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SBI savings account in India: All you need to know

[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.

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?

sbi 1 2

  • 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 
  • Transaction limit p.m – Rs 10,000
  • Zero Balance Savings Account
  • Maximum Credits – Rs 1 lakh
  • Foreign remittance is not allowed without KYC documents. 
  • Account facility not allowed at Personal Banking Branches, Corporate Account Group Branches, Mid Corporate Group, Special Personalise Banking. 
  • 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: 

  • 10 leaf cheque book – Rs 40 plus GST
  • 25 leaf cheque book – Rs 75 plus GST 
Credit Card As per terms and conditions
Debit Card  Basic Rupay Debit Card 
Extra Features 
  • No monthly average balance. 
  • Zero Balance Savings Account
  • Internet and Mobile Banking are allowed. 
  • You can open the account online and make a one-time visit to the home branch. 
  • Nomination is necessary. 

Check out: Have information about SBI Bank IFSC code

  • 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 
  • Pehla Kadam – Minor (parent or legal guardian)
  • Pehli Udaan – Minor above 10 years.  
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 
  • Viewing and transaction rights 
  • Two cheque books 
  • Auto Sweep (minimum of Rs 20,000)
  • E-Term deposit option
  • Special design passbook
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 
  • Deposit Tenure – 1 to 5 years
  • Amount transferred directly as fixed deposits. 
  • MODS linked account to assist with savings 
  • Loan against MOD deposits. 
  • 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 
  • Nomination is mandatory. 
  • Allows fund transfer using UPI, NEFT, and IMPS.
  • Quick missed calls and SMS alerts by SBI. 
  • No cheque book or any other transaction is permitted. 

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

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

1800 425 3800

 080-26599990

Email  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 
  1. 1800 11 1109 (Toll Free)
  2. 94491 12211 (Mobile number, Toll Free)
  3. 080 – 2659 9990 (Toll number)
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/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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