SBI Saving Account: Steps to open SBI Saving Account

SBI Saving Account: Steps to open SBI Saving Account

When it comes to opening a savings account in India, the name "SBI savings account" frequently comes to mind. SBI, the State Bank of India, stands as the largest commercial bank in the country, encompassing both the public and private sectors. To accommodate its extensive customer base, SBI offers multiple options for savings accounts.

In this blog post, we will explore the SBI savings account interest rates, the minimum balance required, and other features, benefits, and eligibility criteria for opening an SBI savings account. Our goal is to help you make a well-informed decision.

Let's start by examining the interest rates for an SBI savings account.

SBI Savings Account Interest Rate, 2024

Types of SBI Savings Accounts

SBI provides its customers with six distinct types of savings accounts, along with options for a Motor Accidents Claims Account (MACT) and a Domestic Foreign Currency Account. Let's explore these accounts in detail:

1. SBI Insta Plus Savings Account

• Openable online 24×7 via video KYC.
• Requires minimal documentation: Aadhaar and PAN Card (not ePAN).
• Issuance of RuPay Classic Debit Card.
• Nominee provision mandatory.
• Passbook on request.
• Additional facilities: SBI SMS alerts, Quick missed call service, netbanking, and mobile banking.
• Fund transfer options: NEFT, IMPS, UPI, RTGS via SBI YONO or Online SBI.
• Eligibility: Residents aged 18 or above; new customers; singular holding only.

2. SBI Basic Savings Bank Deposit (BSBD) Account

• Designed for economically weaker sections for saving without charges or fees.
• Can be opened at any SBI branch (single/joint).
• No minimum balance needed.
• Cheque book facility not provided.
• Basic Rupay ATM-cum-debit card offered.
• Eligibility: Individuals with valid KYC documents can open the account.

3. SBI Basic Savings Bank Deposit Small Account

• Available to individuals over 18 without Officially Valid KYC documents.
• Relaxed KYC norms leading to operational restrictions.
• Convertibility to a Regular Savings Account upon KYC submission.
• Withdrawal options via branches or ATMs.
• Basic RuPay ATM-cum-debit card.
• No minimum balance requirement.
• Maximum balance capped at Rs 50,000.

4. SBI Savings Bank Account

• Access to Online SBI, mobile banking, SMS alerts, SBI YONO, State Bank Anywhere, and SBI Quick Missed Call.
• First 10 cheque leaves free annually; additional cheque books at a cost.
• Free withdrawals limited by Monthly Average Balance.
• Account transfer via Internet Banking.
• Nomination facility available.
• No Monthly Average Balance requirement.
• No maximum balance limit.
• Passbook issued for transaction record; duplicate available for a fee.
• Statements via e-mail; Free Consolidated Account Statement provided.

5. SBI Savings Account for Minor

• Two variants: PehlaKadam and PehliUdaan.
• PehlaKadam: Joint account with parent/guardian for minors of any age.
• PehliUdaan: For minors above 10 years who can sign uniformly, opened solely in the minor’s name.
• Aims to teach children about savings and financial management.
• Enabled for internet banking and mobile banking.
• No average balance needed.
• Maximum balance of Rs. 10 lakh.
• Cheque book available; Photo ATM-cum-Debit Card issued.
• Limited transaction rights, including bill payments and top-ups.
• Daily transaction limits: Rs 2,000 for both variants.
• Auto-sweep with a minimum threshold of Rs 20,000; multiples of Rs 1,000, minimum Rs 10,000.

6. SBI Savings Plus Account

• Linked to the Multi Option Deposit Scheme (MODS).
• Excess funds automatically transferred to Term Deposits in multiples of Rs. 1000.
• Deposit tenure: 1-5 years.
• ATM Card issued.
• No Monthly Average Balance requirement.
• No maximum balance limit.
• Minimum threshold for MODS transfer: Rs 35,000.
• Facilities: netbanking, mobile banking, SMS alerts, State Bank Anywhere.
• Loan available against MOD deposits.
• 25 free cheque leaves per year.

Features of an SBI Savings Account

Below are some primary features of an SBI Savings Account:

• No requirement for a Monthly Average Balance (MAB)
• Debit card for withdrawals and purchases
• Cheque book availability
• Mobile banking with SMS alerts
• Access to internet banking and the YONO app
• Passbook and e-statement options
• Nomination feature
• Free deposit and withdrawal services at SBI branches
• Limited free withdrawals depending on the maintained MAB
• Overdraft facility, subject to specific terms and conditions

How to Open an SBI Savings Account

To open a savings account with the State Bank of India (SBI), follow these steps:

Step 1: Visit the nearest SBI branch or access the SBI online portal.

