SBI Savings Account – Interest Rates 2024, Types, KYC, Documents Required

State Bank of India has put forth 6 different types of saving account options for its customers. Accounts are classified in a way to make sure inclusion of economically weaker sections of the society (via Pradhan Mantri Jan Dhan Yojana) so that their finances can be managed better. Along with it, minors are also included (SBI Savings Account for Minors) to inculcate the habit of savings in them.

Types of SBI Savings Account – Features & Benefits

People should always open a savings account that meets their requirements and where they can benefit the most. One should go through all types of SBI savings accounts before selecting one. Below mentioned are the various kinds of SBI savings accounts:

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

This SBI savings account is basically meant to strengthen the poorer sections of society by providing them with the option to start their savings.

2. SBI Basic Small Savings Account

This savings account is also meant for economically-weaker sections of society but is designed specifically for those who do not have officially valid KYC documents and face hardships in opening a bank account.

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3. SBI Regular Savings Bank Account

This account is the one that is generally offered to an applicant when he/she applies for an SBI savings account. This is a basic savings bank account that provides facilities like SMS banking, internet banking, credit card and more to the general public. Valid KYC documents are required to open this account.

4. SBI Savings Account for Minors

This SBI savings account has been designed to help children learn about the importance of money and savings. It also allows them to experiment with purchasing power so that they can learn to manage their finances well in future. Parents’ or guardian’s supervision is required to open and operate this account.

5. 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. This 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.

6. Insta Plus Video KYC Savings Account

This SBI savings account can be opened online through Video KYC with only Aadhaar and PAN (physical) details. The applicant is not required to visit the bank branch for any verification.

Suggested Read: SBI Salary Account

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SBI Savings Account – Fees & Charges

SBI Savings Account ATM Charges

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

Other Charges

Eligibility Criteria to Open SBI Savings Account

The eligibility criteria for opening a 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 your name) and a valid Permanent Account Number (PAN)
• You can only have one Insta Savings Account and no other accounts at a given time

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 Online

You can apply for SBI savings account online through SBI mobile banking. Only NRE and NRO accounts can be opened through SBI netbanking. The basic steps involved in applying for a new savings account through SBI YONO app are as follows:

1. Download SBI YONO app in your smartphone (preferably having the same mobile number linked with Aadhaar)
2. Click on the “New to SBI—Open Savings Account” option and select “Without Branch visit”
3. Now select the “Insta Plus Savings Account” option in the savings account type
4. Enter your Aadhaar and PAN after which an OTP will be sent on the mobile number registered with Aadhaar
5. Provide the OTP to authenticate
6. Now schedule a video call and complete the video KYC (Keep your original Aadhaar card and PAN card for verification)
7. Once verified, your account will be opened and you can carry out transactions instantly.

How to Open SBI Savings Account Offline

Even though there are options to open SBI 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 that you need to follow to open SBI savings account offline:

1. Visit the SBI branch and fill the SBI Savings Account form
2. Provide basic details and choose the account type that you intend to open
3. Provide self-attested copies of your Aadhaar card and PAN card
4. Submit the form along with deposit slip (in case of cash) or demand draft and other proof of identity, income and residence
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, chequebook and other documents for future reference.

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

Ans. On March 11^th, 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 I open an SBI account online?

Ans. Yes. Via the SBI digital savings account opening process, you can open your account online.  However, do note that a one-time visit to the branch is required.

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

Ans. Yes. You can open SBI Basic Savings Bank Account with 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. Is Aadhaar mandatory to open an SBI savings account?

Ans. No. As per the latest guidelines issued, you do not have to provide your Aadhaar Card to open an SBI bank account. This applies to every bank in the country. However, you may have to provide your Aadhaar card necessarily while opening an account online.

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.