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State Bank of India Savings Account

The State Bank of India (SBI) Savings Account offers a host of benefits like internet banking, competitive rate of interest, special salary account, ease of banking through mobile banking and rewards program to earn redeemable points. Opening a savings account with SBI is an easy process through online banking or by visiting the nearest bank branch.

What is a Savings Account?

Sbi Savings Account

A savings account is essentially a safekeeping for your money and earn a minimal rate of interest. The account allows you to transfer your money or simply stash it for future use. It helps in keeping everyday spends in check as you do not have cash in hand to splurge. It helps in growing your money.

It is a basic account service that is offered by most banks and financial institutions. One needs to keep minimum balance in the account as mentioned in the bank’s policy. This amount and the interest rate varies from bank to bank. Some banks also put restrictions on the number of withdrawals that can be done on a monthly basis.

A major benefit of the savings account is the accessibility and liquidity which is available at all times. While it offers lower returns as compared to investments like Fixed Deposits or Mutual funds, it is really a safe place to leave your money and let it grow at a slow pace.

Features and Benefits of SBI Savings Account

The SBI savings account has many salient features to offer.

  • SBI offers an interest rate of 3.5% on deposits lesser than Rs. 1 crore and 4% on deposits more than Rs. 1 cr.
  • Safe Deposit locker service is available. Nomination facility can also be used. The bank offers SMS alerts and e-statement facility.
  • It can be linked to the Multi Option Deposit account to earn higher term deposit interest on the surplus money.
  • SBI offers special salary account benefits to Corporates, Government Employees and Defence Personnel.
  • The bank offers different types of debit cards like Silver, Gold, and Platinum as per eligibility.
  • Internet Banking makes life easier for shopping, banking, investments and other financial services.
  • Missed call banking is offered to savings account holders of the bank.
  • One can earn reward points on the debit cards that can redeemed against many gifts, products and lifestyle activities partnered by the bank.
  • A Personal Accident and Health Insurance is given at discounted rates from the SBI General Insurance Company Ltd.

Types of SBI Savings Accounts

Basic Savings Bank Deposit Account (BSBD)

This account can be opened by anybody who provides a proper KYC document. It is primarily targeted at the lower income strata of the society.

  • It can be opened on a single, joint, either/survivor basis
  • Available at all bank branches of SBI
  • Minimum balance to be maintained is nil
  • There is no upper limit to the maximum balance amount
  • ATM cum Debit card will be issued in the account holder’s name free of cost with no maintenance charges
  • Transactions can be carried out through online banking
  • No account closure charges are applicable.
  • If one has this savings account then he or she will not be allowed to have any other Savings account.

Small Account - BSBD

  • This type of account can be opened by anyone above the age of 18 years and may not have a fully complaint KYC document
  • Can be converted into regular savings account by submitting a complaint KYC
  • The KYC requirement is liberalised to enable the poorer sections of the society to open a bank account
  • It can be operated as a single account, joint account and either or survivor
  • This account can be opened at all bank branches except specialised branches
  • Minimum balance to be maintained is nil
  • Maximum amount is Rs. 50,000/-
  • One can withdraw money from this account through the Withdrawal form or ATM cum Debit card which is provided without any charges
  • Money credited through electronic payment channels is free.
  • There are no account closure charges
  • The total of all withdrawals and transfers in a month cannot exceed Rs. 10000/-

Insta Savings Account

  • This account can be opened by anyone who resides in India and is above the age of 18 years.
  • Valid Aadhar number and PAN number is mandatory
  • Valid and active mobile number within India
  • This type of account can be opened only on a single name basis. There is a transaction limit cap of Rs. 49,999/- per transaction.
  • This savings account can be opened through the mobile app of SBI
  • ATM cum Debit card will be issued to the card holder free of cost
  • There is no chequebook facility available with this account

Digital Savings Account

  • This type of account can be opened only on a single name basis. Joint account holding is not allowed
  • Only one SBI Digital Savings account can be opened by one individual
  • The minimum balance as defined in the normal savings bank account is applicable
  • Cheque book is available on chargeable basis
  • ATM cum Debit card will be issued without any charge
  • Nomination facility can be used on the mobile app
  • This account works on a specific technology platform like iOS 8 and above, Android 5.0 and above

Savings Account for Minors

These accounts are fully loaded and come with all features of a normal savings account like internet banking, mobile banking as it helps in acquainting the children with modern age banking practices

