SBI Savings Account Interest Rates 2024 – Types of Accounts

Founded in the year 1806, the State Bank of India is said to be the oldest commercial bank in the entire Indian subcontinent holding a legacy of 200-plus years. 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 has come up with different types of savings account options, catering diverse needs of its customers. Keep reading this blog to find out more information about SBI savings account interest rates, types, charges, features and other associated details. 

Latest SBI Savings Account Interest Rates 2024

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.

SBI Savings Account Minimum Balance Required

As of 11th March 2022, the State Bank of India has waived off the requirement of maintaining a minimum average monthly balance in its savings accounts. This will allow the bank customers or account holders to operate and manage their accounts without the obligation of a minimum balance.

SBI Bank Savings Account Charges 2024

The bank implies the following SBI savings account charges and fees:

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

While the primary benefit is high SBI savings account interest rates, the savings account offered by this bank comes with several other benefits. Some of these are discussed below.

• Internet Banking
• Mobile Banking
• Multicity cheques
• Kiosk Banking
• 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
• Chequebook 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

How to Open an Online SBI Bank 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:

• Step 1: Go to the official website of SBI.
• Step 2: Click on the ‘Accounts’ option.
• Step 3: Click on the ‘Savings Account’ option.
• Step 4: Hit the ‘Apply’ button.
• Step 5: Fill in a few details like DOB, name, address, etc.
• Step 6: Hit the ‘Submit’ button.
• Step 7: Visit your nearest branch with all required KYC documents.

After the verification process, SBI Bank will activate your savings account within 3 to 5 working days.

How to Open an Offline 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:

• Step 1: After reaching your nearest SBI branch, collect the savings account opening form.
• Step 2: You have to fill out the forms with all the necessary information.
• Step 3: If you do not have a PAN card, fill out the Form 2.
• Step 4: Along with the duly filled form, submit all the required KYC documents.
• Step 5: The bank will ask for the minimum deposit amount (₹1,000).

That’s it! After verifying all your submitted documents, the bank will hand over a chequebook and a free passbook.

Eligibility Criteria to Open SBI Bank Savings Account 

To get attractive SBI savings account interest rates, you need to meet the following eligibility criteria while opening an 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 (any one of the following):

• PAN Card
• Passport
• Driving Licence
•  Voter ID card

Proof of Address (any one of the following)

• 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

Types Of SBI Bank Savings Account And Its Features

State Bank of India offers seven different types of SBI saving schemes or accounts. Such classification has been done to ensure optimal finance management. Kindly, scroll down to learn more about all the types in a comprehensive manner.

1. 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

2. 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

3. 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 1^st 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

4. Insta Plus 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

5. 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)

6. 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

7. 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

Steps to Open SBI Bank Video KYC Savings Account

Here are the following steps to open an SBI KYC Savings account:

• Step 1: You have to download the YONO application.
• Step 2: Click on the ‘New to SBI’ option followed by the ‘Open Savings Account’ option.
• Step 3: Click on the ‘Without Branch Visit’ option.
• Step 4: Click on the ‘Insta Plus Savings Account’ option.
• Step 5: You have to enter a few details like Aadhar card, PAN card, etc.
• Step 6: You will receive an OTP to your Aadhaar registered phone number.
• Step 7: After entering other details, schedule a video call.
• Step 8: You have to log in to the YONO app at the scheduled time.
• Step 9: Complete the Video KYC process.

SBI Savings Account Transaction Limit

Go through the given below table to discover the transaction limits of different types of SBI savings accounts.

How to Close an SBI Bank Savings Account?

State Bank of India does not allow their customers to close their SBI savings account online. Henceforth, follow the below-listed steps if you want to know how to close a savings account of SBI offline.

• Step 1: Visit your nearest SBI branch.
• Step 2: Collect the account closure form from the bank.
• Step 3: After filling up the form with all the required details, submit it along with the supporting documents.
• Step 4: Clear all your pending dues (if any).
• Step 5: SBI bank will ask for a nominal account closure charge.

Afterwards, the bank will close your account permanently.

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
• Chequebook

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

Final Word

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.

FAQ

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.