SBI Savings Account: Interest Rates I Types I 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 – 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.

2. 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.

3. 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.

4. 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.

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.

Monthly Average Balance (MAB) Requirement

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

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