SBI Savings Account – Types of Savings Account, Interest Rates, Benefits, Eligibility

SBI Savings Account

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State Bank of India is an Indian public sector bank and financial services statutory body. SBI is the 49th largest bank in the world by total assts and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020. It is also the 5th largest employer in India with nearly 250,000 employees. On 14th of September 2022, State Bank of India became the third lender and seventh Indian company to cross the 5 trillion market capitalization on the Indian stock exchanges for the first time.

SBI Savings Bank Account

State Bank of India provides a range of savings accounts for minors and adults. This range includes SBI Basic Savings Account, Small Savings Account, Savings Plus Accounts and many more. Today in this post we are going to discuss in details about SBI savings account interest rates, types of SBI savings account, eligibility criteria and many more.

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Key Benefits of Opening a Savings Account with State Bank of India

• Internet Banking, Mobile Banking, facilities
• Passbook issued free of charge
• Multicity cheques
• Safe Deposit lockers
• Nomination facility
• Personal Accident Insurance available at a nominal premium
• No inter core charges for transfer transactions
• Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card etc.
• Can be linked to Multi Option Deposit (MOD) Account

Types of SBI Savings Account

Mentioned Below are various kinds of savings accounts offered by SBI.

1. Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)

This savings account is for poorer sections of the society. The main motive of this savings account is basically meant to strengthen the poorer sections of the society by providing them with the option to start their savings.

2. SBI Basic Small Savings Account

This account is also meant for economically weaker section of the society. But this savings account is designed specifically for those who do not have officially valid KYC documents and face hardships in opening a bank account.

3. SBI Regular Savings Account

This is generally offered to an applicant when he/she applies for an SBI savings account. This is a basic savings bank account that provides facilities like SMS banking, internet banking, credit card and many more banking facilities to general public. Valid KYC documents are required to open this account.

4. SBI Savings Account for Minors

This savings account has been designed to help the minor citizens so they can learn about the importance of money and savings. It also allows them to experiment with purchasing power so that they can learn to manage their financial well in future. Parents or guardian’s supervision is required to open and operate this account.

5. SBI Savings Plus Account

This account is a product of the SBI Multi Option Deposit Scheme. In this the customer’s savings account or current account is used to create and link a term deposit account. This fixed deposit has a tenure of 1-5 years. This is to encourage the habit of investment. A loan against MOD deposit is also offered to help customers manage their finances in a better way.

6. Insta Plus Video KYC Savings Account

This account can be opened online through video KYC with only Aadhar and PAN card details. The applicant is not required to visit the bank branch for any verification.

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SBI Savings Account Interest Rates

How to Open SBI Savings Account through both Online and Offline

The SBI savings account opening procedure is very simple. Any residents of India are eligible to open the SBI account online by visiting the SBI website. Below are the steps mentioned to open savings account.

• Open the official website of SBI
• Under personal banking go to deposit scheme where you will find the option of savings bank account
• Click on the apply online option
• Fill in the details in the online application form
• A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number
• Visit the nearest SBI branch within 30 days with the required original documentation and your account will be opened.

Procedure of opening a savings account with State Bank of India through offline

• visit the the nearest SBI branch
• Fill up the form
• Provide basic details and choose the account type you want to open
• Provide your ID proof and Address proof
• Submit all your required documents
• Submit the form along with deposit slip
• Upon successful verification by bank officials, your account will be opened

Eligibility Criteria

The eligibility criteria for opening a savings account with the State Bank of India are as mentioned below:

• You should be a resident of India
• Age should be between 20 to 65
• One should have a valid Aadhaar Number and valid PAN card
• You can only have one Insta Savings Account and no other accounts at a given time

Documents Required

Below are the certain list of documents one should require while opening a savings bank account with State Bank of India

• ID Proof
• Address Proof
• 2 passport size photographs
• In the case of minor citizen ID proof of the person who will operate the account is required.

FAQs

1. Can I open SBI account online?

Ans: Yes, you can open your account online via SBI digital savings account opening process.

2. Can I open SBI zero-balance savings account?

Ans: Yes, you can open SBI Basic Savings Bank account with zero balance.

3. What is the MAB charges required to maintain an SBI savings account?

Ans: There is no MAB charges. No penalty will be charged if the balance is brought to nil.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.