guardian or single-handedly by parent/guardian | Can be operated by a minor single-handedly |
| KYC Documents | Date of birth proof of minor + KYC of the parent/guardian | Date of birth proof of minor + KYC of the parent/guardian |
| Debit Card | ATM-cum-debit card with withdrawal/POS limit of Rs. 5,000
Card will be issued in the name of the minor or parent/guardian |
ATM-cum-debit card with withdrawal/POS limit of Rs. 5,000
Card will be issued in the name of minor |
| Mobile Banking | Per day transaction limit of Rs. 2,000 | Per day transaction limit of Rs. 2,000 |
Note: Auto sweep facility with a minimum threshold of Rs. 20,000. Sweep in multiple of Rs 1,000 with a minimum of Rs. 10,000.
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. The 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 |
| Particulars | Details |
| Minimum Balance | Rs. 35,000 to kept in MOD |
| Maximum Balance | No Limit |
| Transaction Limit | Minimum transfer of Rs. 10,000 |
| Eligibility Criteria | All individuals with valid KYC documents |
| Monthly Average Balance | Nil |
| Cheque Book Facility | 10 free cheque leaves per annum |
| Debit Card | ATM card is provided |
| Other Features | SMS alerts
Mobile and internet banking No limit on maximum balance Surplus amount will automatically be converted to fixed deposits Loan against MOD deposits available |
In addition to the accounts mentioned above, SBI also offers savings accounts for special requirements such as:
Suggested Read: SBI Salary Account
| 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.
Note: Fees and charges are updated as of 27 June 2025.
| 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) |
The eligibility criteria for opening a savings account with the State Bank of India is mentioned below:
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.
Proof of Identity (any of the following):
Proof of Address (any of the following):
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.
An applicant can either open a new SBI savings account online through SBI YONO app or through netbanking or visit a bank’s branch to open a full-fledged savings account.
It is noteworthy that not all savings account can be opened online. Let us find out how to open SBI savings account through different methods.
To open an online savings account with SBI, you need to first download YONO SBI from Google Play Store (Android)/App Store (iOS). This application will let you access SBI’s digital services and manage your banking needs. Here is a step-by-step to guide you on how you can open a digital savings account with SBI.
Step 1: Open the app and locate “New to SBI” button and select option ‘without visiting branch’.
Step 2: Now choose ‘Open Savings Account’ from the various savings account options available and select ‘Insta Plus Savings Account’.
Step 3: In this step, you need to provide your Aadhaar and virtual identity number details.
Step 4: Upon doing so, an OTP will be sent to your registered mobile number with Aadhaar for verification.
Step 5: In this step, enter all your relevant details as asked by the bank and select your home branch.
Step 6: At this step, you need to schedule a video call from the given time slot to confirm your identity and visual documentation process.
Step 7: Once your video KYC is completed and the provided information has been verified, your Insta Plus Savings Account will be opened.
It is to be noted that this account will be activated for debit transactions only after an SBI official has verified it.
Even through there are options to open 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 you need to follow to open SBI savings account offline:
Step 1: Visit the SBI branch and fill the SBI savings account form
Step 2: Provide your details as asked in the form and choose the type of savings account you want to open
Step 3: Provide self-attested copies of your Aadhaar and PAN card
Step 4: Submit the form along with the deposit slip (in case of cash deposit) or demand draft and other proof of identity, income and residence
Step 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, a chequebook and other documents for future reference.
The bank will provide you the SBI savings account welcome kit containing the SBI ATM card, chequebook and other documents for future reference.
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Ans. The current rate of interest for SBI savings account on deposit of Rs. 5 lakh is 2.50% per annum.
Ans. There is no minimum balance required for SBI savings account except for Savings Plus Account where you need to maintain minimum MOD (Multi Option Deposit) of Rs. 35,000.
Ans. On March 11th, 2020, SBI announced a waiver of the average monthly balance. This means, no penalty is charged if the balance is brought to nil. Moreover, there is no maximum limit to maintain in your SBI savings account.
Ans. Yes, SBI provides Savings Account for Minors namely PehlaKadam and PehliUdaan.
Ans. Documents required to open an SBI savings for minors is:
Ans. To open an SBI savings account online, you will have to download YONO app from google play store/app store and follow the steps as prompted.
Ans. No, SBI doesn’t levy any charges for not maintaining the minimum balance in your SBI savings account.
Ans. To access SBI’s online banking services, you can either visit your SBI branch and register for the internet banking services or download SBI YONO app and register yourself to use its services.
Ans. You will have to visit your bank’s branch for the account closure process. Fill out the account closure form and submit it to close your account.
Ans. Yes. You can open SBI Basic Savings Bank Deposit Account at zero balance.
Ans. 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.
Ans. You can check your account balance by visiting your nearest ATM or bank branch and with the help of bank’s net banking facility, by giving a missed call on 919223766666 or sending an SMS ‘MODBAL’ to 919223766666 from your registered mobile. Read More: SBI Balance Enquiry
Ans. Yes, SBI savings account is a secure banking service that helps you gain interest on the money invested in the account. Whereas, Overdraft is a different banking facility that helps you borrow money in the form of a credit limit that can be repaid over a period of time.
Ans. 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.
Note: This page may not contain the most up-to-date information. Please visit the bank’s official website for the latest details.
| 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. |
