SBI Savings Account
SBI, India’s largest public sector bank, offers a variety of Savings Accounts to cater to your unique financial needs and aspirations. Whether you’re a youngster starting out, a seasoned investor, or someone focused on convenience and accessibility, there’s an SBI Savings Account perfect for you.
Features and Services of SBI Savings Account
- 24/7 Banking: Manage your account anytime, anywhere with SBI’s user-friendly mobile app and internet banking platform.
- Competitive Interest Rates: Earn interest on your savings, helping your money grow steadily.
- Wide ATM Network: Access over 22,000 SBI ATMs and millions of ATMs across India through networks like RuPay and VISA.
- Debit Card Benefits: Choose from a range of debit cards tailored to your spending habits, offering rewards, cashback, and other exclusive benefits.
- Add-on Facilities: Enhance your account with features like overdraft protection, standing orders, and bill pay services.
Types of SBI Savings Accounts
- Basic Savings Bank Deposit Account: No minimum balance requirement, suitable for basic transactions.
- Savings Bank Account: Attractive interest rates, available with chequebook or without.
- Insta Saving Account: Open instantly online with no paperwork.
- Pehla Kadam Savings Account: Designed for minors with a parent/guardian as joint holder.
- Savings Plus Account: Offers higher interest rates with a minimum deposit requirement.
- Senior Citizen Savings Account: Higher interest rates and benefits for senior citizens.
- Basic Small Savings Account (BSBDA): Designed for low-income individuals with a maximum balance limit.
SBI Savings Account Minimum Balance and Interest Rates
| Account Type | Minimum Balance (₹) | Interest Rate (%) |
|---|---|---|
| Basic Savings Bank Deposit Account | Nil | 3.00 |
| Savings Bank Account (Without Chequebook) | Nil | 3.00 |
| Savings Bank Account (With Chequebook) | ₹ 1,000 (Rural), ₹ 2,000 (Urban/Metro) | 3.00 - 3.50 |
| Insta Saving Account | Nil | 3.00 |
| Pehla Kadam Savings Account | Nil | 3.00 |
| Savings Plus Account | ₹ 5,000 | 3.50 - 4.00 |
| Senior Citizen Savings Account | Nil | 4.00 - 4.50 |
| Basic Small Savings Account (BSBDA) | Nil | 2.50 |
SBI Savings Account Charges
| Charge | Description |
|---|---|
| Account Maintenance Charges | |
| Below Minimum Balance (Savings Bank Account - Without Chequebook) | Nil |
| Below Minimum Balance (Savings Bank Account - With Chequebook) | ₹ 10 + GST per quarter (Rural), ₹ 15 + GST per quarter (Urban/Metro) |
| Below Minimum Balance (Savings Plus Account) | ₹ 20 + GST per quarter |
| Below Minimum Balance (Other Accounts) | As per specific account rules |
| Transaction Charges | |
| Cash Withdrawal (Exceeding Free Limits) | ₹ 10 + GST per transaction |
| Non-SBI ATM Cash Withdrawal | ₹ 20 + GST per transaction |
| Fund Transfer (Online/Mobile Banking - Exceeding Free Limits) | ₹ 5 + GST per transaction |
| Demand Draft Issuance | ₹ 40 per draft |
| Cheque Issuance (Exceeding Free Limits) | ₹ 10 per cheque |
| Returned Cheque Charge | ₹ 100 per cheque |
| SMS Alerts Charge | Free for Basic Savings Bank Deposit Account, ₹ 15 + GST per quarter for others |
Steps to Open an SBI Savings Account:
- Research Account Types: SBI offers various types of savings accounts catering to different needs. Research and choose the one that suits you best.
- Visit SBI Website: Access the SBI website to explore account options and understand eligibility criteria.
- Apply Online or Offline: You can apply for an SBI Savings Account online through the SBI website or visit the nearest SBI branch to apply in person.
- Fill Application Form: If applying online, fill out the application form with accurate details. If applying offline, fill the form provided by the bank.
- Provide Documents: Prepare the necessary documents required for opening a savings account. Typically, you’ll need identity proof, address proof, and photographs.
- Submit Application: After filling out the application form, submit it along with the required documents.
- Verification: SBI will verify your application and documents provided. You may receive a confirmation email or SMS regarding the status of your application.
- Follow-Up: If required, follow up with SBI regarding any additional information or verification process.
- Account Activation: Once your application is approved and verified, SBI will provide you with the details of your new savings account, including the account number and other relevant information.
Documents Required for Opening an SBI Savings Account:
- Identity Proof: Aadhaar card, Passport, PAN card, Voter ID, Driving License, etc.
- Address Proof: Aadhaar card, Passport, Utility bills (electricity, water, gas), Rental agreement, Bank statement, etc.
- Photographs: Passport-sized photographs.
Benefits of SBI Savings Account:
- Trusted and reputed banking institution
- Wide network of branches and ATMs across India
- Range of digital banking services
- Competitive interest rates
- Access to various banking products and services