Step 2: Obtain the account opening form from the bank or download it from the SBI website.

Step 3: Complete the form with necessary information, including your name, date of birth, address, occupation, and other relevant details.

Step 4: Select the type of savings account you wish to open. SBI offers various options like basic savings accounts, savings plus accounts, and more. Choose the one that fits your needs.

Step 5: Submit the filled form along with required documents: Aadhaar card, PAN card, passport-size photographs, and proof of address.

Step 6: The bank representative will verify your details and documents.

Step 7: Upon verification and account creation, you will receive your account number, passbook, and other account-related details."

How to Open an SBI Savings Account Online:

In 2024, you can open an SBI Insta Savings Bank Account entirely online through the SBI YONO app. Here's a step-by-step guide:

Step 1: Download the YONO App onto your smartphone.

Step 2: Within the app, select “New to SBI” and then click “Open Savings Account.”

Step 3: Choose the “Insta Plus Savings Account” option to proceed without needing to visit a branch.

Step 4: Enter your PAN and Aadhaar details into the required fields.

Step 5: Input the OTP sent to the mobile number registered with your Aadhaar.

Step 6: Complete the form by providing your personal and contact information.

Step 7: Schedule a video call with an SBI representative for verification.

Step 8: Finish the account opening process by completing the Video KYC during the scheduled video call.

Documents Required to Open an SBI Savings Account

To open a savings account or deposit with the State Bank of India, you will need to provide the following documents:

1. Identity Proof: Submit any one of the following items as proof of identity:
   1. Aadhaar Card
   2. PAN Card
   3. Voter ID Card
   4. Passport
   5. Driving License
   6. NREGA Job Card
2. Address Proof: Submit any one of the following items as proof of address:
   1. Aadhaar Card
   2. Voter ID Card
   3. Passport
   4. Driving License
   5. Utility Bill (electricity, telephone, gas, etc.)
   6. Bank Account Statement or Passbook
   7. Letter from a recognized public authority or public servant verifying the address
3. Passport-Size Photographs: Provide two recent color passport-size photographs.
4. Age Proof: If opening an account for a minor, submit a document verifying the minor’s age, such as a birth certificate.
5. KYC Form: Ensure to fill in and sign the Know Your Customer (KYC) form properly.

Eligibility Criteria for SBI Savings Account

To open an SBI savings account in India, you must meet the following criteria:

• Be a resident and at least 18 years old (for minors, a natural parent or legal guardian must assist).
• Individuals, Central and State Government departments can open a regular SBI savings bank account.
• Authorization is necessary from the respective government department for accounts related to government-sponsored programs and schemes.
• Most SBI savings accounts can be operated individually, jointly, or with survivorship clauses.
• A PAN card must be provided.
• An Aadhaar Card is required for opening an SBI Insta Plus Savings account; it's optional for other types of savings accounts.
• Savings accounts can be opened in single or joint names, except for the SBI Insta Plus Savings Account.
• A birth certificate is needed when opening an SBI savings account for a minor.

SBI Savings Account vs. SBI Current Account

The State Bank of India offers both Savings and Current Accounts. Here are the main distinctions between the two:

• Minimum Balance: SBI Savings Accounts have no minimum balance requirement, whereas SBI Current Accounts require a higher balance.
• Interest Rates: Savings Accounts earn interest on the balance, while Current Accounts do not.
• Overdraft Facility: SBI Current Accounts come with an overdraft facility, allowing withdrawals exceeding the available balance (subject to terms and conditions), which is typically not available for Savings Accounts.
• Transactions: SBI Current Accounts have a higher daily transaction limit compared to Savings Accounts.

In summary, an SBI Savings Account suits individuals who aim to save money and earn interest, whereas an SBI Current Account is ideal for businesses and entrepreneurs needing frequent transactions.

SBI Savings Account Customer Care

The State Bank of India (SBI) offers multiple ways to reach their Savings Account Customer Care department:

Toll-Free Numbers (24x7):

• 1800 1234
• 1800 2100
• 1800 425 3800
• 1800 11 22 11

Other Contact Methods:

Email: You can contact SBI customer care via email at:

• customercare@sbi.co.in
• contactcentre@sbi.co.in
• socialreply@sbi.co.in (General)

Social Media: SBI has a presence on various social media platforms. You can try reaching out to them through direct messages for customer care inquiries.

SBI Branch Visit: You can visit your nearest SBI branch and speak to a customer service representative in person.