SBI Savings Account

State Bank of India (SBI) offers different savings accounts for different types of investor needs. All the accounts have interest rates starting from 2.7%. The bank allows investors to nominate beneficiaries, and also issues ATM cards against their savings account. The article covers SBI savings account interest rate, its features, benefits and types in detail.

SBI Savings Account Interest Rate 2024

Following are the interest rates of different SBI Savings Accounts:

SBI Savings Account	SBI Bank Interest Rates
SBI Basic Savings Bank Deposit Account	2.70% p.a.
SBI Savings Bank Account	2.70% p.a.
SBI Basic Savings Bank Deposit Small Account	2.70% p.a.
SBI Savings Plus Account	2.70% p.a.
SBI Savings Account for Minors	2.70% p.a.
SBI Motor Accidents Claim Account (MACT)	2.70% p.a.
SBI Resident Foreign Currency Domestic Account	2.70% p.a.

NOTE

Interest on SBI Savings account is taxable under the head ‘Income from Other Sources. Depositors have to show the same while filing their income tax returns. However, an individual and a HUF can claim a deduction up to INR 10,000 on the interest income. The deduction can be claimed under Section 80TTA of the Income Tax Act, 1961. Furthermore, only interest income from the savings account of a bank is eligible. Also, a savings bank account with a cooperative society and post office is eligible for deduction.

Compare: Savings Account Interest Rates for all Banks

SBI Savings Account Minimum Balance 2024

Savings Account	Monthly Minimum Balance
Basic Savings Bank Deposit Account	Nil
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, GBP 250 and EURO 500

SBI Savings Account

Features of SBI Savings Account

Following are the features of SBI savings account:

• Minimum account balance: The minimum account balance of SBI savings accounts is zero. In other words, one need not maintain any minimum account balance in their SBI savings accounts.
• Maximum account balance: The maximum account balance for SBI savings account differs with the type of savings account. Also, except for the small savings account and minors’ account, there is no limit on the maximum amount of balance in an SBI savings account. Furthermore, for minors account, the maximum balance is INR 10 lakhs. On the other hand, for the small savings account, the maximum balance is INR 50,000.
• Nomination facility: State Bank of India SBI allows nomination facility for their savings bank account. Also for the Motor Accidents Claim Account.
• ATM Card facility: SBI issues ATM cards for all its savings accounts except for their Resident Foreign Currency (Domestic) Account. 

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Benefits of SBI Savings account

• A safe form of investment: Saving in the SBI savings account is considered safe as the money is not subject to volatility.
• Internet Banking facilitates: SBI offers internet banking facilitates to their savings account holders. Through internet banking, one can pay utility bills. They can also invest in any term deposit like fixed deposit, and recurring deposits. Moreover, they can shop online, and transfer funds through NEFT and RTGS. The bank also allows them to make balance enquiry, and file e-taxes.
• Mobile Banking facilities: SBI mobile banking facilities include paying bills, making balance enquiry, and IMPS transfers. They can also get statements on demand, make enquiries, and request for cheque books. Furthermore, they can invest in fixed deposits and recurring deposits.
• Account transfers to any branch: Depositors can transfer their SBI savings account to any branch without changing their account number.
• Passbook and multicity cheques: The bank issues passbook and also multicity cheques without any extra charge.
• Deposit locker facility: SBI offers its customer’s safety deposit locker facilities.
• Offers a variety of debit cards: SBI offers multiple debit cards like the gold card and also an international debit card to their customers.
• Multi option deposit account (MOD): SBI gives the depositors an option to link their savings account to a multi-option deposit account. This helps depositors to help honour their cheques even when there is a shortfall in the account. Also, this happens with the automatic breakup of the MOD.

How to open an SBI Savings Bank Account?

One can open an SBI savings bank account by either visiting the nearest bank branch, or they can open a savings account online at their convenience. Opening the account online is simple, the following are the steps:

• Firstly, visit the SBI website.
• Secondly, under the personal banking website, go to the ‘Deposit Schemes’ section and select Savings Bank account.
• Read and understand all the benefits, rules and regulations before selecting the ‘apply online’ option.
• Then fill all the required details in the online application form.
• Submitting the online application form generates Temporary Customer Reference Number (TCRN). Also, the same will be sent to the registered mobile number.
• Finally, visit the nearest bank for verifying with original documents and the account will be opened.

However, before opening the account, an individual should meet the following eligibility criteria:

• Should be a resident Indian above the age of 18 years and should not have any existing relationship with SBI bank.
• Have a valid Aadhaar Card number and Permanent Account Number PAN Card number
• Should not have any OTP based account with any other financial institution or bank.
• Should have only one Insta savings account and no other account at a given time.

Following are the documents required to open SBI savings account:

• Account opening form, or a print out of the filled account opening form
• 2 coloured passport size photographs
• Identity proof
  • Driving License
  • Voter ID
  • Aadhar Card
  • PAN Card
  • Senior Citizen Card
  • Any Government ID card
• Residence proof
  • Passport
  • Aadhaar Card
  • Utility Bills
  • Bank statement with cheque
  • A certificate is given by Post Office
• If a minor below 10 years, ID proof of the person who will operate the account is mandatory.

