SBI Minimum Balance 2024: How Much Minimum Balance Required in Savings Account, Penalty, Interest Rate

The SBI Savings Account acts as a fund reserve and also earns an interest on it. SBI offers different types of savings accounts to its customers. These accounts come with a host of facilities, offers, and benefits. The features and benefits vary with different types of accounts. The SBI savings account interest rate starts from 2.70%.

Minimum Balance in State Bank of India Savings Account

The table below lists the minimum balance that is supposed to be maintained for various types of accounts

Charges for SBI Savings Accounts

The table below lists the details of charges and fees associated with the SBI Savings Account.

Penalty for Not Maintaining a Minimum Balance

There is no penalty for not keeping a minimum balance in an SBI savings account. SBI has removed the penalty for minimum balance requirement for all savings accounts from 11.03.2020.

Minimum Balance Requirements for Various Types of SBI Savings Accounts

1.Insta Plus Video KYC Savings Account

Features and benefits

• Only Aadhaar number and PAN must be furnished
• A Rupay Classic Card will be provided
• Nominees can be added
• Individuals need not visit the branch of the bank to open the account.
• Video KYC must be completed.

Eligibility Criteria For the account

• A resident of India who is at least 18 years old and is literate is eligible to open the account.
• The only mode of operation allowed is the single mode.
• Anybody who resides in India but does not have a CIF (Customer Information File) with SBI.

2. Basic Savings Bank Deposit Account (Pradhan Mantri Jan Dhan Yojana)

Features and Benefits

• Can be opened by any individual provided he or she has valid KYC documents
• A basic Rupay ATM cum debit card is given.
• There is no threshold on the maximum balance
• The account can be opened at all branches
• No cheque book will be given.
• Account holders are eligible for 4 free monthly cash withdrawal facility at the ATMs of both SBI and other banks
• It provides the users with safe deposit lockers and nomination facility

3. Basic Savings Bank Deposit Small Account

Features and Benefits

• Can be opened by individuals more than the age of 18.
• Valid KYC documents are not necessary. But can be converted into a regular savings account upon submitting KYC documents.
• You will be issued a basic RuPay ATM cum debit card free of cost.
• The maximum balance that can be kept in an account is Rs. 50,000
• No minimum balance is required
• No annual ATM maintenance charges are required
• Monthly withdrawal limit is Rs.10,000 and a total of four withdrawals is permitted
• This is a Zero balance savings account that allows a transaction limit of Rs. 10,000 monthly.
• The maximum credit allowed is Rs.1 lakh annually
• Until you submit authentic KYC documents, foreign remittance is not allowed

4. Savings Bank Account

Features and benefits

• There is no limit on maximum balance.
• You can avail nomination facility.
• 10 cheque leaves are furnished in a year at no additional cost.
• You do not have to maintain an average monthly balance.
• SMS alerts, mobile banking, and internet banking facilities are provided.
• A passbook is provided.

Eligibility Criteria

• The savings account can be opened by any individual, central government agency, or state government agency.
• The operating mode can be joint, sole, former or survivor, either or a survivor, etc.
• Self-help organizations may also open an account.

5. Savings Account for Minors

Savings accounts for minors can be a great way to teach children how crucial money is.

Features and benefits

• It has banking features like internet banking, mobile banking etc.
• A maximum balance of Rs.10 lakhs can be maintained in the account .
• Minimum average balance is not required
• The transaction limit for mobile and internet banking is Rs. 2,000 and Rs. 5,000 per day respectively.
• No credit card can be obtained with these accounts
• Can be operated singly or joint with parents.
• A cheque book is provided.
• A photo debit card is given.
• Standing instructions can be set.
• The E-Term deposit option is available and offers auto sweep facility with a maximum limit of Rs. 20,000

Eligibility Criteria:

• Any minor can open an account with their legal guardians or parents. This plan is also called ‘Pehli Udaan’ and ‘Pehla Kadam.’
• The mode of action is joint for Pehla Kadam and single for Pehli Udaan.
• Minors above the age of 10 can create a Pehli Udaan savings account
• However, since only a juvenile is managing this account, the minor must be able to sign legibly.

6. Savings Plus Account

The excessive funds over the threshold level of INR 35,000 are automatically transferred to term deposits through the SBI’s Savings Plus Account. This is linked to the MOD or the multi option deposit account. Consequentially, investors get larger returns without having to fill out applications to open term deposits.

