[ecis2016.org] Here is a complete guide on how to open an SBI savings account online, eligibility criteria, documents required, and related information.
The State Bank of India is an Indian multinational service and public sector bank, with its headquarters in Mumbai. One can open a savings account with SBI online. A savings account bears an interest deposit held at a bank or financial institution. The customers can park their cash for immediate and short-term needs. The withdrawal amount from a savings account is unlimited. By opening an SBI savings account, you will obtain a lower rate than that paid by other savings and investments. The interest earned through a savings account is considered to be taxable income.
You are reading: SBI savings account in India: All you need to know
Eligibility criteria to open an SBI savings account
- You should be a resident of India.
- Your age must be above 18 years.
- You must have a valid Aadhaar card with your Aadhaar number and your name. It should be linked with your registered mobile number.
- The applicant must not have any OTP-based account with any other bank or financial institution.
- You are allowed to have only one Insta Savings Account and cannot have any other accounts at a given time.
How do you open an SBI savings account online?
- You can open your new savings account online using the SBI Yono Mobile App.
- You can also visit the SBI Yono portal online to open a savings account within a few minutes.
Documents required to open an SBI savings account
Identity proof
- Passport
- Voter ID
- PAN card
- Driving licence
Address proof
- Credit card statement
- Electricity bill
- Salary slip
- Ration card
- Letter from a reputed employer
- Income Tax Assessment Order
- Telephone bill
- Bank account statement
- Letter from any recognised public authority
SBI savings account interest rate
| SBI Savings Account Balance | SBI Savings Account Interest Rate |
| Upto Rs 1,00,000 | 2.70% |
| Above Rs 1,00,000 | 2.70% |
Types of SBI savings account
-
Basic savings account (associated with Pradhan Mantri Jan Dhan Yojna)
This type is designed to provide an option for savings for the downtrodden section of our society.
| Eligibility Criteria | People with valid KYC documents. |
| SBI Savings Account Minimum / Maximum Balance | No limit |
| Cash Withdrawal Limit | Four free monthly cash withdrawals (SBIs & other banks, ATMs) |
| Credit Card | Not provided |
| Debit Card | Basic Rupay Debit Card |
| Extra Features | Safe depository lockers and
Nomination facility is available |
-
Basic small savings account
- To assist people with weak financial and economic backgrounds.
- It is created for those who do not own valid KYC documents.
| Eligibility Criteria | People above 18 years of age who do not possess official KYC documents. |
| SBI Savings Account Minimum / Maximum Balance | NIL/ Rs 50,000 |
| ATM Charges | Four free monthly cash withdrawals (SBIs & other banks, ATMs) are allowed.
No annual maintenance charges. |
| Credit Card | Not provided |
| Debit Card | Basic Rupay Debit Card |
| Extra Features |
|
-
Savings bank account
- The basic savings bank account offers facilities such as internet banking, sms banking, credit card, etc.
| Eligibility Criteria | PAN Card is a must.
For everyone/ central/ state government |
| SBI Savings Account Maximum Balance | No limit |
| Cheque Book Facility | First ten cheques are free in the financial year after which:
|
| Credit Card | As per terms and conditions |
| Debit Card | Basic Rupay Debit Card |
| Extra Features |
|
Read also : What is the Online Tax Accounting System?
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-
SBI savings account for minors
- To help children learn about the value of money and savings.
- The savings account is an initiative to give them the power to manage their finances and help them in the future.
| Eligibility Criteria |
|
| SBI Savings Account Maximum Balance | Rs 10 Lakh |
| Transaction Limit | Mobile Banking – Rs 2,000 per day
Internet Banking – Rs 5,000 per day |
| Credit Card | Not provided |
| Debit Card | Photo ATM Debit Card |
| Extra Features |
|
| Cheque Book facility | Provided |
-
SBI Savings Plus Account
- The savings account is a product of the State Bank of India Option Deposit Scheme.
| Eligibility Criteria | People with valid KYC documents. |
| SBI Savings Account Minimum Balance | Rs 35,000 in MODS |
| Transaction Limit | Minimum of Rs 10,000 |
| Cheque Book Facility | 25 free leaves p.a |
| Debit Card | ATM Card |
| Extra Features |
|
-
Insta Plus Video KYC Savings Account
- The Insta Plus Video KYC savings account can be opened online through Video KYC.
| Eligibility Criteria | People above 18 years of age.
Aadhaar Card and PAN Card are mandatory. |
| SBI Savings Account Minimum / Maximum Balance | No limit |
| Cash Withdrawal Limit | Four free monthly cash withdrawals (SBIs & other banks, ATMs) |
| Credit Card | Not provided |
| Debit Card | Rupay Classic Card |
| Extra Features |
|
SBI savings account fees and charges
ATM charges
| Average Monthly Balance (AMB) in Savings Bank | Number of Free Transactions Per Month | ||
| In 6 Metro centres | Other centres | Our bank ATM | |
| Upto Rs 25,000 | 3 | 5 | 5 |
| Above Rs 25,000 to Rs 50,000 | 3 | 5 | Unlimited |
| Above Rs 50,000 to Rs 1,00,000 | 3 | 5 | |
| Above Rs 1,00,000 | Unlimited | Unlimited | |
| Charges for Financial Transactions Beyond the Set Limit | Rs 20+ GST | Rs 10 + GST | |
| Charges for Non-Financial Transaction Beyond the Set Limit | Rs 8 + GST | Rs 5 + GST | NIL |
Other charges
| One Time Locker Registration Charge | Small/Medium – 500 + GST
Large/ Extra Large – 1000 + GST Related read:
|
| Safe Deposit Locker Charge | Rs 1000 to Rs 9000 + GST (annually) |
[ecis2016.org] Have information about SBI IFSC
SBI contact details
| Toll free numbers | 1800 1234
1800 2100 1800 11 2211 Read also : Second marriage: All about property rights of the second wife and her children 1800 425 3800 080-26599990 |
| customercare@sbi.co.in
contactcentre@sbi.co.in |
|
| Missed Call Banking | SBI QUICK |
| Address | Customer Service Department
State Bank of India State Bank Bhavan, 16th Floor Madam Cama Road, Mumbai 400 021 |
| Report unauthorised electronic transactions |
|
| Are you disappointed with any service? | SMS UNHAPPY to 8008 20 20 20 |
FAQs
Is it possible to open an SBI account online?
Yes, you can open the account via SBI digital saving opening process. However, it is mandatory to make a one-time visit to the branch.
Will I be able to open a zero balance account with the State Bank of India?
Yes, you can open an SBI Basic Savings Bank Account with zero balance.
Is there a minimum average balance to maintain in an SBI savings account?
No, the State Bank of India announced a waiver about the monthly balance. It says that no penalty will be charged to the customer with a nil balance.
How to check your balance in an SBI savings account?
SMS ‘BAL’ to 09223766666 from your registered mobile number.
Is an Aadhaar card a must to open an account in SBI?
No, an Aadhaar card is not necessary to open an account in any of the banks.
Source: https://ecis2016.org/.
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