
The State Bank of India (SBI) saving account is a popular choice for Indians, with over 420 million accounts opened since its inception. It's a great option for those who want a basic savings account with a range of features.
You can open an SBI saving account with a minimum deposit of ₹1,000 and a unique account number. This account is available to individuals and joint account holders.
To open an SBI saving account, you'll need to submit some essential documents, including proof of identity, address, and age. This is a straightforward process that can be completed online or at a branch.
The SBI saving account offers a range of benefits, including free debit card and internet banking services. This makes it easy to manage your finances from anywhere.
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Opening a Savings Account
Opening a Savings Account is a straightforward process with the State Bank of India (SBI). You can open an SBI savings account via both offline and online modes.
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To open an account offline, you'll need to visit the closest SBI branch and take the account opening form from the bank executive. Fill both FORM 1 and FORM 2 ensuring that all the details in the form have been entered as per the KYC documents submitted by you in the bank.
The minimum initial deposit required for an SBI savings account is Rs.1000. Once the bank completes the verification process, you'll be provided with the cheque book, passbook, internet banking kit, and more.
You can also open an SBI savings account online by visiting the official website of SBI and following the steps outlined in the process. This includes filling in all the details in the online form and submitting it.
Here are the types of SBI saving accounts you can open, along with their key features and minimum balance requirements:
The SBI Basic Savings Account is a great option, as it can be opened free of cost at any SBI branch. It's also KYC compliant and can be operated as a single account or jointly, with no upper limit set for the balance amount held in the account.
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Eligibility and Requirements

To open a State Bank of India (SBI) savings account, you must be a citizen of India. The account holder should be 18 years of age or above.
The parent or guardian can open the account if the account holder is a minor. In this case, the guardian's documents may be required.
You'll need to submit valid identity and address proof, such as a passport, voter ID card, Aadhar card, driving license, or PAN card. You'll also need two recent passport-sized color pictures. If you're opening the account online, be sure to print out the Account Opening Form (AOF).
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Who Can Open?
To open a savings account with the State Bank of India, you need to meet certain eligibility criteria. You must be a citizen of India and at least 18 years old.
The bank also accepts applications from minors, but a parent or guardian must open the account on their behalf. This is a common practice for young people who want to start saving early.

You'll need to provide valid identity and address proof to complete the application process. This usually includes documents such as a passport, driver's license, or utility bills.
Here are the key eligibility criteria to keep in mind:
- You must be a resident Indian above 18 years of age.
- You must not have any existing contact with the bank.
- You must have a valid Aadhaar Number connected to a registered mobile phone in your name.
- You must have a valid Permanent Account Number (PAN).
Documents Required
To open a savings account with SBI, you'll need to provide some essential documents. These documents serve as proof of your identity and address, which the bank requires for security and regulatory purposes.
You'll need to provide one of the following documents as proof of identity: a passport, voter ID card, Aadhar card, driving license, or PAN card.
Some of these documents can also serve as proof of address, such as a passport, voter ID card, or Aadhar card.
In addition to these documents, you'll also need to provide proof of address, which can be a utility bill, property tax receipt, or another document that shows your current address.
You'll also need to provide two recent passport-sized color pictures.