Features and benefits

• This savings account is connected to the MODS (Multi-Option Deposit Scheme).
• The minimum transaction limit is Rs.10,000
• It provides a minimum of 25 cheque leaves yearly.
• Automatic conversion of the surplus amount to fixed deposit
• Loan against MOD deposit available.
• Transfer of accounts through internet banking available.
• Mobile banking, SMS, alerts, and internet banking facilities are provided.
• There is no threshold on the maximum balance that can be maintained.
• The deposit tenure is in the range of 1 year to 5 years.

7. Motor Accidents Claim Account (MACT)

This account is a unique SBI savings account that accrues interest on MACAD (Motor Accident Claim Annuity Deposit) or money compensated to a victim or claimant of a motor vehicle accident by a court or tribunal.

Features and benefits:

• There is not requirement for a minimum or maximum balance
• ATM, cheque book, and passbook are available
• Internet banking facility and email statement is available.
• Mobile banking, SMS alerts, and netbanking amenities are provided.
• Only a single operation is allowed
• Welcome kit is provided.

Eligibility Criteria:

• This account may be opened by any resident Indian who qualifies for the interest given by MACAD (Motor Accident Claim Annuity Deposit) or compensation under the directives of a Tribunal or a Court of Law
• The applicant must have the current PAN, Aadhar, and other KYC documents.

8. Resident Foreign Currency Domestic Account

Features and benefits:

• The balance in the account is freely repatriable.
• Any resident Indian can open the account.
• No cheque book or ATM Card will be given

SBI Savings Account Interest Rates

The following table lists the interest rates for various types of SBI Savings Accounts. The interest rates were last revised in October 2022 effective 15th of October 2022. They are subject to change anytime.

How to Open An SBI Savings Account

Any resident Indian can open the SBI savings account online by accessing the SBI website. Here are the steps to open an SBI Savings Account

Step 1: Go to ‘Deposit Schemes’ under personal banking and you can see the option for a savings bank account.

Step 2: Read the benefits, rules, and regulations before you click on the ‘apply online’ option.

Step 3: Fill in all the details on the application form.

Step 4: A TCRN or temporary customer reference number will be generated and sent to the registered mobile number.

Step 5: Go to the nearest SBI branch within 30 days with the required original documents and your account will be opened.

How to open an SBI Savings Account Offline?

Step 1: Open the official ‘Branch Locator’ page of State Bank of India.

Step 2: Pick a suitable choice for ‘Option’, ‘Condition’, ‘Search Text’ and ‘Product/Service Name’ from the drop down menu.

Step 3: Post that, bring your original Know Your Customer (KYC) documents to the State Bank of India (SBI) branch that is nearest to you.

Step 4: Fill in the details in the two-part form - Name, address, sign, asset information, etc. They are all incorporated in the first section. Customers must use a Permanent Account Number (PAN) card to finish the second section.

Step 5: Give the accurately completed form to the bank representative along with the initial deposit of Rs. 1,000.

Step 6: The bank will send a welcome letter, a chequebook, and a complimentary passbook to the registered postal address after verifying the account opening application form.

Eligibility Criteria to Open The SBI Savings Account

• The individual must be an Indian resident
• The individual’s age should be 18 years
• The individual must not have any form of relationship with the bank at present.
• Should have a valid Aadhar and PAN card
• The Aadhaar card must be linked with the registered mobile number.
• The individual must have one Insta Savings account and no other account at a time.

Documents Required to Open the SBI Savings Account

• ID proof documents - Aadhaar/ driving license/ voter ID card/ passport
• Address proof - Aadhaar/driving license/voter ID card/passport
• PAN card or Form 16
• Two latest passport-size photographs

How to Close an SBI Savings Account?

You can close an SBI savings account by visiting the nearest branch. The steps to do so ensue

Step 1: Get a form for account closure online or at a branch.

Step 2: Fill the form and submit it at your home branch.

Step 3: Also submit a copy of your ID and address, deposit book, chequebook, and ATM/debit cards along with the form.

Step 4: Settle any outstanding fees during submission.

Step 5: Account closure charges may vary based on the account type and age. SBI will commence the account closure process and complete it within seven business days.

FAQs on SBI Bank Saving Account Minimum Balance: