SBI Savings Account Interest Rates 2026

The State Bank of India is the oldest commercial bank in the Indian subcontinent holding a legacy of 200-plus years which was founded in the year 1806. It is headquartered in Mumbai and has more than 22,000 branches in India. 

In addition to its extensive branch network, the State Bank of India offers a wide range of financial products and services. Among these offerings, SBI offers different types of savings account options, catering diverse needs of its customers.

Continue reading this blog to find out more information about SBI savings account interest rates, types, features and other associated details. 

Latest SBI Savings Account Interest Rates 2026

SBI offers varied types of savings accounts to its customers. Additionally, the bank provides exclusive benefits and attractive SBI savings account interest rates to all account holders.

Historical SBI Savings Bank Interest Rate

SBI Savings Account Minimum Balance Required

The State Bank of India has waived off the requirement of maintaining a minimum average monthly balance in its savings accounts as of 11th March 2020. This will allow the bank customers or account holders to operate and manage their accounts without the obligation of a minimum balance.

How to Open an SBI Bank Savings Account?

In case you do not want to open an account through the online portal, you can easily visit your nearest branch and open an SBI account. Refer to the below given easy-to-follow steps:

• Visit your nearest SBI branch
• You can download SBI savings account application form online
• You can even ask bank official for the application form
• Fill out the forms with all the necessary information.
• Submit all the required KYC documents with duly filled form

That’s it! After verifying all your submitted documents, the bank will open your savings account and hand over a cheque book with a free passbook.

How to Open SBI Video KYC Savings Account?

To get attractive SBI savings account interest rates, you need to open a savings account with the bank. Below are the steps on how to open a savings account online:

• Download SBI YONO App
• Click New to SBI
• Then click on open savings account
• Choose without visiting bank branch
• Click on savings account through video KYC
• Next, enter PAN and Aadhaar details
• Enter OTP sent to the registered mobile number
• Enter all other required details
• Now, schedule a video call
• Login to the SBI YONO App
• Join the call using resume or complete video KYC
  Now, digital Savings account will be opened.

Your account will be activated for debit transactions after bank's verification

SBI Bank Savings Account Onboarding Kit

The bank officials will give you an onboarding or welcome kit after your savings account is created. This kit includes the following items:

• SBI ATM Card
• Cheque book

Apart from these two things, it will have other relevant and important documents in it. 

Why Choose an SBI Bank Savings Account?

State Bank of India offers a wide array of financial products, including different types of savings accounts. In case you are wondering why you should choose an SBI saving scheme or account, scroll down.

• SBI savings account does not have any specific minimum and maximum balance.
• It offers various attractive benefits.
• The bank offers a nomination facility to its customers.
• Except for the Resident Foreign Currency account, every SBI savings account holder receives a basic RuPay ATM cum debit card.

Key Benefits of SBI Savings Account

SBI offers higher interest rates on savings account complimenting several other benefits. Some of these are mentioned below.

• Internet Banking
• Mobile Banking
• Multicity cheques
• Transfer your accounts in any SBI Branch without altering your account number
• Multiple variants of ATM/Debit Cards like Gold Cards, International ATM/Debit Cards, etc.
• Safe Deposit lockers
• Passbook issued free of charge
• Allows linking to an Option Deposit (MOD) Account
• No inter-core charges for transfer transactions
• Personal Accident Insurance is available at a nominal premium

Additional Benefits Associated with SBI Savings Account 

Below are the other additional benefits of opening a savings account with the State Bank of India:

• Fund transfers (via NEFT, RTGS, & Western Union Money Transfer)
• Utility bill payments
• Cheque book request
• Mobile recharges
• Balance enquiry
• E-Tax filing
• Viewing savings account
• Paying insurance premium
• Car-to-card transfers
• Demat operations
• Multi option deposit
• Online shopping

Eligibility Criteria to Open SBI Bank Savings Account 

Here are some of the eligibility criteria that you need to meet while opening a savings account:

• Indian Resident
• Above 18 years old
• Should not have any existing relation with the SBI bank
• Must have valid KYC documents

Note: The above-listed criteria are not applicable for minor SBI Savings accounts and Basic Small Savings accounts.