If you're a minor, your guardian's documents may be required in addition to your own.
Here's a summary of the documents you'll need to provide:
- Proof of identity: passport, voter ID card, Aadhar card, driving license, or PAN card
- Proof of address: passport, voter ID card, Aadhar card, utility bill, property tax receipt, or another document showing your current address
- Two recent passport-sized color pictures
- Guardian's documents (if you're a minor)
Minimum Balance Required
SBI savings accounts don't require a minimum balance, so you can open one without worrying about maintaining a specific amount.
The State Bank of India waived off the minimum average balance requirement for savings accounts in 2020, making it even more accessible.
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Features and Benefits
The State Bank of India (SBI) Savings Account offers a wide range of features and benefits that make it an attractive option for customers.
You can access various banking services through mobile banking, including fund transfers, interbank mobile payment services, and utility bill payments.
SBI Online banking, mobile banking, and kiosk banking are all available options, allowing you to manage your account from anywhere.
Some of the services provided by SBI Net Banking include opening and closing fixed deposits, transferring funds, paying utility bills, and online shopping.
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Here are some of the key features and benefits of the SBI Savings Account:
- Variety of Accounts: SBI offers 8 different types of savings accounts, including Insta Plus Savings Account, Basic Savings Bank Deposit Account, and Savings Plus Account.
- Video KYC convenience: Allows paperless account opening through a video-based process, with 24/7 access.
- High Interest Rates: Currently at 2.70% p.a. for balances less than Rs. 10 Crore.
- Nomination Facility: Control account distribution under uncertain situations.
- Comprehensive Online Presence: Various digital platforms, including YONO, mobile banking, and Internet banking.
The SBI Savings Account also offers a range of debit card options, including Gold Card, International ATM/Debit Card, and more.
You can also link your SBI Savings Account to a Multi Option Deposit (MOD) account, which can be used to break up cheques and ensure they don't bounce.
The account also comes with a range of insurance options, including Personal Accident Insurance at a low cost.
Additionally, there are no inter-core fees for transfer transactions, making it a cost-effective option.
The SBI Savings Account has a wide network of branches and ATMs, with over 22,000 branches, 62,617 ATMs, and 71,968 Business Correspondent outlets.
Automatic Surplus Fund Transfer is also available, which optimizes returns without manual intervention.
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Types of Savings Accounts
You can have more than one SBI savings account, and it's possible to have personal savings, joint accounts, or specialized accounts like those for minors.
There are various types of SBI savings accounts, including the Basic Savings Bank Deposit Account, which doesn't require a minimum balance.
You can choose from different types of SBI savings accounts, such as the Insta Plus Savings Account, the Savings Plus Account, and the Savings Account For Minor.
Here are some of the types of SBI savings accounts:
Multiple Holdings
Having multiple savings accounts can be a great way to manage your finances, and it's actually allowed by SBI. You can have personal savings, joint accounts, or specialized accounts like those for minors.
One of the benefits of having multiple accounts is that you can link them to a Multi Option Deposit (MOD) account, which can help ensure that cheques don't bounce. This is especially useful if you have multiple accounts with different purposes.
SBI also allows you to transfer funds between accounts without any inter-core fees, making it easy to manage your finances. You can transfer funds using various methods, including RGTS, NEFT, and Western Union Money Transfer.
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If you're considering opening multiple accounts, it's worth noting that SBI offers a range of debit card options, including the Gold Card and International ATM/Debit Card. These cards can be used for a variety of purposes, including withdrawing cash, paying bills, and shopping online.
Here are some of the services you can access with multiple SBI savings accounts:
- Mobile banking and online banking
- Kiosk banking
- Interbank mobile payment services (IMPS)
- Fund transfers
- Cheque book requests
- Utility bill payments
- Mobile recharges
- M-Commerce
- Demat operations
- e-Tax filing
- Standing instructions
Types of Savings
SBI offers a variety of savings account options to cater to different needs and preferences.
The State Bank of India (SBI) Savings Plus Account requires a minimum balance of ₹3000 in metro or urban areas, ₹2000 in semi-urban areas, and ₹1000 in rural areas.
You can choose from different types of SBI savings accounts, including the SBI Basic Savings Bank Deposit Account, which has no minimum balance requirement.
The SBI Yuva Saving Bank Account is another option, which doesn't require a minimum balance.
Here's a list of SBI savings accounts with their minimum balance requirements:
There are eight different types of SBI Savings Accounts, including the SBI Insta Plus Savings Account and the SBI Savings Account For Minor.
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Charges and Fees
If you're planning to open an SBI Savings account, you'll need to be aware of the charges involved. One-time locker registration can cost anywhere from Rs.500 + GST to Rs.1000 + GST, depending on the size of the locker.
You can also expect to pay a Safe Deposit Locker Charge, which ranges from Rs.1,000 to Rs.9,000 + GST annually.
If you're looking to deposit cash into your account, the good news is that there's no charge for it. The same goes for depositing cheques drawn by the Central or State Government, or activating an inoperative account.
However, if you need to issue a variant of your ATM card, you'll have to pay the charges as stipulated by the bank.
Here's a breakdown of the charges associated with opening a locker:
Opening Process and Steps
Opening a State Bank of India (SBI) savings account is a straightforward process that can be done both online and offline.
You can open an SBI savings account via both the modes- offline and online.
To open an account online, visit the official website of SBI and under 'Personal Banking', go to “Accounts”, you will find the option of a savings bank account. Ensure you read the rules and regulations before clicking on the Apply option.
Fill in all the details in the online form, and submit.
Visit the nearest SBI branch within 30 days along with the required original documents. Your account will be opened.
To open an account offline, visit the SBI bank branch near you and request the bank executive for an account opening form.
Ensure all the fields in the form are correctly filled. The details mentioned in the application form should match those mentioned in the KYC documents.
You then need to make an initial deposit of Rs. 1000 for opening an account.
The bank will verify the duly filled form along with the supporting documents.
Once approved, the account will be opened and the holder will be given a passbook, cheque book and debit card.
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MACT Motor Accident Claim Tribunals
The SBI Motor Accident Claim Tribunals (MACT) Savings Account is a unique account designed to facilitate swift compensation disbursement from Motor Accident Claim Tribunals.
This account includes features like SB interest rates, nomination facilities, and the convenience of a passbook, chequebook, ATM cum Debit Card, Internet Banking and other options.
Eligibility for this account is open to all individuals, including minors, as long as they have valid KYC documents.
To open this account, you'll need a certificate or undertaking for minor's fund withdrawal (Annexure II).
Other Amendments Introduced by
Some of the key amendments introduced by SBI are quite significant, so let's break them down.
All bank accounts will have to maintain a minimum average balance (MAB) to avoid charges. This is a new requirement for account holders.
Non-maintenance of the MAB will result in a charge of up to Rs 100 plus service tax. This is a penalty for not meeting the MAB requirement.

