SBI Savings Account Interest Rate & Minimum Balance 2024

By Mayashree Acharya


Updated on: Mar 28th, 2024


40 min read

State Bank of India (SBI) is the largest public sector bank and caters to almost all Indians. The bank approximately has over 40 crore customers. SBI offers multiple types of savings accounts for different banking requirements. The SBI savings account interest rate starts from 2.70%. Learn more about SBI savings accounts in detail. 

SBI Savings Account

SBI offers different types of savings accounts catering to all ages, from minors to senior citizens. SBI savings account allows you to enjoy various exclusive benefits and earn regular interest. SBI last revised its interest rate on savings accounts in October 2022. 

SBI Saving Account Interest Rate 

The following table lays down the details on SBI interest rates for saving accounts

Type of SBI Savings AccountDeposit less than Rs. 10 crore Deposit equal to or more than Rs. 10 crore 
SBI Insta Plus Savings Bank Account2.70% p.a. 3.00% p.a. 
SBI Basic Savings Bank Deposit Account2.70% p.a. 3.00% p.a. 
SBI Savings Bank Account2.70% p.a. 3.00% p.a. 
SBI Basic Savings Bank Deposit Small Account2.70% p.a. 3.00% p.a. 
SBI Savings Plus Account2.70% p.a. 3.00% p.a. 
SBI Savings Account for Minors2.70% p.a. 3.00% p.a. 
SBI Motor Accidents Claim Account (MACT)2.70% p.a. 3.00% p.a. 
SBI Resident Foreign Currency Domestic Account2.70% p.a. 3.00% p.a. 

*Interest rates are effective as of October 15, 2022, and are subject to change. 

Minimum Balance in SBI Savings Account 

Refer to the table below to learn about the minimum SBI savings account balance you need to maintain for various types of accounts: 

Type of Savings Account Monthly Minimum Balance 
SBI Insta Plus Savings Bank AccountNIL
Basic Savings Bank Deposit AccountNIL 
SBI Savings Bank AccountNIL 
Basic Savings Bank Deposit Small AccountNIL 
Savings Plus AccountNIL 
Savings Account for MinorsNIL 
Motor Accidents Claim Account (MACT)NIL 
Resident Foreign Currency Domestic AccountUSD 500, EURO 500, GBP 250

SBI Saving Account Maximum Balance

There is currently no ceiling on the maximum account balance for the majority of SBI savings accounts. However, there are exceptions for the Minors account and Basic Savings Bank Deposit Small account. The maximum balance for the Basic Savings Bank Deposit Small account is Rs.50,000, and the Saving Account For Minors is Rs.10 lakh

SBI Saving Account Charges 

The table below provides the details of charges and fees associated with the SBI Savings account

Service Type Associated Charges 
Issuance off First Passbook or Continuation Free 
Issuance of Multi City Cheque Book (for Savings)10 free cheques each financial year. Afterwards, 10 leaves for Rs.40 + GST and 25 leaves for Rs.75 + GST 
Issuing Multi City Cheque Book (for Senior Citizens)Free 
Emergency Cheque BookRs.50+ GST for 10 leaves 
Duplicate Passbook IssueRs.100 + GST or Rs.50+ GST for 40 entries or per page
Savings Bank Account TransferFree 
Account Closure between 14 days and 1 year from the date of openingRs.500 +GST 
Account Closure within 14 days from openingFree 
Account Closure after 1-year from opening Free 
Stop Payment InstructionFrom Rs.100 to Rs.500 + GST per instrument per issuance
Contactless/ Silver/ Global/ Classic Debit Card Issuance Free 
Gold Debit Card IssuanceRs.100 + GST 
Platinum Debit Card issuanceRs.300 + GST 
Salary Account Debit Card Issuance Free 
Contactless/ Silver/ Global/Classic Debit Card Annual Maintenance ChargeRs.125 + GST 
Combo/ Yuva/ Gold Debit Card Annual Maintenance Charge  Rs.175 + GST 
Platinum Debit Card Annual Maintenance ChargeRs.250 + GST 
Debit Card Annual Maintenance Charge for Salary AccountFree 
Interest CertificateOriginal: Free
Duplicate: Rs.150 + GST
Doorstep Banking for Financial TransactionsRs.100 + GST

