SBI Savings Account – Interest Rates 2025, Types, Eligibility, Fees & Charges

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

SBI Savings Account Through Video KYC

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.

Basic Savings Bank Deposit Account

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

Basic Savings Bank Deposit Small Account

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

Savings Bank Account

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

Savings Account for Minors

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.

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. 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:

1. Motor Accidents Claim Account (MACT)
2. Resident Foreign Currency (Domestic) Account

Suggested Read: SBI Salary Account

SBI Savings Account – Fees & Charges

SBI Savings Account ATM Charges

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. 21+GST	Rs. 15+GST
Charges for Non-financial Transactions Beyond the Set Limit (Per Txn.)	Rs. 10+GST	Rs. 10+GST	NIL

*Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.

Other Charges

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)

Eligibility Criteria for SBI Savings Account

The eligibility criteria for opening a savings account with the State Bank of India is mentioned below:

• You should be a resident of India above 18 years of age and should not have any existing relationship with the bank (except in case of minor accounts)
• You should have a valid Aadhaar Number (linked with a mobile number registered in your name) and a valid Permanent Account Number (PAN)

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.

For Individuals

Proof of Identity (any of the following):

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

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.

How to Open SBI Savings Account 

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.

Online Account Opening Process

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.

Offline Account Opening Process

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.

Q. What are the current interest rates for SBI savings account on deposits of Rs. 5 lakh?

Ans. The current rate of interest for SBI savings account on deposit of Rs. 5 lakh is 2.50% per annum.

Q. Is there a minimum balance requirement for SBI savings account?

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.

Q. What is the Minimum Average Balance (MAB) or maximum balance required to maintain in an SBI savings account?

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.

Q. Can minors open a savings account with SBI?

Ans. Yes, SBI provides Savings Account for Minors namely PehlaKadam and PehliUdaan.

Q. What documents are required to open an SBI savings account for minors?

Ans. Documents required to open an SBI savings for minors is:

• PehlaKadam: Date of Birth proof of the minor + KYC of the parent
• PehliUdaan: Date of Birth proof of the minor + KYC of the parent

Q. How can I open an SBI savings account online?  

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.

Q. Are there any charges for not maintaining the minimum balance in SBI savings account?

Ans. No, SBI doesn’t levy any charges for not maintaining the minimum balance in your SBI savings account.

Q. How can I access SBI’s online banking services?

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.

Q. What is the process to close an SBI savings account?

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.

Q. Can I open an SBI zero-balance savings account?

Ans. Yes. You can open SBI Basic Savings Bank Deposit Account at zero balance.

Q. Is it possible to have more than one SBI savings account?

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.

Q. How can I check my SBI savings account balance?

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

 Q. Is overdraft facility available with SBI savings account?

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.

Q. How can I check my SBI account balance via SMS service?

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.