SBI Savings Account Interest Rate & Minimum Balance 2025

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. 

Revised Interest Rate of SBI Saving Account 

Below table provides the old and revised SBI savings account interest rates:

SBI Saving Account Interest Rate 

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

*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: 

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: 

SBI Savings Account Transaction Limit

Here are the limits for SBI account transfers and transactions: 

For Minor Account 

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: 

Eligibility to Open a Savings Account in SBI

• Individuals must be Indian residents 
• Individual must above 18 years of age 
• Individuals should have a valid Aadhaar and PAN card 
• The Aadhaar card must be linked with the registered mobile number  

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. 

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