SBI Saving Account

Last Updated 23rd May 2019

SBI Savings Account Interest Rate India May 2019

SBI Basic Savings Bank Account
Interest Rate Upto Rs. 1 Lakh : 3.50%
Above Rs. 1 Lakh : 3.25%
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Minimum Account Balance Nil
Debit Card Basic RuPay ATM cum debit card
  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.
  • Holders of Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank Account

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SBI Online Saving Account

Saving Account in SBI – Benefits

You get the following benefits while opening Savings Account with SBI

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

SBI Saving Account – charges

Balance non maintenance charges : None

SBI Savings Account

SBI offers an interest rate of 3.25% - 3.50% p.a. SBI also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Premium Savings Account 18 years Rs. 5,000
Savings Plus Account 18 years Rs. 25,000
Yuva Savings Plus Account 18 years Nil
Basic Savings Bank Account 18 years Nil
Savings Bank Account For Minors 10 years Nil
Small Savings Account 18 years NIL; Maximum amount is Rs. 5,00,000
Savings Account for Minors: Pehla Kadam and Pehli Udaan 10 years NIL; Maximum amount is Rs. 5,00,000

SBI Savings Account Products

Premium Savings Account

A variety of services consisting of the concessions and add ons.

This account is for resident Indians of 18 years of age and above

Features of Premium Savings Account

  • Nomination facility is available and recommended
  • SMS Alerts and e statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Debit Card Offered : Master or Visa ATM cum Debit Gold Cards

Balance Non Maintenance Charges : Up to Rs. 100 per month

Savings Plus Account

This account is linked to MODS, wherein surplus fund above a threshold limit is transferred automatically to Term Deposits.

This account is for resident Indians of 18 years of age and above

Features of Savings Plus Account

  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Debit Card Offered : Basic ATM cum Debit Card

Balance Non Maintenance Charges : Up to Rs. 100 per month

Yuva Savings Plus Account

This account is for young adults for an independent, restriction free banking experience.

This account is for resident Indians of 18 years to 30 years of age

Features of Yuva Savings Plus Account

  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Debit Card Offered : ATM cum Debit Card

Balance Non Maintenance Charges : None

Basic Savings Bank Account

This account is meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

This account is for resident Indians of 18 years of age and above

Features of Basic Savings Bank Account

  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.
  • Holders of Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank Account

Debit Card Offered : Basic RuPay ATM cum debit card

Cash Withdrawal Limit : Maximum 4 withdrawals in a month

Balance Non Maintenance Charges : None

Savings Bank Account For Minors

Inculcate the habit of savings and spending judiciously in your minor who can open this account and manage it independently.

The features of this account can be enjoyed by minors

Features of Savings Bank Account For Minors

  • Get the benefits of Auto Sweep Facility with a minimum threshold of Rs. 20,000
  • Availability of Nomination facility

Small Savings Account

This account is for people above 18 years of age, who do not have officially valid KYC documents. This is basically meant for savings of poorer sections of society.

This account is for resident Indians of 18 years of age and above

Features of Small Savings Account

  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.
  • Account can be converted to Regular Savings Account upon submission of KYC documents

Debit Card Offered : ATM cum debit card

Savings Account for Minors: Pehla Kadam and Pehli Udaan

Inculcate the habit of savings and spending judiciously in your minor aged 10 to 18 years who can open this account and manage it independently.

Pehla Kadam: Minor of any age; Pehli Udaan: Minor older than 10 years

Features of Savings Account for Minors: Pehla Kadam and Pehli Udaan

  • Nomination facility is available and recommended
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money. This is subject to a minimum amount of Rs. 10,000, after retaining Rs. 25,000 in the account
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.
  • PehlaKadam :Jointly with the Parent/ Guardian or Singly by Parent/ Guardian; PehliUdaan: Singly Operated

Debit Card Offered : Photo ATM cum Debit Card

Documents Required

SBI requires the following documents to open a Savings Account

    Frequently Asked Questions on SBI Savings Account

    How much interest is charged by SBI on Savings Account?

    SBI offers an interest rate of 3.25% to 3.50% on Savings Account.

    What is the minimum amount required for opening Savings Account in SBI ?

    The minimum amount required for opening Savings Account in SBI is Nil.

    What are the balance non - maintenance Charges on SBI Savings Account?

    The Balance Non Maintenance Charges on Savings Account by SBI are None.

    How does SBI calculate interest charged on Savings Account?

    Interest on Savings Account is calculated on Quarterly basis. The following formula is used by SBI to calculate interest on Savings Account.

    Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

    Does SBI offer Debit card to the account holder?

    Yes, various debit cards are offered, differing according to the product. Some of the popular savings account products of SBI with the type of debit card offered are listed in the table below.

    Premium Savings AccountMaster or Visa ATM cum Debit Gold Cards
    Savings Plus AccountBasic ATM cum Debit Card
    Yuva Savings Plus AccountATM cum Debit Card
    Basic Savings Bank AccountBasic RuPay ATM cum debit card
    Small Savings AccountATM cum debit card
    Savings Account for Minors: Pehla Kadam and Pehli UdaanPhoto ATM cum Debit Card

    Interest rate on all SBI deposits products listed in the table above is 3.25% to 3.50%

    What is the withdrawal limit of the account?

    The withdrawal limit offered in SBI is Maximum 4 withdrawals in a month

    What is the eligibility criteria to open a savings account in SBI
    • This account is for resident Indians of 18 years of age and above
    SBI News - May 2019
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