SBI Bank Savings Account

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SBI Bank Savings Account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC that provides a nominal interest rate. A savings account is often the first bank account for many people.

With a savings account, you can gain quick and easy access to your safely-stored funds, as it’s the most liquid of investments. The most common use for a savings account is to save money for specific or daily expenses. You can even create an emergency fund. Having a savings accounts is handy when it comes to tracking all those expenses made. You can keep an eye on the number of withdrawals and deposits made. There is no requirement of a minimal deposit or large start-up investments, although these things differ from bank to bank. Also, there are various fees associated with a savings account unless you maintain a certain balance each month. The minimum balance required, interest rate and fees and charges vary from bank to bank. If you are not sure that you will be able to maintain the pre-requisite balance each month, then it would be better to go for a zero-balance account. However, this would mean missing out on most of the bank’s facilities.

There are some downsides to a savings account as well. The interest on a savings account is far less when compared to that of an FD account. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other lucrative form of savings.

SBI Bank Savings Account

An SBI Bank savings account provides a host of banking benefits including reward points for various transactions, trading and portfolio solutions, flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an SBI Savings Account.

Features and Benefit of SBI Savings Account

There are various benefits to having a savings account with SBI Bank.

Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Net Banking and Mobile Banking facilities
  • Get rewarded for savings
  • Earn a higher return of up to 4% p.a. on your SBI Bank Savings Account, enabling your savings to grow faster.
  • Get access to Missed call banking with SBI Quick. With this facility, you can get your Account Balance, Mini Statement and more just by sending an SMS or giving a Missed Call to a specified number.

Types of SBI Bank Savings Accounts

Savings Plus Account

  • Savings Bank having auto sweep facility
  • Account linked to Multi Option Deposit (MOD) account

Yuva Savings Bank Account

  • Savings Bank account for young adults
  • Avail banking services like ATM- cum-Debit card facility, Mobile Banking, Internet Banking, Cheque books etc.

Basic Savings Bank Account

  • Zero balance savings account
  • No upper limit on maximum balance
  • ATM cum Debit Card will be issued
  • 4 withdrawals allowed in a month, including ATM withdrawals at own and other Bank's ATMs.

Small Account

  • Can be opened individually or jointly.
  • Cheque book facility
  • Maximum balance to be maintained is Rs. 50,000
  • ATM cum Debit Card
  • Can be opened by anyone who is above the age of 18 years, and do not have valid KYC documents. Generally intended for the poorer sections of the society, to enable them to save without incurring bank charges

Savings Account for Minors

PehlaKadam

  • Can be opened by minor of any age. To be jointly opened with the parent/guardian.
  • No minimum balance required
  • Specially designed ATM-cum-Debit Card embossed with the photo of the minor with withdrawal/POS limit of Rs. 5,000. Card will be issued in the name of the minor and Guardian.
  • Specially designed Passbook issued free of charge

PehliUdaan

  • Minors above the age of 10 years are eligible to open a PehliUdaan account. This account will be opened in the sole name of the minor.
  • No minimum balance required
  • Singly operated by the minor only
  • Specially designed ATM-cum-Debit Card embossed with the photo of the minor with withdrawal/POS limit of Rs. 5,000
  • Debit / ATM card issued in the name of the minor.
  • Specially designed Passbook issued free of charge

SBI Savings Account Minimum Balance

The minimum balance required in SBI savings account differs with each kind of account. It is advisable to contact the bank directly for details.

SBI Savings Account Interest Rate

SBI savings account comes with interest rates of up to 4%, depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

SBI Bank Savings Account Charges

Different SBI Bank savings accounts have a different schedule of charges. It is better to contact SBI Bank directly for the most up to date charges.

How to open an SBI Bank Savings Account

SBI Bank savings account opening is easy and hassle-free. You can choose to open an account online. All you need to do is submit your info online, fill in the Account Opening Form, print it and visit the bank with your KYC documents to have your account opened. Alternatively, you can directly walk into your nearest SBI Bank branch with your KYC documents and talk to a SBI representative about your saving needs and accordingly open an account.

SBI Bank Savings Account FAQS

What is the best interest rate on an SBI Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is better to contact the nearest SBI Bank branch.

Who is eligible to open a basic savings account with SBI?

An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an SBI bank savings account.

Is it possible to open an SBI Bank savings account online?

Yes, absolutely. Just log on to their website, select the required savings account as per your savings needs, and apply! You would be required to personally go to the bank to submit your KYC documents though.

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