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Types of Savings Bank Account

Following are the types of savings bank account:

• Basic Savings Bank Deposit Account
• Basic Savings Bank Deposit Small Account
• Savings Bank Account
• Savings Account for Minors
• Resident Foreign Currency (Domestic) Account
• Savings Plus Account
• Motor Accidents Claim Account (MACT)

Basic Savings Bank Deposit Account

The basic savings bank deposit account encourages the poorer sections of society to encourage them to start saving without any burden of fees or charges.

• Minimum Saving Account Balance Amount: Nil
• Maximum Saving Account Balance Amount: Nil
• Cheque book facility: Not available
• Withdrawals: Only through withdrawal forms at branches or ATMs
• ATM Card: Basic Rupay ATM-cum-debit card
• Account Opening: At all branches

Basic Savings Bank Deposit Small Account or Zero Balance Savings Account

The zero balance savings account does not require an individual to have official valid KYC documents. Therefore, this savings scheme has many restrictions in operating it. Also, the account can be converted to a Regular Savings account upon submitting the KYC documents. Furthermore, the account is meant for the poorer section of the society. It encourages them to start saving without any burden of fees and charges.

• Minimum Balance Amount: Nil
• Maximum Balance Amount: INR 50,000
• Withdrawals: Only through branches or ATMs
• ATM Card: Basic Rupay ATM-cum-debit card

Savings Bank Account

• Minimum Balance Amount: Nil
• Maximum Balance Amount: Nil
• Cheque book facility: Available, 10 cheques leaves provided in a year at no additional cost.
• Passbook facility: Available
• Nomination Facility: Available
• Account transfer: Available, through internet banking channel
• Withdrawals: Restricted free withdrawal on the basis of the monthly average balance
• SBI Quick Missed call facility: Available
• Mobile banking, SMS Alert, Internet Banking: Available

Savings Account for Minors

• SBI offers Pehla Kadam and Pehli Udaan for minor to help them learn the importance of saving money. It also allows minors to experiment with the ‘buying power’ of money.
• Monthly Average Balance: Not applicable
• Maximum Balance Amount: INR 10,00,000
• Auto Sweep Facility: Available

Pehla Kadam Scheme

• Cheque Book: Available
• ATM Card: ATM-cum-Debit Card available with withdrawal/POS limit of INR 5,000. Also, the card will have Child’s photo embossed on it. Furthermore, the card will be issued in the name of the minor and also the guardian.
• Mobile Banking: The account holder has limited transaction right, such as bill payments, top-ups, with a transaction limit of INR 2,000 per day.
• Internet Banking: Available, with a per-day limit of INR 5,000.
• Overdraft for parents or guardians: Available. Against fixed deposits, however subject to certain terms and conditions.
• Personal Accident Insurance Cover: Available for parents. SBI General offers it.

Pehla Kadam Scheme

• Cheque Book: Available
• ATM Card: ATM-cum-Debit Card available with withdrawal/POS limit of INR 5,000. Also, the card will have Child’s photo embossed on it. Furthermore, the card will be issued in the name of the minor.
• Mobile Banking: The account holder has limited transaction right, such as bill payments, top-ups. The transaction limit of INR 2,000 per day.
• Internet Banking: Available, with a per-day limit of INR 5,000.
• Overdraft for parents or guardians: Not available

Resident Foreign Currency (Domestic) Account

• Resident Indians use this account to maintain a foreign currency account to retain the foreign exchange that they acquire. Also, this account is a non-interest bearing current account.
• Minimum Balance Amount: USD 500, GBP 250 and EURO 500
• Repatriable: The balance is freely repatriable
• Cheque book: Not available
• ATM Card: Not available

Savings Plus Account

The scheme transfers the surplus funds in the savings plus account to term deposit opened in multiples of INR 1,000 thereafter. The account is linked to MODS.

• Tenure of deposits: 1year to 5 years
• Monthly Average Balance: Nil
• Maximum Balance Amount: No limit
• The minimum threshold for MOD: INR 35,000
• Minimum amount to transfer to MOD: INR 10,000 and in multiples of INR 1,000 thereafter.
• Cheque book facility: Available, 50 cheques leaves per annum.
• Passbook facility: Available
• Account transfer: Available, through internet banking channel
• Withdrawals: Restricted free withdrawal on the basis of the monthly average balance
• Internet, Mobile Banking and SMS alerts: Available
• ATM Card: Available
• Loan: Loan against MOD deposits is available

Motor Accidents Claim Account (MACT)

• Minimum Balance Amount: No limit
• Maximum Balance Amount: No limit
• Passbook facility: Available
• Withdrawals: Through withdrawal slips only
• Nomination Facility: Available. 
• Internet, and Mobile Banking: Available
• ATM Card and Debit Card: Available
• Loan: Loan against MOD deposits is available
• Email Statements: Available

Frequently Asked Questions

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