SBI Savings Account – Types, Eligibility & Charges

SBI Savings Account Interest Rates & Minimum Balance Required:

Note: The above Interest Rates on Savings Bank Deposits are effective from 15 June 2025 

Steps to Open a Savings Account in State Bank of India Online:

Follow the steps mentioned below to open a savings account online in State Bank of India - 

Step 1: Visit the official website of State Bank of India.  

Step 2: Under the ‘Accounts’ section, click on the ‘Savings Account’ option. 

Step 3: Click on the ‘Apply’ option.  

Step 4: Enter the requested details such as your name, date of birth, address, etc., in the application form.  

Step 5: Click on the ‘Submit’ option.  

Step 6: Once this process is finished, go to the branch with the necessary KYC documentation. 

Step 7: SBI will initiate the verification process and activate your account within three to five business days.

Steps to Open a Savings Account in State Bank of India (SBI) Offline:

To open a SBI savings account at any SBI Bank branch, customers will have to follow the steps mentioned below:

Step 1: Visit the nearest branch of SBI. 

Step 2: Ask for a form to open a savings account.  

Step 3: Fill out the form according to the specifications. 

Step 4: In case you do not possess a PAN card, fill out form 2.  

Step 5: Enter all the requested information and submit it along with relevant KYC documents.  

Step 6: Deposit a minimum amount of Rs.1,000. 

Step 7: Take your free passbook and cheque book once the process is completed.

SBI Savings Account Types & Eligibility

Listed below are the savings account offered by SBI along with some of the features:

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

Also known as PM Jan Dhan Yojana Account, the Basic Savings Bank Deposit Account is a great savings account for investors.  

1. Can be opened by any individual provided he/she has valid KYC documents. 
2. A basic Rupay ATM-cum-debit card is issued. 
3. There is no limit on the maximum balance or amount. 
4. The account can be opened at all branches. 
5. No cheque book will be provided. 

1. Accountholders can avail themselves of four free monthly cash withdrawal facility at both SBI and other bank’s ATMs 
2. Offers Safe Deposit Lockers and Nomination facility 

2. SBI Basic Savings Bank Deposit Account Eligibility Criteria -  

1. The SBI Basic Savings Bank Deposit Account can be opened by any resident Indian who has the necessary KYC documents, such as a PAN card, an Aadhar card, etc. 
2. The operating mode may be sole, joint, former or survivor, either or a survivor, or none of the above. 

3. Basic Savings Bank Deposit Small Account 

Anyone who is a resident of India above the age of 18 and does not have acceptable KYC documents can open a Small SBI Basic Savings Bank Deposit Account. This is because the SBI Basic Savings Bank Deposit Small Account is designed for individuals who are not a part of the conventional banking system. 

Features of Basic Savings Deposit Small Account - 

The following are the features of Basic Small Savings Deposit account: 

1. Can be opened by individuals above 18 years of age who do not have valid KYC documents. 
2. Can be converted into a regular savings account upon submission of KYC documents. 
3. Will be issued a basic RuPay ATM-cum-debit card for free of cost. 
4. The maximum balance that can be maintained in an account is Rs.50,000. 

1. No minimum balance needs to be maintained. 

1. No annual ATM maintenance charges required 
2. Monthly withdrawal limit is Rs.10,000 and total four withdrawals permitted 
3. This is a Zero Balance Savings account that allows Rs.10,000 transaction limit per month 

1. In a year, maximum credit allowed is Rs.1 lakh 
2. Until officially valid KYC documentation is completed, foreign remittance not allowed 
3. Account facilities not provided at Corporate Account Group (CAG), Special Personalize Banking (SPB), Personal Banking Branches (PBBs), and Mid Corporate Group (MCG) branches.

4. Savings Bank Account 

Features of Savings Bank Account - 

The following are the features of Savings Bank Account: 

1. There is no limit on maximum balance. 
2. You can avail nomination facility. 

1. 10 cheque leaves are provided in a year at no additional cost. 
2. No average monthly balance needs to be maintained. 
3. Mobile banking, SMS alerts, and internet banking facilities are provided. 
4. A passbook is provided. 

