SBI Savings Account

State Bank of India enables you to open a savings bank account through two modes – online and offline. We have classified the savings account offered by SBI into online and offline channels.

Types of SBI Savings Account	Primary Features
Online Savings Account
Insta Savings Account	Paperless account opening (OTP based e-KYC) Free Rupay debit card
Digital Savings Account	Paperless account opening Personalized Platinum Debit Card
Offline Savings Account
General Savings Account	Safe Deposit Lockers (as per availability) Nomination facility is available and recommended
Savings Plus Account	Auto Sweep Facility Mobile banking, Inter Net banking, SMS alerts available
Special Salary Account	Zero balance account Free unlimited transactions across ATMs
3 in 1 Demat and Online Trading	Single Account for All Investments – Demat, Savings and Investment account Earn SBI Rewardz Points
Basic Savings Bank Account	Zero Balance Savings Account RuPay ATM-cum-debit card
Small Savings Account	Zero Balance Savings Account Free ATM-cum-Debit card

*State Bank of India offers interest up to 4% on online as well as offline savings account. SBI Savings Plus Account earn you higher rate of interest with auto sweep facility.

SBI Online Savings Account

1. SBI Insta Savings Account

SBI Insta Savings Account	Features
Account Opening Process	Paperless
Interest Rate	Up to 4% p.a.*
Transaction Limit	Rs. 49,999
Aggregate Balance Limit	Up to Rs. 1,00,000
Debit Card	Free Rupay Debit Card

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

SBI Insta Savings Account is an instant savings account, which brings the complete digital banking ecosystem to your mobile. Now you can open a savings account in minutes with SBI Yono mobile application or from Yono online portal in a matter of minutes.

Features & Benefits

You will be required to maintain minimum balance as defined for normal Savings Bank Account (Metro & Urban – Rs. 3000; Semi-Urban – Rs. 2000; Rural – Rs. 1000). But, Minimum balance charges for Insta Saving Account have been waived till 31st March 2019

Insta Savings account can be opened easily with OTP based e-KYC using your Aadhaar Card details (linked with mobile number) and PAN card details

Singly operated account only with a transaction limit of Rs. 49,999 per transaction

Aggregate balance at end of day can be up to Rs. 1,00,000 and total annual credit transactions can be up to Rs. 2,00,000

You will be issued a basic Rupay Debit Card for free and ATM PIN

Nomination facility is available within the Yono by SBI app and is mandatory for Insta Savings Account. Also, nomination can only be made in favor of one nominee only

SBI Insta Account requires full KYC to be done by visiting a bank branch within one year of opening the account

The account is for new customers with no existing relationships with SBI

Eligibility Criteria

The eligibility criteria for opening an Insta 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 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

Documents Required for Opening a SBI Insta Savings Account

To open an Insta Savings Account offered by the State Bank of India, you should have:

• Aadhaar Card (linked with a mobile number registered in his / her name)
• PAN Card

2. SBI Digital Savings Account

SBI Digital Savings Account	Features
Account Opening Process	Paperless
Interest Rate	Up to 4% p.a.*
Withdrawal Limit	Rs. 1,00,000
Debit Card	Free Personalized Platinum Debit Card
Annual Maintenance Charge	Rs. 200 p.a. (waived for QAB above Rs. 25,000/-)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

SBI Digital Savings Account is an online savings account which can be opened using the Yono mobile app by SBI or Yono online portal. SBI Digital Savings Account comes with a paperless account opening process. But, you will be required to visit the bank once to complete the account opening process.

Features & Benefits

Aadhaar card and PAN card are mandatory for opening this account

Digital Savings Account from the State Bank of India can be operated individually only. You need to visit the branch to convert it into a joint account

You will be required to maintain minimum balance as defined for normal Savings Bank Account (Metro & Urban – Rs. 3000; Semi-Urban – Rs. 2000; Rural – Rs. 1000). But, Minimum balance charges for Insta Saving Account have been waived till 31st March 2019

You can convert Digital Savings Account to zero balance salary account by asking the bank for salary package tie-up

Nomination facility is available within the Yono by SBI app and is mandatory for Digital Savings Account. Also, nomination can only be made in favor of one employee only

You will get a free personalized Platinum Debit Card with SBI Digital Savings Account

