State Bank of India provides different types of savings accounts for its customers. An individual can choose the SBI saving bank account based on their requirement.
Below you can find the list of SBI saving Bank account with the current interest rate.
Contents
SBI Savings Bank Account Interest Rate
| Saving Account | Interest Rate | Minimum Balance |
|---|---|---|
| Basic Savings Bank Deposit Account | 2.70 % P.a | NIL |
| Basic Savings Bank Deposit Small Account | 2.70 % P.a | NIL, Maximum balance of Rs. 50000 |
| Saving Account For Minor | 2.70 % P.a | NIL, Maximum Balance Rs. 10 lakh |
| Savings Plus Account | 2.70 % P.a | NIL |
| Savings Bank Account | 2.70 % P.a | NIL |
| Motor Accidents Claim Account | 2.70 % P.a | NIL |
| Resident Foreign Currency Domestic Account | 2.70 % P.a | USD 500, GBP 250, and EURO 500 |
NOTE: The interest rate is effective from 31st may 2020
Types of SBI Savings Account
Below you can list of savings account offered by SBI .
Basic Saving Bank Deposit Account
- Available at all branches.
- Cheque book facility is not available.
- Basic RuPay ATM cum Debit card will be issued free of cost.
- No Account closure charges.
Basic Savings Bank Deposit Small Account
- Maximum balance to be maintained is Rs.50000 with this account and it should not exceed this amount.
- Basic RuPay ATM-cum-debit card will be issued.
- If KYC document is not submitted to the Bank within 24 months of opening of the account you can not do any transactions. you have only option to close this account.
- Conversion of Small account to regular Savings Bank account.
Saving Bank Account for Minors
- Maximum balance of Rs.10 lakh can be maintained in this account.
- You will get a cheque book as well with this account.
- A Photo ATM cum Debit card is given.
- This account comes with internet baking and mobile banking facility.
- Specially designed branded Passbook issued free of cost.
- Nomination facility is available and recommended for this account.
Saving Plus Account
- This account comes with facilities like ATM card, Mobile banking, Internet banking, SMS alerts, etc.
- Loan against MOD is available.
- Facility of Transfer of account through internet banking is available.
- Account is linked to MODs and you can transfer up to Rs. 35000.
- you will get 25 free cheque leaves per year.
Saving Bank Account
- Nomination facility is available.
- Passbook is issued.
- Transfer of account through internet banking is available.
- SBI Quick Missed Call facility is given for this account.
- This account comes with facilities like ATM card, Mobile banking, Internet banking, SMS alerts, etc.
Motor Accidents Claim Account (MCAT)
- ATM card, Debit card, Cheque book is available.
- Welcome Kit and Internet banking facility is also available for this account.
- Mobile Banking facility will be available with the permission of court only.
- Only single operation is provided.
- Statement by email is available.
Resident Foreign Currency Domestic Account
- It is Non interest bearing current Account.
- No Cheque Book or ATM is provided.
- Account balance can be sent to home country.
We will now discuss how you can open any SBI saving accounts, Eligibility, documents required, and other information.
Documents required to Open SBI Saving Account
An individual need to submit the below documents along with the account opening form.
- Proof of Address: Passport, Aadhaar, Driving License, Voter ID etc.
- Proof of Identity: Passport, Aadhaar, Driving License, Voter ID etc.
- PAN Card (fill form 60 if you do not have PAN card)
- 2 latest passport size photographs
Eligibility
You need to fulfill the below criteria in order to open SBI Account.
- The customer must be a citizen of India and have completed 18 years or more.
- In case of minors the account can only be opened on behalf of their parents or legal guardian.
- You must have a valid identity and address proof which is managed or issued by the government.
Procedure to Open SBI Saving Account
There are mainly two methods by which you can open saving bank account in SBI.
1: Online
2: Offline
How to Open SBI Saving Bank Account Online
The process is quite simple. you can follow the steps below in order to open an SBI account online.
- Visit the official website of SBI and click on Apply for SB/Current Account. Choose for Resident Individuals.
- On the next screen Click on Apply Now.
- Enter the required details like Mobile number, Email and click on Submit.
- You will get an OTP to the entered mobile number. fill that OTP and click on Submit
- After this bank will ask you to visit your nearest SBI branch in order to proceed further for opening an account with relevant KYC documents.
- After verification of documents your account will be activated in 3 to 5 working days. you will get an update regarding this on your given mobile number.
How to Open SBI Saving Bank Account Offline
Follow the procedure below in case if you want to open an account offline.
- Visit your nearest SBI Branch and ask for account opening form.
- Fill all the details of Part I and II of the Account opening form.
- If you do not have PAN fill Form 60.
- The details entered in the form should match with the KYC documents provided.
- Deposit Rs.1000 in the beginning in order to make your account active.
- After all the verification the bank will give you passbook and cheque book.
- In case if you want to access SBI net banking services fill internet banking form along with the account opening form.
SBI Saving Account Welcome Kit
After opening your account successfully you will receive welcome kit from the bank which will have the following :
- SBI ATM Card
- SBI Cheque Book
- PIN will be sent separately through Post
Conclusion
We have learned how to open SBI saving bank account both online and offline. you can follow the procedure in order to open an account with SBI. I hope you will find it useful.
FAQs
1: Can I submit the form at any branch of SBI?
Yes, you can submit the form at any branch. However, once you submit an account opening form at one branch you won’t be able to submit the same form to another branch.
2: After how many days should I visit the bank after submitting/filling in the information online?
You need to visit the branch within 30 days of submitting the information online. if the account is not opened within 30 days, your details will be deleted from the record.
3: In case if I have any issue while opening SBI account where I should contact?
you can call SBI toll free number 1800 112 211 for any issues related to account opening.
4: Can I send the documents through email to SBI?
No, you need to visit SBI branch with KYC documents personally to open an account.
4: Can I open Jointly?
Yes, you can open an account jointly for max. 3 applicants.
5: Where I can get SBI Account opening Form Online?
you can download SBI Account opening form the link.