5. Savings Bank Account Eligibility Criteria -  

1. This savings account can be opened by any individual, central government agency, or state government agency. 
2. The operating mode can be sole, joint, former or survivor, either or a survivor, etc. 
3. Self-help organizations may also open an account. 

6. Savings Account for Minors 

Savings accounts for minors can be a great method to teach children the importance of money. This plan has been nicknamed as ‘Pehli Udaan’ and ‘Pehla Kadam'.

Features of Savings Account for Minors -  

The following are the features of Savings Account for Minors: 

1. It comes with banking features like internet banking, mobile banking etc.  
2. A maximum balance of Rs.10 lakh can be maintained in the account.  
3. No Minimum Average Balance required 
4. Transaction limit for mobile and internet banking is Rs.2,000 and Rs.5,000 per day, respectively 
5. No credit card is available with these accounts 

1. Can be operated singly or jointly with parent(s).  
2. A cheque book is provided.  
3. A Photo Debit Card is given.  
4. You can set up standing instructions.  
5. E-Term Deposit option available and offers auto sweep facility with a minimum limit of Rs.20,000 

7. Savings Account for Minors Eligibility Criteria - 

The following are the eligibility criteria for Minor Savings Account: 

1. Any minor can open an account with their parents or legal guardians. 
2. For Pehla Kadam, the mode of action is joint; for Pehli Udaan, it is single. 

1. Over the age of ten, minors may create a Pehli Udaan savings account. However, because only a juvenile may manage this account, the minor must be able to sign legibly. 

8. Savings Plus Account 

The surplus funds (funds over the threshold level of INR 35,000) are automatically transferred to Term Deposits via SBI's Savings Plus Account, which is linked to the MOD. MOD, or Multi Option Deposit, is linked to this account. As a result, investors receive larger returns without having to fill out applications to open term deposits. 

Here is the list of features of Savings Plus Account: 

1. This savings account is linked to MODS (Multi-Option Deposit Scheme).  
2. Minimum transaction limit is Rs.10,000 

1. Provides a minimum of 25 cheque leaves per annum 
2. Automatic conversion of surplus amount to fixed deposit 
3. Loan against MOD deposit available.  
4. Transfer of accounts through internet banking available.  
5. Mobile banking, SMS alerts, and internet banking facilities are provided.  

1. No limit to the maximum balance that can be maintained.  
2. The deposit period can range between 1 year and 5 years.  

9. Savings Plus Account Eligibility Criteria - 

1. A PAN card, an Aadhar card, or other valid KYC proof is required for the application. 
2. The operating mode can be sole, joint, former or survivor, either or a survivor, etc. 

10. Motor Accidents Claim Account (MACT) 

This is a unique SBI savings account that receives interest on MACAD (Motor Accident Claim Annuity Deposit) or money given as compensation to a victim or claimant of a motor vehicle accident by a court or tribunal. 

1. Minimum/Maximum Balance Requirement is not applicable. 

1. ATM, cheque book, passbook available 
2. Internet banking facility and statement by e-mail is available. 
3. Mobile banking, SMS alerts, and internet banking facilities are provided. 
4. Only single operation is allowed. 
5. Welcome kit is provided. 

11. Motor Accidents Claim Account Eligibility Criteria - 

1. This account may be opened by any resident Indian who qualifies for MACAD (Motor Accident Claim Annuity Deposit) interest or compensation under the directives of a Court of Law or Tribunal. 
2. The applicant must be in possession of current PAN, Aadhar, and other KYC documents. 

12. Resident Foreign Currency Domestic Account 

1. The balance in the account is freely repatriable. 

1. A resident Indian can open the account. 
2. No cheque book will be provided. 
3. No ATM card will be given. 

13. Insta Plus Video KYC Savings Account 

The following is the list of Insta Plus Video KYC savings account: 

1. Only Aadhaar number and PAN must be provided. 

1. A Rupay Classic Card will be provided. 
2. Nominees can be added. 
3. Individuals need not visit the bank branch to open the account. 
4. Video KYC must be completed. 

14. Insta Plus Video KYC Savings Account Eligibility Criteria - 

1. Any resident of India who is at least 18 years old, and is literate, is qualified to open the account. 
2. Single mode is the only mode of operation allowed.
3. Anyone who resides in India but does not have a CIF (Customer Information File) with SBI.

