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Online SBI Savings Account Opening

Open SBI Saving Account

Last Updated 15th Jan 2021

Interest Rate 2.70%
Minimum Balance Requirement NIL
Cash Withdrawal Limit Maximum 10 withdrawals in a month
ATM Transaction Charges Rs. 5 to 20 plus GST
Debit Card Basic RuPay ATM cum Debit Card
Apply for Savings Account

SBI Savings Account Opening

SBI Savings accounts in SBI can be opened online or offline. To open SBI offline, you have to visit the branch, fill the application form and submit documents.

Steps for Opening SBI Savings Account Online

To open the savings account online in SBI, you have to follow these steps:

  • Step 1: First, visit the official website of SBI.
  • Step 2: Go to Savings Account option and select the option ‘Apply Now’.
  • Step 3: Fill the required details like Name, Contact number, Date of Birth, Address etc. and click on ‘Submit’.
  • Step 4: Verify the details with the documents like PAN and Aadhar or any other document as required by the bank.
  • Step 5: SBI’s executive will verify all the submitted documents.
  • Step 6: After the successful verification of your documents, SBI will share the welcome-kit containing debit cum ATM Card, PIN and cheque book with you.
  • Step 7: Once the account is activated, you can register your mobile number and use a debit Card and cheque book for banking services.

Steps to Open SBI Savings Account at Branch

To open a savings account with SBI at a branch, you must follow these steps:

  • Make sure that you carry with you an identification proof (preferably your PAN Card), an address proof (preferably your Aadhaar card), and two passport size photographs.
  • After reaching the branch, ask the clerk that you want to open a savings account. The clerk will give you the application form.
  • Fill the savings account application form with required details and attach the photographs on the form where required.
  • After duly filling the form and signing it, submit the savings account application form along with necessary documents and required money (in case of minimum balance account) with the clerk.
  • Your account will be functioning within a week or so, and the bank will inform you about it through a call/SMS/email.

Eligibility of opening Savings Account in SBI

You have to fulfil the following eligibility criteria to open a savings account in SBI:

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

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FAQs

How can I open a savings account in SBI?

You can open a savings account in SBI either by applying online through the website or by visiting the branch nearby and submitting your application form there.

Can I open a savings account online in SBI?

Yes, you can open a savings account online, by applying for it through the SBI’s official website.

What is the minimum balance in SBI?

The minimum balance required to open a savings account in SBI is NIL.


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SBI News - Jan 2021
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-09-03 : SBI shares safety tips to eliminate online fraud
    SBI shared tips to stay safe and to recognise fraudsters. The bank, in a short video clip shared on SBI official Twitter handle, warned that the financial service sector is increasingly becoming a target for cybercrime. Further, the bank shared some ways to avoid getting scammed which includes guidelines such as never click on suspicious links, Change your account passwords constantly etc.
  • 2020-08-20 : SBI waived off SMS charges on all savings accounts
    SBI waived SMS charges on Saving accounts. The move will benefit over 44 crore savings accounts holders.
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