SBI Savings Account Transaction Limit

Here are the limits for SBI account transfers and transactions

Transaction Type Limit Per Day 
Transfer within Self AccountsRs.2,00,00,000
Fixed / Recurring DepositRs.99,99,999
IMPSRs.5,00,000 per transaction 
Quick TransferRs.50,000 per transaction/ per day; Rs.5,00,000 daily overall limits 
Third-Party Transfer within SBIRs.10,00,000
Interbank Transfer - RTGSRs.10,00,000
Interbank Transfer - NEFTRs.10,00,000
Credit Card VISA TransferRs.1,00,000
mCashRs.1,101/ transaction 
Rs.2,202/ Day
Rs.5,101/ Month
UPIRs.1,00,000 per day transaction 
QR Cash WithdrawalRs.4,000 
Transaction Limit for a newly added Beneficiary (Initial 4 days)Rs.1,00,000
Bill PaymentsRs.5,00,000
SBI Prepaid CardsRs.50,000
Mobile Top UpRs.10,000/ transaction; Rs.50,000/ day 
SBI Life PremiumRs.50,000
Postpaid bill paymentRs.50,000
DTH RechargeRs.50,000

For Minor Account 

Transaction Type Individual Limit Overall Limit 
Top-up Rs.2000 Rs.5000 
DD Rs.5000 
Bill Payment 

These charges are subject to change. Contact the branch for confirmation. 

Types of SBI Savings Account

SBI offers various types of savings accounts. They come with unique features and benefits. Here are the types of SBI savings accounts

Insta Plus Savings Bank Account (Video KYC)

SBI's Video KYC Savings Account offers hassle-free, paperless and video-based account opening, eliminating the need for branch visits. Only the Aadhaar details and PAN (Physical) are required to open this account. The signature will be captured during the Video KYC process. It supports fund transfers through UPI, NEFT, IMPS, and the YONO app, with the option to apply for a RuPay Classic debit card. 

Account holders can access their accounts 24x7 through the YONO app, internet banking and mobile banking. They can stay informed with instant updates via SBI Quick Missed Call and SMS alerts. The account provides a nomination facility, and although no cheque book is issued, account holders can apply for a cheque book through YONO, internet banking or visiting the branch.

Basic Savings Bank Deposit Account

SBI Basic Savings Bank Account is a simple savings account available at 22,000 SBI branches across India. 

There is no minimum balance requirement and no upper limit for the maximum balance. Although the account does not provide a chequebook facility, withdrawals can be made through a branch or ATM visit. 

Customers have the option to apply for a free RuPay Basic Debit Card that is free of annual maintenance fees. In addition, up to four free cash withdrawals are permitted across all channels.

Basic Savings Bank Deposit Small Account

Any Indian resident above 18 years without valid KYC documents can open this account by sending a self-attested photograph and thumbprint or signature to an SBI bank official. 

Upon submission of KYC documents, this account can be converted to a regular savings account. Available at all 22,000 SBI branches, excluding corporate account group branches, mid-corporate group branches, personal banking branches, and special personalise banking branches. Customers can withdraw money at branches or ATMs and apply for a RuPay Basic Debit Card. The account has no minimum balance requirement and allows a maximum balance of Rs.50,000.

Savings Bank Account

SBI Savings Bank Account is a popular SBI account known for its extensive features and benefits. Account holders have access to a range of services, including mobile banking, SMS alerts, internet banking, YONO and state bank anywhere. 

Additionally, customers can avail the convenience of the SBI Quick Missed Call feature. The account offers 10 free cheque leaves per year, with subsequent cheque books charged at Rs.40 + GST. There is no mandatory minimum balance requirement, and account holders may not have any maximum balance restrictions.

Savings Account for Minors

SBI introduced 'Pehla Kadam' and 'Pehli Udaan', ideal accounts to teach kids how to save money. With a current debit card withdrawal limit of Rs.5,000, it encourages responsible spending. 

There is no average monthly balance requirement, and the maximum account balance can reach Rs.10 lakhs. The auto-sweep feature is available with a minimum limit of Rs.20,000, ensuring hassle-free financial management of your child's future.

Savings Plus Account

SBI's Savings Plus Account offers a MOD-linked structure that automatically transfers excess funds above Rs.35,000 to term deposits, providing higher returns without the need for additional paperwork. 