SBI Savings Account Charges:

The following are the various charges imposed on savings account by State Bank of India: 

Why Choose an SBI Savings Account?

 Through its network of branches in India and overseas, SBI provides a range of financial products, including the SBI Savings Account. The savings account has a variety of benefits and services. One of the most attractive features is that it is a minimum balance savings account, which does not require maintaining a minimum balance. Additionally, it provides Automated Teller Machine (ATM)/Debit card, net banking, and mobile banking facilities 

Key Benefits of SBI Savings Account:

The following are the key benefits of SBI savings account: 

1. Internet Banking, Mobile Banking, Kiosk Banking
2. Transfer accounts to any SBI Branch without changing the account number
3. Passbook issued free of charge
4. Multicity cheques
5. Safe Deposit lockers
6. Nomination facility
7. Personal Accident Insurance available at a nominal premium
8. No inter core charges for transfer transactions
9. Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card, etc.
10. Can be linked to Multi Option Deposit (MOD) Account

Additional Benefits:

Here are some of the additional benefits of SBI savings account: 

1. Mobile Banking provides a host of services like funds transfers, interbank mobile payment services (IMPS), enquiry and statements, cheque book request, utility bill payments, mobile recharges, and M-Commerce.
2. Some of the facilities of SBI Net Banking are opening and closing fixed deposit and recurring deposits , transferring funds (RGTS, NEFT and Western Union Money Transfer), paying utility bills, online shopping, viewing statements and Demat operations, e-Tax filing, and setting standing instructions.
3. The Debit card can be used for balance enquiry, withdrawing money, paying insurance premium, shopping, donations and card-to-card transfers.
4. If the savings account is linked to a Multi Option Deposit, in case there is a shortfall in the account to honour a cheque, there is an automatic break up of MOD to ensure the cheque doesn't bounce. MOD can also be broken through ATM withdrawals.

Eligibility Criteria to Open SBI Savings Account: 

The following are eligibility criteria for SBI account opening: 

1. Individual must be an Indian resident 
2. Individual must be 18 years of age 
3. Should not have existing relationship with the bank 

1. Must have a valid Aadhar and PAN card
2. The Aadhar card must be linked with registered mobile number 
3. Individual must have one Insta Savings account and no other account at a time
   

Documents Required to Open SBI Savings Account

The following are the documents required to open SBI savings account: 

Print out the Account Opening Form (AOF)

Any of the documents as Proof of identity: 

1. Driving license
2. Voter ID card
3. Passport 

1. PAN card

Any of the documents as Proof of address: 

1. Income or Wealth Tax Assessment Order 
2. Bank account statement 
3. Ration Card

1. Letter from any recognized public authority 
2. Letter from a reputed employer 
3. Credit Card Statement
4. Electricity Bill
5. Salary slip 

1. Telephone Bill 

1. Proof of identity and address (Passport, Voter's ID, Driving Licence, Aadhar card, NREGA card, PAN card) 
2. Two recent passport-size coloured photographs 
3. In the case of minors below the age of 10, ID proof of the person who will operate the account is required. If the minor can operate the account independently, the regular procedure will be applicable. 

SBI Insta Plus Video KYC Account: Required Documents

The following are documents required for Insta Plus Video KYC Savings Account: 

1. The customer's cellphone number must be active and registered with Aadhar. This is to verify your OTP (One-Time Password). 

1. The real PAN card and Aadhar card number of the consumer must be on hand when the account is opened. 
2. The customer must finish the account opening process inside of India's boundaries. 

Steps to Open SBI Video KYC Savings Account:

The following are the steps to open SBI Video KYC Savings Account: 

Step 1: Install the YONO app, then select "New to SBI." 

Step 2: 'Open Savings Account' should be clicked. 

Step 3: Simply select ‘Without Branch visit’.

Step 4: Select 'Insta Plus Savings Account' from the drop-down menu. 

Step 5: Enter your Aadhar and PAN information. 

Step 6: Check your phone for the OTP and input it in the provided area. 

Step 7: Schedule a video call. 

Step 8: To complete the KYC (video-based) process, open the YONO app and select 'Resume'. 

Step 9: Account information will be sent to your mobile phone. After bank officials authenticate the account, it will be ready for debit transactions.