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SBI Savings Account

SBI Savings Account Online

Last Updated 01st Dec 2021

  • SBI offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in SBI is NIL.
  • You can get high returns up to 2.70% on a savings account.
  • Open instant SBI savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in SBI.
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SBI Savings Account

SBI offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of SBI Savings Account

Benefits of SBI saving Account are as follow:

  • SBI offers an interest rate on saving account in the range of 2.70% to 2.70%.
  • Balance requirement for SBI savings account is NIL.
  • An individual can transfer the SBI savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • SBI savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • SBI offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

SBI Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
Premium Savings AccountNIL2.70% - 2.70%--
Savings Plus AccountNIL2.70% - 2.70%--
Yuva Savings Plus AccountNIL2.70% - 2.70%None
Basic Savings Bank AccountNIL2.70% - 2.70%None
Savings Bank Account For MinorsNIL2.70% - 2.70%--
Small Savings AccountNIL; Maximum amount is Rs. 5,00,0002.70% - 2.70%--
Savings Account for Minors: Pehla Kadam and Pehli UdaanNIL; Maximum amount is Rs. 5,00,0002.70% - 2.70%--

SBI Savings Account Products

SBI offers multiple savings account products for different purposes. Some of the popular products of SBI savings are:

Premium Savings Account

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

Key Features:

  • 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
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Eligibility:

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

Savings Plus Account

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

Key Features:

  • 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
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Eligibility:

  • All individuals with proper KYC documents can open their account solely or jointly.

Yuva Savings Plus Account

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

Key Features:

  • 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
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.

Eligibility:

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

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.

Key Features:

  • No minimum balance required to open a savings account
  • SMS Alerts and e Statement facility
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account
  • It provides various kinds of debit cards like silver, gold and platinum.
  • Holders of Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank Account

Eligibility:

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

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.

Key Features:

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

Eligibility:

  • The features of this account can be enjoyed by minors

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.

Key Features:

  • 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
  • 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

Eligibility:

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

Savings Account for Minors: Pehla Kadam and Pehli Udaan

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

Key Features:

  • 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
  • PehlaKadam :Jointly with the Parent/ Guardian or Singly by Parent/ Guardian; PehliUdaan: Singly Operated
  • Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd

Eligibility:

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

SBI Savings Account Nomination Plan

SBI asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. SBI savings account provides the nomination facility in all the savings products.

SBI Savings Account Welcome Kit

SBI provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

SBI Savings Account Helpline

Individuals can call SBI’s 24X7 helpline number 180-011-2211/ 1800-425-3800, which is accessible from all landlines and mobile phones in the country.

Check Saving Account Offered By Top Banks

FAQs

Can I open SBI bank account online?

SBI enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an SBI savings account?

Minimum balance requirement differs with SBI saving account products. The minimum balance required to open a Basic Savings Bank Account in SBI is NIL.

Which saving account is best in SBI?

There are various savings account products offered by SBI. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open SBI account with zero balance?

The minimum balance requirement to open a savings account with SBI is NIL. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


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SBI News - Dec 2021
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    State Bank of India has introduced OTP based cash withdrawal system under which you need to enter a four digit OTP for withdrawal of Rs. 10000 or more.
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    The State Bank of India has launched a mega savings scheme that allows users to earn the benefits of up to 15 bps on term deposits for 75 days, 75 weeks and 75 months, tenors. Know as the Platinum Deposits scheme, the scheme is valid till September 14, 2021, and offers upto 6.20 Interest Rate.
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