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 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.
Below table provides the old and revised SBI savings account interest rates:
Savings Account Deposit | Old Interest Rate (Before 15.10.2022) | Revised Interest Rate (Effective from 15.10.2022) |
Deposit less than Rs. 10 crore | 2.70% | 2.70% |
Deposit more than Rs. 10 crore | 2.70% | 3.00% |
The following table lays down the details on SBI interest rates for saving accounts:
Type of SBI Savings Account | Deposit less than Rs. 10 crore | Deposit equal to or more than Rs. 10 crore |
SBI Insta Plus Savings Bank Account | 2.70% p.a. | 3.00% p.a. |
SBI Basic Savings Bank Deposit Account | 2.70% p.a. | 3.00% p.a. |
SBI Savings Bank Account | 2.70% p.a. | 3.00% p.a. |
SBI Basic Savings Bank Deposit Small Account | 2.70% p.a. | 3.00% p.a. |
SBI Savings Plus Account | 2.70% p.a. | 3.00% p.a. |
SBI Savings Account for Minors | 2.70% 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 Account | 2.70% p.a. | 3.00% p.a. |
*Interest rates are effective as of October 15, 2022, and are subject to change.
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 Account | NIL |
Basic Savings Bank Deposit Account | NIL |
SBI Savings Bank Account | NIL |
Basic Savings Bank Deposit Small Account | NIL |
Savings Plus Account | NIL |
Savings Account for Minors | NIL |
Motor Accidents Claim Account (MACT) | NIL |
Resident Foreign Currency Domestic Account | USD 500, EURO 500, GBP 250 |
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.
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 Book | Rs.50+ GST for 10 leaves |
Duplicate Passbook Issue | Rs.100 + GST or Rs.50+ GST for 40 entries or per page |
Savings Bank Account Transfer | Free |
Account Closure between 14 days and 1 year from the date of opening | Rs.500 +GST |
Account Closure within 14 days from opening | Free |
Account Closure after 1-year from opening | Free |
Stop Payment Instruction | From Rs.100 to Rs.500 + GST per instrument per issuance |
Contactless/ Silver/ Global/ Classic Debit Card Issuance | Free |
Gold Debit Card Issuance | Rs.100 + GST |
Platinum Debit Card issuance | Rs.300 + GST |
Salary Account Debit Card Issuance | Free |
Contactless/ Silver/ Global/Classic Debit Card Annual Maintenance Charge | Rs.125 + GST |
Combo/ Yuva/ Gold Debit Card Annual Maintenance Charge | Rs.175 + GST |
Platinum Debit Card Annual Maintenance Charge | Rs.250 + GST |
Debit Card Annual Maintenance Charge for Salary Account | Free |
Interest Certificate | Original: Free Duplicate: Rs.150 + GST |
Doorstep Banking for Financial Transactions | Rs.100 + GST |
Here are the limits for SBI account transfers and transactions:
Transaction Type | Limit Per Day |
Transfer within Self Accounts | Rs.2,00,00,000 |
Fixed / Recurring Deposit | Rs.99,99,999 |
IMPS | Rs.5,00,000 per transaction |
Quick Transfer | Rs.50,000 per transaction/ per day; Rs.5,00,000 daily overall limits |
Third-Party Transfer within SBI | Rs.10,00,000 |
Interbank Transfer - RTGS | Rs.10,00,000 |
Interbank Transfer - NEFT | Rs.10,00,000 |
Credit Card VISA Transfer | Rs.1,00,000 |
mCash | Rs.1,101/ transaction Rs.2,202/ Day Rs.5,101/ Month |
UPI | Rs.1,00,000 per day transaction |
QR Cash Withdrawal | Rs.4,000 |
Transaction Limit for a newly added Beneficiary (Initial 4 days) | Rs.1,00,000 |
Bill Payments | Rs.5,00,000 |
SBI Prepaid Cards | Rs.50,000 |
Mobile Top Up | Rs.10,000/ transaction; Rs.50,000/ day |
SBI Life Premium | Rs.50,000 |
Postpaid bill payment | Rs.50,000 |
DTH Recharge | Rs.50,000 |
For Minor Account
Transaction Type | Individual Limit | Overall Limit |
Top-up | Rs.2000 | Rs.5000 |
DD | Rs.5000 | |
Bill Payment | ||
NEFT | ||
GRPT | ||
e-RD, eTDR, eSTDR | ||
UPI | ||
IMPS - P2A | ||
IMPS - P2P |
These charges are subject to change. Contact the branch for confirmation.
SBI offers various types of savings accounts. They come with unique features and benefits. Here are the types of SBI savings accounts:
Type of Account | Features |
Insta Plus Savings Bank Account (Video KYC) |
|
Basic Savings Bank Deposit Account |
|
Basic Savings Bank Deposit Small Account |
|
Savings Bank Account |
|
Savings Account for Minors |
|
Savings Plus Account |
|
Motor Accidents Claim Account (MACT) |
|
Resident Foreign Currency (Domestic) Account |
|
You can now open an SBI savings account online as well as offline. Here are the procedures for both:
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.
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.
You will need the following documents to open a savings account with SBI:
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.
Look at some of the prominent features of SBI savings accounts:
You can enjoy these exclusive benefits with an SBI savings account:
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.
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3. SBI Mobile Banking - How to Register and Log In on the YONO/YONO Lite app?
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