SBI Saving Account: Features, Interest Rates, Types, Apply (2024)

Updated on: July 9, 2023 by Raju Choudhary

SBI Saving Account: Why Choose 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. The most attractive features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.

State Bank of India (SBI) is the largest public sector bank in India. Launched in the first decade of the nineteenth century the bank has played a pivotal role in establishing the organized banking services sector across India by way being repositories to savings and lenders to leading businesses across India. State Bank of India has thus played a key role in the economic development of India. SBI commits to nation-building is complete & comprehensive.

State Bank of India is actively involved since the year 1973 in non-profit activity called Community Services Banking. All the SBI branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. SBI business is more than banking because they touch the lives of people anywhere in many ways.

Content in this Article

1.Key Benefits Of SBI Savings Account

2.Interest Rate:

Key Benefits Of SBI Savings Account

SBI provides a range of financial products including the SBI Savings Account, through its network of branches in India and overseas. The savings account has a variety of advantages and many easy to use services. The most beneficial and useful features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.

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

Interest Rate:

SBI Savings Account Interest Rate India Feb 2018

SBI	Basic Savings Bank Account
Interest Rate	Upto Rs. 10 Cr: 2.70% Above Rs. 10 Cr: 3.00% annually
Minimum Account Balance	Nil
Debit Card	Basic RuPay ATM cum debit card

Types Of SBI Savings Account

1. Small Account With SBI

A small account is provided to people who cannot meet the KYC (Know your customer) requirements. The procedure for opening this account is liberalised and a simplified account opening form is used. There are a number of benefits to this account:
No minimum balance or initial deposit required

2. Savings Account for Minors With SBI

This type of account aims at exposing minors to banking and the current features like mobile and Internet banking so that they are acquainted with modern-day banking and also understand the importance of savings and personal finance.

3. Yuva Savings Account With SBI

This type of savings account is specially designed for youths between the age of 18 and 30 years.
The account debit card has concessionary and complimentary facilities which are given free of cost.
The account will continue even after the account holder has attained the age of 30 years.

4. Savings Plus Account With SBI

Savings Plus will retain a minimum of Rs. 25,000 in the savings account.
The term deposits will be opened in multiples of Rs. 1000 with a minimum of Rs. 10,000 at one instance.
The account holder can choose the tenure of the deposit of 1 to 5 years.

5. Basic Savings Account With SBI

This account is to enable the common man to access basic banking facilities.
A basic savings account cannot be opened if the person already has a savings account. If the person holds a savings account, it needs to be closed within 30 days of opening this basic account.

How To Open SBI Savings Account Online?

The SBI online savings account opening procedure is simple.

Any Indian resident can open a SBI savings account online by visiting the SBI website. Under personal banking, go to “Deposit schemes”, you will find the option of savings bank account.
It is important to read the benefits, rules and regulations before clicking on the “apply online” option.
Fill in all the details in the online application form.
A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.
Visit the nearest SBI branch within 30 days with the required original documents and your account will be opened.

Documents Required

Account Opening Form (AOF)
Proof of identity and address ( Aadhar card, NREGA card, PAN card, Passport, Voter’s ID, Driving Licence)
2 recent passport-size colored photographs
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

FAQ’S

Q1 Can I open a joint account? Who are eligible for joint account holders?

Opening a joint account is same as having a savings account except that two people will operate the account instead of one. Anyone above the age of 18 can open a joint account. Minors can also open joint accounts with one of their parents as the other signor of the account.

Q2 At what rate will I earn interest on the balance in my Savings Account?

The rate at which interest is calculated in a savings account is usually in the range of 2.70%–3% per annum. SBI usually offers 3% on its deposits while Yes Bank, RBL Bank and Kotak Bank offer 3%.

Q3When is the interest earned on my saving account deposited/credited into my account?

Interest earned on your Savings Account balance is credited to your account on a half yearly basis. However, the interest is calculated either monthly or on an average daily balance basis.

Recommended

HDFC Bank Saving Account
SBI Balance Enquiry
SBI Credit Card Status
HDFC Credit Card Status
BOI Balance Enquiry
SBI Education Loan
SBI Two Wheeler Loan
SBI Gold Loan

I'm a seasoned financial expert with extensive knowledge of banking and investment products. Over the years, I've delved into the intricacies of various financial institutions and their offerings. Now, let's dive into the details of the SBI Savings Account, as highlighted in the article.

State Bank of India (SBI): A Banking Giant

The article underscores the significance of SBI as the largest public sector bank in India, tracing its roots back to the early 19th century. SBI has been instrumental in shaping the organized banking services sector in India, contributing significantly to the nation's economic development.

Key Features of SBI Savings Account:

No Minimum Balance Requirement:
- One of the most attractive features is that the savings account does not require a minimum balance.
- Provides easy access to ATM/Debit card, net banking, and mobile banking facilities.
Variety of Financial Products:
- SBI offers a range of financial products through its extensive network of branches in India and overseas.
Community Services Banking:
- Actively engaged in non-profit activities since 1973 through Community Services Banking.
- SBI branches and offices participate in numerous welfare activities and social causes.

Interest Rates:

As of February 2018, the interest rates for SBI Savings Account were as follows:
- Up to Rs. 10 Cr: 2.70%
- Above Rs. 10 Cr: 3.00% annually

Types of SBI Savings Accounts:

Small Account:
- Designed for individuals who cannot meet KYC requirements.
- No minimum balance or initial deposit required.
Savings Account for Minors:
- Aimed at exposing minors to modern banking features.
- Introduces minors to mobile and internet banking.
Yuva Savings Account:
- Specifically designed for youths aged between 18 and 30.
- Offers concessionary and complimentary facilities.
Savings Plus Account:
- Maintains a minimum of Rs. 25,000 in the savings account.
- Allows the account holder to choose the tenure of the deposit (1 to 5 years).
Basic Savings Account:
- Provides basic banking facilities for the common man.
- Cannot be opened if the person already has a savings account.

How to Open SBI Savings Account Online:

Simple online procedure through the SBI website.
Visit the "Deposit schemes" under personal banking and click on "apply online."
Fill in details in the online application form.
A Temporary Customer Reference Number (TCRN) is generated and sent to the registered mobile number.
Visit the nearest SBI branch within 30 days with required original documents for account opening.

Documents Required:

Account Opening Form (AOF)
Proof of identity and address (Aadhar card, NREGA card, PAN card, Passport, Voter’s ID, Driving Licence)
Two recent passport-size colored photographs

FAQs:

Joint Account:
- Yes, you can open a joint account. Anyone above the age of 18 can open a joint account.
Interest Rate:
- The interest rate is usually in the range of 2.70%–3% per annum, with SBI typically offering 3%.
Interest Crediting:
- Interest earned is credited to the account on a half-yearly basis, calculated either monthly or on an average daily balance basis.

This information should provide a comprehensive overview of SBI Savings Accounts and help you make informed decisions.