Documents Required to Open SBI Savings Account

The applicant must carry a photocopy of all the following documents while opening a savings account with the State Bank of India. Besides, one must self-attest all the photocopies and attach them to the application form while submitting it to the bank.

Proof of Identity: PAN Card, Passport, Driving license,  Voter ID card, etc.

Proof of Address: Ration Card, Credit Card Statement, Salary slip, Income/Wealth Tax Assessment Order, Electricity Bill, Telephone Bill, Bank account statement, Letter from a reputed employer, Letter from any recognized public authority, etc.

Types Of SBI Bank Savings Account And Its Features

State Bank of India offers seven different types of SBI saving schemes or accounts to ensure optimal finance management that are mentioned below-

Basic Savings Bank Deposit Account

• Available in all branches of SBI Bank.
• All individuals having valid KYC documents are eligible
• No minimum or maximum balance limit
• Singly, jointly, former or survivor, anyone or survivor, etc. facilities are available.
• No cheque book facility
• Money can be withdrawn only from branches, ATMs, and by using withdrawal forms.
• SBI will issue a basic Rupay ATM cum-debit card
• No extra fee for account closure and activation of inoperative accounts

Basic Savings Bank Deposit Small Account

• Except for specialised branches, it is available in all branches
• No fixed minimum balance limit
• The maximum balance limit is ₹50,000.
• You can withdraw money from ATMs or branches solely.
• Must have an existing regular savings account.
• Singly, jointly, former or survivor, anyone or survivor, etc facilities are available
• SBI will issue a basic Rupay ATM cum-debit card

Regular Savings Bank Account

• You can manage your account through mobile/net banking and the YONO application.
• SBI quick missed calls and SMS alert facilities are available
• Free cheque leaves for 1st ten in a financial year
• Offers restriction-free cash withdrawals
• No monthly average balance required
• No fixed maximum balance limit
• Offers free consolidated account statements
• Any agency, company, self-help group, etc. are eligible
• Singly, jointly, former or survivor, anyone or survivor, etc. facilities are available

Savings Bank Account Through Video KYC

• Open this account without visiting any branch via video KYC
• Requires minimal documentation (only an Aadhaar card and PAN card).
• Manage your account through SBI net/mobile banking, and the YONO app
• Money transfers through NEFT, RTGS, IMPS, UPI, etc
• SBI will issue a Rupay classic card
• Offers quick missed call, nomination facility and SMS alert facilities
• Literate Indian residents above 18 years of age are eligible
• No joint accounts

Savings Account For Minors

• There are two banking products, one is PehlaKadam and the other is PehliUdaan are offered under this account.
• No fixed monthly average balance required
• The maximum balance limit is ₹10 lakhs
• Access your account through their mobile banking
• Offers chequebooks and a photo-embossed ATM-cum-Debit card
• Offers an auto sweep SBI facility with a minimum threshold of ₹20,000
• Can be opened jointly with the minor's parent (in the case of PehlaKadam).
• Account will be singly operated (in the case of PehliUdaan)

Savings Plus Account

• Use their online banking portals to make money transfers
• The period deposit is between 1 to 5 years
• Offers loans against MOD deposits and SMS alerts facility
• Provide 25 free cheques/financial year.
• The minimum threshold limit for money transfer to MOD is ₹35,000
• Minimum amount of transfer to MOD ₹10,000 in multiples of ₹1,000 at one instance
• No monthly average and maximum balance is required for savings plus account in SBI

Motor Accidents Claim Account (MACT)

• Every individual including a minor having a valid KYC document is eligible
• The existing SBI interest rates are applicable
• Offers both nomination and passbook facilities
• Offers Welcome kit
• SBI will issue ATM-cum-Debit cards

Conclusion

Opening an SBI savings account is beneficial as this type of bank account does not come with a minimum balance. Besides, you will get complimentary insurance coverage, easy loan options, and attractive SBI savings account interest rates. Now that you have a comprehensive idea about the SBI savings account, make an informed decision.