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SBI Savings Account: Interest Rates, 2021 I Types I KYC Documents Required

Home Saving Account SBI
Updated: 04-06-2021 06:03:21 AM

State Bank of India provides an array of savings accounts for minors and adults. This range includes SBI Basic Savings Account, Small Savings Account, Savings Plus Accounts and more. On this page, you can check and compare the latest SBI savings account interest rates applicable in 2021 and also learn how to open SBI savings account online, documentation, and more.

Table of Contents

SBI Savings Account Interest Rates, 2021 

SBI Savings Account BalanceRate of Interest (p.a.)
Up to Rs. 1 lakh2.70%
Above Rs. 1 lakh2.70%

Note: Rates applicable w.e.f May 31st, 2020

Types of SBI Savings Account
Documents Required for Opening a Savings Account with State Bank of India
SBI Savings Account: FAQs
SBI Savings Account News

Types of SBI Savings Account

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

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Types of SBI Savings Account – Features & Benefits

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

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

ParticularsDetails
Minimum/Maximum BalanceNo limit
Eligibility CriteriaAll individuals having valid KYC documents
ATM Charges & Monthly withdrawal limit4 free monthly cash withdrawals (SBI & other bank’s ATMs, both)

Thereafter, service charges of Rs. 15 +GST

Cheque Book FacilityNot Available
Debit CardBasic Rupay ATM-cum-debit card; issued free of cost
Credit CardNot provided
Other Features
  • Safe Deposit Lockers (as per availability)
  • Nomination facility available and recommended
  1. Basic Small Savings Account

This account is also meant for economically weaker sections of the 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 BalanceNil/ Rs. 50,000
Eligibility CriteriaAll 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 CardBasic Rupay ATM-cum-debit card; issued free of cost
Credit CardNot 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
  1. Savings Bank 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 BalanceNo maximum limit
Eligibility CriteriaAll individuals/Central/State Govt Departments

PAN Card required to open an account

Cheque Book FacilityProvided on request
Debit CardRuPay ATM-cum-debit card; personalized debit card also offered
Credit CardAs 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
  1. SBI Savings Account for Minors

This account has been designed to help children learn about the importance of money and savings while also allowing them to experiment with the purchasing power so that they can learn to manage their finances well in future.

Particulars

Details

Maximum BalanceRs. 10 lakh
Minimum Average Balance (MAB)Not required
Transaction LimitMobile Banking: Rs. 2,000 per day

Internet Banking: Rs. 5,000 per day

Eligibility CriteriaPehla 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 FacilityProvided
Debit CardProvided; Photo ATM-cum-Debit Card
Credit CardNot provided
Other Features
  • 2 cheque books available (Pehla Kadam & Pehli Udaan)
  • Viewing rights & transaction rights (per day transaction of Rs. 2,000 allowed)
  • Pehla Kadam – Issued to the guardian in minor’s
  • 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
  1. 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

BalanceMin. Balance – Rs. 35,000 to be kept in MODS
Transaction LimitMin. transfer of Rs. 10,000
Eligibility CriteriaAll individuals with valid KYC documents
Cheque Book FacilityProvided with 25 leaves per annum
Debit CardATM 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

Monthly Average Balance (MAB) Requirement

 MetroUrbanSemi-UrbanRural
MABRs. 3000/-Rs. 3000/-Rs. 2000/-Rs. 1000/-

Suggested Read: SBI Salary Account

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 his / her name) and a valid Permanent Account Number
  • Also, you should not have any OTP based account with any other bank or financial institution
  • 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

How to open SBI Savings Account online?

You can open a savings account online with the State Bank of India through SBI Yono Mobile App. Alternatively, you can also visit SBI Yono online portal and open a savings account online in a matter of few minutes

Documents Required for Opening a Savings Account with State Bank of India

The documentation for SBI savings account is listed below. You need to carry a photocopy of all the documents (with their originals) and are required to be presented at the time of submitting the account opening form.

Individuals:

Proof of identity:

  • 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 reputed employer
  • Letter from any recognized public authority
  • Ration Card

SBI Savings Account: FAQs

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

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.

Can I open an SBI account online?

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

Can I open a zero balance account with SBI?

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 bank 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.

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 Savings Account News

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.

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