FeaturesPehlaKadamPehliUdaan
EligibilityMinor of any age. This account will be jointly opened with the parent/guardian.Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
Monthly Average Balance (MAB) requirementNIL
Maximum BalanceRs. 10 lacs in the Account
Mode of OperationJointly with the Parent/ Guardian or Singly by Parent/ GuardianSingly operated
Internet BankingWith enquiry rights and limited transactions like - Bill payment, opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and issue Demand Draft. Per day transaction limit of Rs. 5,000/-With enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and issue Demand Draft. Per day transaction limit of Rs. 5,000/-
KYC RequirementsDate of birth proof of the minor + KYC of the Parent Aadhaar and PAN or Form 60.Date of birth proof of the minor Aadhaar and PAN or Form 60.
Cheque bookCheque-books are available where mobile number the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued to the Guardian in the name of minor under guardian.Cheque-books are available where mobile number of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.
Photo ATM-cum-Debit CardChild's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. Card will be issued in the name of the minor and Guardian.Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.
Mobile BankingWith viewing rights and limited transaction right like bill payment and top ups. Per day transaction limit of Rs. 2,000/-With viewing rights and limited transaction right like - bill payment, top ups, IMPS. Per day transaction limit of Rs. 2,000/-
Auto sweepAuto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-
Over Draft for Parents/GuardiansOverdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions.No overdraft facility under this product
Standing InstructionAn option of setting up of one Standing Instruction for Recurring Deposit, free of charge.
Other Features
  • Interest rate as applicable to Savings Bank A/c calculated on a daily balance
  • Transferability of accounts to any SBI Branch without changing the account number.
  • Nomination facility is available and recommended.
  • Specially designed branded Passbook issued free of charge.
  • Inter Core charges NIL for transfer transactions.
PAI for Parent (Optional)Personal Accident Insurance Cover (offered by SBI General) for the Parent (in case of Pehla Kadam account only).
Child Plan (Optional)Smart Scholar (Market Linked) - Child Plan offered by SBI Life with inbuilt premium waiver benefit and loyalty additions to fulfil the child's dreams.

SBI Capgain Plus

If you have sold land or apartment or house with the purpose of reinvesting in another real estate, you can use this facility to park your funds in the account for the interim period. This allows you to get adequate time to buy another asset. You can also earn interest on the savings account or fixed deposit term.

  • Resident individuals, HUF, Sole Proprietor firms, NRI, Resident but not Ordinary Resident can open this account
  • There are two types of accounts – Deposit Account – A and Term Deposits (TDR/STDR)
  • Minimum amount required is Rs. 1000/-
  • There is no cap on the maximum amount
  • The deposit period cannot exceed 2 to 3 years from the date of transfer of assets
  • Same as normal savings account
  • This account is operational at all bank branches except for rural branches
  • There is no loan facility available with this deposit account
  • Nomination facility is available

SBI Savings Account Minimum Balance

SBI does not have minimum balance policy for most of its savings accounts. This makes it quite attractive for people to deposit their money with the bank. SBI Capgains Plus has a minimum balance requirement of Rs. 1000/-. Savings bank account for minors does not have a minimum requirement.

SBI Savings Account Interest Rate

SBI offers a competitive rate of interest on its savings bank account deposits. For Savings Deposits balance of upto Rs. 1 cr, 3.50% interest rate is offered. For balance that is above Rs. 1cr, it is 4.0% p.a. It is important to note that these interest rates are subject to change by the bank at their own discretion.

SBI Savings Account Charges

Savings bank accounts with SBI do not attract any charges for opening or operating it. In case, there are charges applicable, the bank personnel will inform you accordingly. These policies are modified at the discretion of the bank.

How to open an SBI Savings Account

There are many ways to open a savings bank account with SBI. The easiest and fastest way is to download the SBI Banking App available both iStore and PlayStore to make your application. You can also visit the nearest bank branch and personally submit the documents required for opening an account. The bank’s representative will process it immediately (if the documents are in order) and share details of how to operate the account both online and offline.

SBI Savings Account: FAQs

1. What is interest frequency on the savings bank account?

SBI calculates the interest on the savings bank account on a daily basis however it is paid out on a quarterly basis. Interest is paid only if it works out to be more than Re. 1/-

2. Is overdraft facility available with SBI savings account?

Overdraft facility is available only with select savings accounts. This feature needs to be checked before using the facility. If a cheque is drawn in excess of the account balance, it will not be paid by the bank.

3. How does the bank define inoperative account?

If there is no transaction in your SBI savings account for more than 24 months, it is treated as an inoperative account by the bank. SBI does not charge for the activation of inoperative accounts.

Customer Reviews

4 / 5 (109 Reviews)
23 Jul 2018

Very happy, and your good service

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