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All you want to know about State Bank of India Saving Account

All you want to know about State Bank of India Saving Account

Updated on: 16 Jan, 2024 05:49 PM

Why Should you go for SBI Saving Account?
Types of SBI Saving Account
Savings Account for Minors
Process to open SBI Savings Account(OFFLINE)
Process to open SBI Savings Account(ONLINE)
Documents required to open SBI Saving Account
Interest Rates of SBI Savings Account w.e.f.31 July 2017
Some of the other amendments introduced by SBI

Why Should you go for SBI Saving Account?

SBI Account provides a host number of banking services to its customers. Being the largest bank in the country in terms of landing, Under State Bank of India Saving Account, it delivers benefits like quick utility bill payments via net banking. One of the most attractive features is that branches of SBI can be found in every nook and corner of the country hence easy to reach. Along with this, it deals in other services like net-banking, rewards for saving, debit card along with a competitive interest rate over your savings.

Types of SBI Saving Account

Type Of the Saving Account	Key Features	Minimum Balance/Monthly Average Balance
Saving Plus Account	Providing auto sweep facility Linked to Multi Option Deposit(MOD) A minimum of 25,000 amount is to be retained in this saving account	Metro or Urban-3000 Semi-Urban-2000 Rural-1000
Yuva Saving Bank Account	Specially designed for the young youth b/w 18 to 30 years of age. Continuation of account even after the age of 30 years	Not required
Basic Saving Account	It is a zero balance saving account No Minimum and maximum limit is required A person can only open this account if he doesn't have any other saving account. In case of holding another account, it needs to be closed within 30 days of opening the new account.	NIL
Small Account	No requirement of minimum balance and initial deposit Upper limit amounts to Rs 50,000 Basic card issued with no annual maintenance charges. It can be opened by an individual or jointly Cheque book cum Debit card facility It is basically opened by the poorer section of the society and can be opened by anyone who is an adult and does not have valid KYC documents with them.	NIL
Insta Saving Account	The customer can have only one insta saving account at any other given time and no other accounts. Only Indian residential who is above 18 years can open this account. The customer is required to maintain minimum balance same as the normal saving bank account but Minimum balance charges for Insta Saving Account have been waived till 31st March 2019. Transaction limit cap at 49,999/-	As defined for normal Saving Bank Account
Digital Saving Account	An individual can open only one digital saving account. The customer is required to maintain minimum balance same as the normal saving bank account but Minimum balance charges for Insta Saving Account have been waived till 31st March 2019. ATM cum debit card	As defined for normal Saving Bank Account
Basic Saving Bank Account	Can be opened by any individual above the age of 18 years provided she has complete KYC documents. Zero balance Saving Account Maximum 4 withdrawals in a month including ATM withdrawals at own and other Bank’s ATMs are permitted There is no upper limit in the maximum balance	NIL
3 in 1 demat and online trading account	Its a Demat, saving and investment account Time to time it provides some reward points to its customers It Facilitates converting physical share certificate into electronic balances.	–

Savings Account for Minors

Process to open SBI Savings Account(OFFLINE)

Visit the closest SBI branch
Take the account opening form from the bank executive
Fill both FORM 1 and FORM 2 ensuring that all the details in the form have been entered as per the KYC documents submitted by you in the bank.
Submit the initial deposit of Rs.1000
Once the bank will complete the verification process, you will be provided with the cheque book, passbook, internet banking kit etc.

Process to open SBI Savings Account(ONLINE)

Go to Homepage of State Bank of India. Click on Deposit Schemes under Personal banking. Here you will get the option of Saving Account.
Click on Apply Online option.
Fill the details of the application form and click on submit
A Temporary Customer Reference Number(TCRN) will be sent to your registered number
Visit the branch of your preference with all your required documents to complete the KYC within the 30 days of the submitting form.
Following the verification process, your account will be opened within 3-5 working days.

Documents required to open SBI Saving Account

Identity Proof- Passport, Voting Card, Driving License etc
Address Proof-Passport, Voting Card, Driving License etc
PAN Card
Adhar Card
2 Passport size photos
Print out the (AOF)Account Opening Form(In case of applying online)

Interest Rates of SBI Savings Account w.e.f.31 July 2017

Some of the other amendments introduced by SBI

All bank Accounts will have to keep some Minimum average balance(MAB).
Non-maintenance of the MAB charges will be levied up to Rs 100 plus service tax.
Penalty on cash transactions in the current account could be high as Rs 20,000.
Users having at least Rs 25,000 in their account will not be charged for any number of transactions from SBIs ATM.
A charge of Rs 20 will be levied on each withdrawal after the first three cash withdrawals from other banks ATM.
A charge of Rs 10 will be levied after completing the first five cash withdrawals transaction from the SBI ATM.

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