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State Bank of India (SBI) is the most trusted and leading name among banks in India. They have the largest nationwide network of banks branches and offer an array of savings accounts ranging from basic accounts to premium ones. At SBI, you can be assured to find a savings account to fit your criteria.
SBI Savings Account Interest Rates w.e.f 31st May 2020
| SBI Savings Account Balance | Rate of Interest |
| Savings Deposits Balance up to Rs. 1 lakh | 2.70% p.a. |
| Savings Deposits Balance above Rs. 1 lakh | 2.70% p.a. |
Country’s largest bank offers several good options in the form of savings account to store money safely. Look at the following options you will get with SBI:
| Online Accounts |
| Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna) |
| Basic Savings Bank Account |
| Savings Bank Account |
| Savings Account for Minors |
| Savings Plus Minors |
Each account is designed to cater to different target customers. So, evaluate your savings needs before selecting one.
There are two ways of opening a savings account in SBI – Offline and Online.
| Steps to Open SBI Savings Account Online |
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| Steps to Open SBI Savings Account Offline |
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Either you apply online or offline, following the approval, you will get a welcome kit to use. The welcome or starter kit will contain:
While receiving the welcome kit, make sure you have a sealed welcome kit. If it is not, immediately contact the bank and inform them.
| Eligibility Criteria for Opening an SBI Savings Account |
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To open an SBI savings account, you will need the following documents with a duly filled account opening form and recent passport sized photographs:
| Identity Proof | Proof of Address |
| Aadhaar Card | Utility Bills (Electricity & Telephone Bills) |
| PAN Card | Passport |
| Voter ID Card | Voter ID |
| Driving License | Aadhaar Card |
| Passport | Driving License |
A few times back, the Government of India has mandated the nomination facility for all savings accounts. Following the directive, all SBI accounts holders are now required to nominate the beneficiary who can operate their account after them.
When filling out the account opening form, you will have to choose a nominee. In case if the nominee is below 18 years of age, he or she will be permitted to operate and manage the account after completing 18 years. Following the death of an account holder, the nominated person can manage the account on his or her behalf.