The Multi Option Deposit (MOD) feature allows for a deposit period of one to five years. Account holders can apply for various services, including ATM cards, state bank anywhere, mobile banking, internet banking and SMS alerts. 

There are also loans against MOD with 25 free cheque leaves per year and no maximum balance limit. Additionally, the account has no monthly average balance requirement.

Motor Accidents Claim Account (MACT)

The SBI Savings Account is tailored for recipients of interest or compensation from the Motor Accident Claim Annuity Deposit (MACAD) awarded to victims of motor accidents by the court/tribunal. The account comes with a welcome kit, including an ATM/debit card, and offers services like a chequebook app and free internet banking.

Resident Foreign Currency (Domestic) Account

Resident Indians can now open and manage a non-interest-bearing foreign currency account in USD, GBP or EURO to keep foreign exchange earned through various channels. This current account does not provide a chequebook or an ATM card. A minimum balance of USD 500, GBP 250 or EURO 500 must be maintained, and the account allows unlimited balance repatriation.

How to Open a Savings Account in SBI?

You can now open an SBI savings account online as well as offline. Here are the procedures for both: 

  • Online Process 

Here is a step-by-step guide on how to apply for a SBI Savings Account through the SBI YONO App:

Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.

Step 2: Open the app, click ‘Open Savings Account', then select 'With Branch Visit'. 

Step 3: Select ‘Apply Now’ and click ‘Next’.

Step 4: Select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option or ‘Open with Officially Valid Document (OVD)’ option when you do not have an Aadhaar card and click ‘Next’.

Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN. 

Step 6: Enter your personal details, annual income details and educational details and submit.

Step 7: Enter the OTP and submit the application. Visit the bank branch to complete the document verification process. The SBI officials will open the account after the completion of the verification process.

Here is a step-by-step guide on how to apply for SBI Insta Plus Savings Account through the SBI YONO App:

Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.

Step 2: Open the app, click ‘Open Savings Account', then select 'Without Branch Visit'. 

Step 3: Select ‘Insta Plus Savings Account’ as your preferred savings account type

Step 4: Enter your Aadhaar and PAN details. The OTP will be sent to the Aadhaar-linked mobile number for verification.

Step 5: Provide the OTP to complete the verification process.

Step 6: Schedule a video call and be ready with your original Aadhaar card and PAN card for verification during video KYC.

Step 7: After successful verification, your savings account will be opened, and you can start making transactions immediately.

  • Offline Process 

To open an SBI savings account offline, follow these steps:

Step 1: Head to your nearest SBI branch.

Step 2: Fill out the SBI Savings Account form.

Step 3: Enter the basic information and select the required account type.

Step 4: Submit attested copies of your Aadhaar and PAN cards.

Step 5: Submit the form along with the cash or draft deposit receipt and other necessary proof of identity, income and residence.

Step 6: After verification by bank officials, your account will be activated.

Collect your SBI Savings Account Welcome Kit including your ATM card, cheque book and relevant documents for future reference.

Documents Required for Opening Savings Account in SBI 

You will need the following documents to open a savings account with SBI: 

  • ID proof (Aadhaar/ driving license/ voter ID card/ passport)
  • Address proof (Aadhaar/ driving license/ voter ID card/ passport)
  • PAN card or Form 16 
  • Two latest passport-size photographs 

How to Close an SBI Savings Account?

You can close your SBI savings account by visiting the nearest branch. Here are the steps: 

Step 1: Obtain an account closure form available for downloading online or at a branch.

Step 2: Fill out the form and submit it at your home branch.

Step 3: Include a copy of your ID and address, deposit book, chequebook, and ATM/debit cards. 

Step 4: If there are any outstanding fees, settle them during submission.

Depending on account type and age, account closure charges may apply. SBI will initiate the account closure process and complete it within seven business days.

SBI Savings Account Features

Look at some of the prominent features of SBI savings accounts: 

  • There is no minimum balance requirement for SBI Savings Accounts.
  • The nomination option is available for savings accounts.
  • ATM cards are provided for all SBI Savings Accounts, except for (Domestic) Resident's Foreign Currency Accounts.
  • No maximum balance for most SBI savings accounts except small savings (maximum Rs.50,000) and minor accounts (maximum Rs. 10,000).