Users having at least Rs 25,000 in their account will not be charged for any number of transactions from SBI ATMs. This is a great benefit for those with a larger balance.
A charge of Rs 20 will be levied on each withdrawal after the first three cash withdrawals from other banks' ATMs. This applies to withdrawals from other banks' ATMs.
A charge of Rs 10 will be levied after completing the first five cash withdrawals from SBI ATMs. This applies to withdrawals from SBI ATMs.
Here's a summary of the charges:
Minor Accounts and Salary Accounts
State Bank of India (SBI) offers two types of savings accounts: Minor Accounts and Salary Accounts.
A Minor Account is a savings account opened in the name of a minor, typically a child, with the consent of a guardian. This type of account requires a guardian to sign on behalf of the minor.
To open a Minor Account, the guardian must provide the minor's birth certificate and proof of identity. The guardian can also operate the account on behalf of the minor until the minor reaches the age of 18.
A Salary Account, on the other hand, is designed for individuals who receive a regular salary. This type of account offers a range of benefits, including free online banking and mobile banking services.
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5. Minor

If you're a parent looking to open a savings account for your minor child, State Bank of India (SBI) offers two options: PehlaKadam and PehliUdaan Savings Accounts.
Both accounts require no Monthly Average Balance and have a maximum balance of Rs. 10 lakh.
You can get specially designed cheque books, photo ATM-cum-Debit Cards, and mobile banking privileges with these accounts.
The main difference between the two accounts is the mode of operation - PehlaKadam can be jointly operated with a parent/guardian or singly by a parent/guardian, while PehliUdaan is singly operated.
Here's a breakdown of the features of both accounts:
Both accounts also offer nomination facility, transferability to any SBI branch, and free specially designed branded passbooks.
5. Salary
The SBI Salary Account is a great option for those who receive a monthly salary, as it caters to various sectors including Central & State Government, Defence Forces, and Corporates/ Institutions.
This account comes with advanced and secure net banking and mobile banking services, making it convenient for users.
If a salary is not credited for three consecutive months, the account will automatically convert into a regular savings account.
There are four types of SBI Salary Accounts, which are categorized based on the gross monthly income of the employees or their designation: Silver, Gold, Diamond, and Platinum.
Plus Account

The Plus Account is a unique feature of the State Bank of India saving account. It's linked to a Multi Option Deposit (MOD) account, which automatically transfers funds to term deposits when the account balance exceeds ₹25,000.
With the Plus Account, you can enjoy mobile banking, internet banking, and SMS alerts, making it easy to manage your finances on the go. The account also offers loan against MOD deposits, providing you with an additional source of credit.
Here are some key features of the Plus Account:
Insta Plus
The Insta Plus Savings Account is a game-changer for those who want to open a savings account without the hassle of visiting a branch. It's a paperless account opening process that uses Video KYC.
To open an Insta Plus Savings account, you'll need to download the YONO app on your smartphone and enter your details, including your name, address, email, contact, PAN, and Aadhaar details.
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The required documents for opening an Insta Plus Savings account are a physical PAN card and Aadhaar number.
Here are the steps to open an Insta Plus Savings account:
With an Insta Plus Savings account, you'll have 24*7 banking access through the YONO app and internet banking.
Plus
The Plus Account offers a range of convenient features that make managing your finances a breeze.
You can enjoy 24/7 banking access through the YONO app, internet banking, and mobile banking, making it easy to keep track of your finances at any time. The account also comes with a Rupay classic card issuance, which can be used for various transactions.
With the Plus Account, you can link it to a Multi Option Deposit (MOD) account, which will automatically transfer funds above Rs. 25,000 to term deposits. The term deposits can be opened in multiples of Rs. 1000, with a minimum of Rs. 10,000 at one instance.

The account holder has the right to choose the tenure of term deposits between 1-5 years. You can also enjoy loan against MOD deposits, making it a great option for those who need access to cash.
Some of the prominent features of the Plus Account include:
- Easily mobile banking Facility
- Internet banking option
- SMS alerts
- Loan against MOD deposits
- Monthly average balance: NIL
The account also comes with a passbook, which can be issued to record transactions. You can even get a duplicate passbook on payment of charges. Additionally, you can receive your account statements via email, making it easy to keep track of your finances.
Frequently Asked Questions
What is minimum balance for SBI savings account?
There is no minimum balance requirement for SBI Savings Accounts. No minimum balance is needed to open or maintain an SBI Savings Account.
Can we open an SBI savings account online?
Yes, you can open an SBI savings account online through the YONO app. Download the app and click 'Open Savings Account' to get started.
Sources
- https://oaa.onlinesbi.sbi/oaonri/onlineAccOpenNriFaq.htm
- https://groww.in/savings-account/sbi-savings-account
- https://www.bankbazaar.com/sbi-savings-account/basic-savings-bank-account.html
- https://bankingvista.com/sbi-savings-account/
- https://www.fincash.com/l/pf/sbi-savings-account
- https://tax2win.in/guide/state-bank-of-india-saving-account
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