Annual maintenance charges of Rs. 200/- p.a. waived for Quarterly Average Balance above Rs. 25,000/-

1 Lakh Cash Withdrawal limit at ATMs through Platinum Debit Card

Cheque book available on request, charges as applicable

You will only be allowed to open one Digital Savings Bank account with same mobile number and Email ID

Eligibility Criteria

The eligibility criteria for opening a Digital Savings Account with the State Bank of India are as follows:

• You should be a Resident Indian above 18 years of age
• You should have a valid Aadhaar Number (linked with a mobile number registered in his / her name) and valid Permanent Account Number
• You will be required to have a valid mobile number registered by your name and a valid and active email address
• You are only allowed to have one Digital Savings Account at any given time. Also, only one Digital Savings Account can be opened from one mobile number or device
• You will be required to complete full KYC though biometric authentication by visiting any SBI bank branch

Documents Required for Opening a SBI Digital Savings Account

To open a Digital Savings Account offered by the State Bank of India, you should have:

• Aadhaar Card (linked with a mobile number registered in his / her name)
• PAN Card

How to open SBI Savings Account online?

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

SBI Offline Savings Account

1. SBI General Savings Account

SBI General Savings Account	Features
Interest Rate	3.5% p.a.*
Safe Deposit Lockers Available	Yes
Nomination Facility Available	Yes
SMS Alerts & e-Statement Facility	Yes
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

2. SBI Savings Plus Account

SBI Savings Plus Account	Features
Interest Rate	3.5% – 6.85% p.a.*
Minimum threshold limit	Rs. 35,000
Minimum amount of transfer	Rs. 10,000
Nomination Facility Available	Yes
Internet Banking / Mobile Banking	Yes
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum. With Auto Sweep, you can earn interest ranging from 6.70% to 6.85% for FD tenure of 1-5 years.

Monthly Average Balance (MAB) Requirement

	Metro	Urban	Semi-Urban	Rural
MAB	Rs. 3000/-	Rs. 3000/-	Rs. 2000/-	Rs. 1000/-

3. SBI Special Salary Accounts

SBI Special Salary Account	Features
Interest Rate	3.5% p.a.*
Minimum Balance Requirement	Zero Balance Savings Account
Auto Sweep Available	Yes
NEFT / RTGS Charges	No Charges
Eligibility Criteria	Salaried Individuals

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

4. SBI 3 in 1 Demat and Online Trading

SBI 3-in-1 Demat and Online Trading Account	Features
Interest Rate	3.5% p.a.*
3-in-1 facility	Demat, Savings and Investment Account
SBI Rewardz Program	Available
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

5. SBI Basic Savings Bank Deposit Account (Pradhan Mantri Jan Dhan Yojana)

SBI Basic Savings Bank Deposit Account	Features
Interest Rate	3.5% p.a.*
Minimum Balance Requirement	Zero Balance Savings Account
Debit Card	RuPay ATM-cum-Debit Card
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

6. SBI Small Savings Account

SBI Small Savings Bank Deposit Account	Features
Interest Rate	3.5% p.a.*
Minimum Balance Requirement	Zero Balance Savings Account
Maximum Account Balance Limit	Rs. 50,000
Debit Card	Free ATM-cum-Debit Card
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

7. SBI Premium Account (Not Available)

SBI Premium Account	Features
Interest Rate	3.5% – 6.85% p.a.*
Minimum amount of transfer	Rs. 10,000
Debit Card	Free MasterCard or Visa Gold ATM-cum-Debit Card
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum. With Auto Sweep, you can earn interest ranging from 6.70% to 6.85% for FD tenure of 1-5 years.

8. SBI Yuva Account (Not Available)

SBI Yuva Account	Features
Interest Rate	3.5% p.a.*
Nomination Facility Available	Yes
Debit Card	Free ATM-cum-Debit Card
Eligibility Criteria	Indian Resident (>18 Years)

*SBI provides 4% interest per annum on the account balance above Rs. 1 crore. For balances up to Rs. 1 crore, the rate of interest provided is 3.5% per annum.

Applying for an Offline Savings Account from State Bank of India

If you want to open any of the offline savings accounts from State Bank of India which are listed above, then you can do so by visiting the nearest SBI’s branch.

The documentation for SBI savings account is listed below. You need to carry 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
• /Defence ID card
• ID cards of reputed employers
• 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 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 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.