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

Updated on: 23 Nov, 2023 01:22 AM

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
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.
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.
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
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

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

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.

Read More:-
Everything you want to know about Savings Account

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.