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.

*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 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

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 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

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 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 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

3. SBI Special Salary Accounts

*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 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 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 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 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 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