SBI Savings Account Benefits

You can enjoy these exclusive benefits with an SBI savings account: 

  • Mobile banking services such as Interbank Mobile Payment Services (IMPS), fund transfers, chequebook requirements, payment of utility bills, M-Commerce, etc. 
  • Multi Option Deposit (MOD) linked to SBI Savings Account.
  • Automatic distribution of MOD to cover the lack of funds for inspections.
  • MOD compromise via ATM withdrawals.
  • Banking options such as SBI Online Banking, mobile banking, and banking kiosk.
  • Issuance of a passbook free of charge.
  • SBI Net Banking Services such as opening and closing fixed deposits and recurring deposits, Money Transfers (RGTS, NEFT, Western Union Money Transfer), payment of online shopping, utility bills, Demat processes, e-tax filing, etc. 
  • Storage lockers
  • Nomination service
  • Low-cost accident insurance
  • Gold card
  • International Debit Card/ATM

The SBI savings account interest rate keeps revising. Currently, it is 2.70% p.a for all savings accounts having deposits below Rs.10 crore. Different types of SBI savings accounts offer great features and benefits. So, download the YONO app and open the savings account that most suits your requirements. 

Related SBI Articles:
1. How to Apply for SBI ATM Card Online and Offline?
2. SBI Bank Balance Check Number
3. SBI Mobile Banking - How to Register and Log In on the YONO/YONO Lite app?
4. How To Activate SBI Net Banking?
5. SBI Annuity Deposit Scheme
6. SBI Debit Card Charges
7. How to Withdraw Cash From SBI Credit Card?
8. How to Know Your SBI Account Number?
9. SBI NEFT Charges
10. SBI UPI Limit
11. SBI ATM Card Block - How To Block SBI ATM Card?
12. SBI Debit Card - How To Activate SBI Debit Card Online/Offline?
13. Close SBI Credit Card - How To Close SBI Credit Card?
14. Unblock SBI Credit Card - How To Unblock SBI Credit Card?
15. SBI FD Calculator
16. SBI FD Interest Rates
17. How To Close SBI Savings Accounts Online And Offline?
Related Articles:
1. Axis Bank Savings Account Interest Rate
2. Punjab National Bank (PNB) Savings Account
3. Bank of Baroda (BOB) Savings Account
4. ICICI Bank Savings Account Interest Rate
5. Union Bank Savings Account Interest Rate
6. HDFC Bank Savings Account Interest Rate
7. Canara Bank Savings Account Interest Rate

Frequently Asked Questions

What is the minimum balance in the SBI savings account?

The minimum balance required in an SBI savings account is NIL except for the Resident Foreign Currency Domestic Account, which is USD 500, EURO 500 or GBP 250.

What is the maximum balance in SBI savings account?

For most types of SBI savings accounts, there is no maximum balance limit. However, for SBI Basic Small Savings Account and SBI Savings Account for Minors, the limits are Rs.50,000 and Rs.10 lakh, respectively. 

Is SBI savings account free?

The savings bank account opening with SBI is free of charge. Also, there is no minimum balance requirement to maintain. 

How much interest will I get in an SBI savings account?

You can get interest between 2.70% p.a. and 3.00% p.a. in your SBI savings account, depending on the deposit amount. 

Can I keep a zero balance in my SBI savings account?

Yes, you can keep zero balance in most types of SBI savings accounts except the SBI Resident Foreign Currency Domestic Account, which has a specific minimum balance requirement. 

What happens if I don't maintain a minimum balance in SBI?

SBI has removed any penalty for minimum balance requirement for all savings accounts. 

What is the SBI savings account interest rate for senior citizens?

SBI currently offers an 8.20% p.a. interest rate for senior citizen savings accounts. 

What is the penalty for not maintaining a minimum balance in an SBI savings account?

There is no penalty for not maintaining a minimum balance in an SBI savings account since SBI has removed the penalty for minimum balance requirement for all savings accounts from 11.03.2020. 

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

Public Discussion

Get involved!

Share your thoughts!


Quick Summary

State Bank of India (SBI), the largest public sector bank in India, offers various savings accounts with an interest rate starting from 2.70%. These accounts cater to different age groups and banking needs. SBI boasts over 40 crore customers and provides a range of services and benefits like online and mobile banking, cheque book facilities, and more.

Was this summary helpful?

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use


ISO 27001

Data Center


SSL Certified Site

128-bit encryption