The SBI Bank savings account interest rates are as follows:
Deposit Amount | Rate of Interest |
Deposit less than Rs. 10 crore | 2.70% p.a. |
Deposit equal to or more than Rs. 10 crore | 3.00% p.a. |
Before opening a savings account in SBI, you must know the types of savings accounts SBI offers in order to make an informed decision. Here are the types:
A popular savings account offering benefits like SMS alerts, mobile banking, YONO app access, and internet banking. No minimum or maximum balance is required, and it can be opened online or offline.
Ideal for low-income individuals, this account has no minimum balance and a maximum limit of ₹50,000. It can be opened with self-attested documents, even without KYC.
A zero-balance account with no minimum balance requirement. It doesn’t provide chequebooks and allows up to four free withdrawals per month.
Linked to the Multi Option Deposit Scheme (MODS), this account transfers funds above ₹35,000 into term deposits, earning interest. No minimum balance required.
For motor accident victims receiving compensation, this account offers an ATM card, chequebook, and free internet banking.
SBI offers two options: ‘Pehla Kadam’ (for minors below 10) and ‘Pehli Udaan’ (for minors 10-18 years). No monthly balance requirement, with a maximum balance of ₹10 lakhs.
For Indians managing foreign currency (EURO, USD, or GBP), this account requires a minimum balance of EURO 500, USD 500, or GBP 250, and does not offer ATM cards or cheque books.
A paperless, video-based account opening option requiring only PAN and Aadhaar details. The process includes a video call for signature capture.
You can follow these steps for an SBI savings account opening online:
Step 1: Download the SBI YONO app.
Step 2: Open the app and click ‘Open Savings Account'. Then, select 'With Branch Visit'.
Step 3: Click on ‘Apply Now’ and then on ‘Next’.
Step 4: When you have an Aadhaar card, select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. When you do not have an Aadhaar card, select the ‘Open with Officially Valid Document (OVD)’ option 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, income details and educational details and click ‘Submit’.
Step 7: Enter the OTP and submit. Visit the nearest SBI bank branch to complete the document verification process. The officials will open the account after the verification process is completed.
You can open the SBI Insta Savings Account via video call without visiting the bank branch. Here are the steps to to open SBI Insta Savings Account through video KYC:
Step 1: Download the SBI YONO application on your mobile phone and open it.
Step 2: Open the app and click ‘Open Savings Account'. Then, select 'Without Branch Visit'.
Step 3: Select ‘Insta Plus Savings Account’ and enter your Aadhaar and PAN card details.
Step 4: An OTP will be sent to your Aadhaar-linked mobile number for verification.
Step 5: Enter the OTP and complete the verification process.
Step 6: Schedule a video call and be ready with your original PAN and Aadhaar card for verification during video KYC.
Step 7: Your savings account will be opened after successful verification of your Aadhaar and PAN card.
Follow these steps for offline SBI savings account opening:
Step 1: Visit your nearest State Bank of India branch.
Step 2: Collect the savings account opening form from the bank.
Step 3: Fill up the form with all the required details.
Step 4: Cross-check the application form to ensure that the details match with your KYC documentation.
Step 5: Submit the form with the documents to the SBI officials.
Step 6: The officials will verify the form and open the account once the verification process is done.
The State Bank of India offers Savings Account for Minors where the minors can open two types of accounts: Pehla Kadam and Pehli Udaan. Minors of any age group can open the Pehla Kadam savings account jointly with their guardian or parents. On the other hand, Pehli Udaan is for minors above 10 years, and the minor can singly operate it.
You can follow the steps below to open an SBI savings account for your kid:
Step 1: Download the SBI YONO app.
Step 2: Open the app and click ‘Open Savings Account'. Then, select 'With Branch Visit'.
Step 3: Click on ‘Apply Now’ and then on ‘Next’.
Step 4: When you have an Aadhaar card, select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. When you do not have an Aadhaar card, select the ‘Open with Officially Valid Document (OVD)’ option and click ‘Next’.
Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN.
Step 6: Fill up the application form with the required details and submit it.
Step 7: Visit the nearest SBI bank branch to complete the document verification process. The officials will open the account after the verification process is completed.
SBI does not charge any amount for a savings account opening. However, for the Resident Foreign Currency Domestic Account, you must deposit the minimum balance account amount while opening the account.
You can contact SBI’s helpline numbers, in case of any help, request, or grievances related to your SBI savings account:
You can download SBI online savings account opening form PDF directly from the official website. Print and fill out the form with accurate details.
The State Bank of India (SBI) is one of the largest banks in India, offering a variety of savings accounts to meet the needs of all customers, including minors with guardian supervision. SBI provides simple and accessible banking solutions, making it easy for individuals to open savings accounts. Follow the outlined steps to open your SBI savings account effortlessly.
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