State Bank of India (SBI) Savings Account
|State Bank of India
||Savings Bank Account
||Up to Rs. 1 Lakh and above : 3.00% per annum
|Minimum Average Monthly Balance
||Internet banking, Mobile banking, chequebook, withdrawals, etc
SBI savings account (SB) helps to keep your money safe and offers a fixed return on the deposited amount. It has several features such as SMS alerts, mobile banking, internet bank, quick missed call service, YONO app, nomination facility, no limit on maximum balance in most of the cases, no monthly average balance requirement, transfer of funds to other accounts, and a lot more. The State Bank offers savings bank accounts for women, salaried individuals, entrepreneurs, minors, senior citizens, and many others.
Note: State Bank of India has recently waived SMS charges that were earlier levied on a quarterly basis. It has also waived the requirement for the maintenance of average monthly balance.
Features of State Bank of India Savings Account
State Bank of India being one of the largest public-sector banking firms provides the following features:
- In a financial year, the first 10 cheque leaves are for free
- After this, 25 leaves chequebook is available for Rs. 75 + GST.
- 10 leaves chequebook is available for Rs. 40 + GST.
- You will receive the Account Statement on your registered email id.
- A Passbook to maintain the record of all transactions.
- On payment of charges, you can apply for a duplicate Passbook if you lose the original.
Below-given are the eligibility criteria for SBI Savings Accounts in India:
All individuals/State/Central Government Departments, who are also eligible to open State Bank Account, include:
- Government bodies, departments, agencies in respect of subsidies/grants released for implementation of schemes/programmes sponsored by the State/Central governments on the condition of authorisation to open SB account produced from the relevant government department.
- Self-help groups, development of children and women in rural areas, etc.
- You can open the account as a single, jointly, with or former/later/either or survivor, etc.
Types of SBI Savings Bank Accounts
Below-mentioned are the different types of State Bank of India Savings Accounts:
1. Basic Savings Bank Deposit (BSBD) Account
If you have officially valid KYC (Know Your Customer) documents, then you can open this account as an individual. This account is especially for the poorer section of the society. The service is to motivate the section to save money without burdening the people with charges or fees.
- There is no minimum balance requirement.
- This service is available at all SBI branches.
- There is no chequebook facility.
- There is no limit for minimum or maximum balance or amount.
- You will receive Basic Rupay ATM-cum-debit card.
- You can withdraw from ATMs or by using withdrawal form at branches only.
- If you are an individual with valid KYC documents, then you can open this account.
- This facility is for account opening jointly, singly, or with former or survivor, either or survivor, anyone or survivor, etc.
Terms and Conditions
- You can make maximum 4 cash withdrawals in a month, free-of-cost. This includes cash withdrawals at branch channel, ATM withdrawals at own or other bank’s ATMs, AEPS cash transactions. After this limit, you can withdraw cash on levy of Rs. 15 + GST as service charge on every additional transaction.
- If you have BSBD Account, then you cannot open any other SB account. If you already have a savings account, then you need to close it within 30 days from the opening of the SBI Basic Savings Bank Deposit Account.
- No charges apply for the activation of inoperative accounts.
- No charges apply for account closure.
- There are no charges for collection and deposit of cheques drawn by the Central or State government.
- No charges apply for credit or receipt of amounts through electronic payment channels such as RTGS or NEFT.
2. Basic Savings Bank Deposit Small Account
If you are over 18 years of age, you can open this account. Even if you do not have valid KYC documents, you can access this service. Due to relaxed norms for KYC, there are many restrictions for the operation of this account. This account is basically for the poorer sections of the society. The intention is to encourage these sections to start saving but without the burden of fees or charges. You can convert it into a Regular Savings Accounts after when you submit the officially valid KYC documents.
- You can open the Basic Savings Bank Deposit Small Account at all the State Bank branches. But this service is excluded at specialized branches such as SPB (Special Personalize Banking), PBBs (Personal Banking Branches), MCG (Mid Corporate Group), and CAG (Corporate Account Group)
- The maximum balance that you can maintain is Rs. 50,000.
- There is no minimum balance amount requirement.
- You can withdraw from ATM or the branch.
- The bank will issue a basic RuPay ATM cum Debit Card.
- A resident citizen over 18 years of age with no valid KYC documentation.
- Other conditions as applicable to regular SB account.
- You can open the account jointly, singly, or with former or survivor, either or survivor, anyone or survivor facility, etc.
- You do not need the officially valid Know Your Customer documents.
- You have to submit self-attested photograph.
- Before the officer of the bank (who is approved to open the account), you have to provide your thumb impression or affixation of signature.
Terms and Conditions
- You can make maximum 4 withdrawals in a month. This includes transactions through NEFT/RTGS/Branch cash transfer, withdrawal/Clearing/standing instructions/internet debits, EMI, ATM withdrawals at other or own bank’s ATMs, and more. You also cannot make any further debits in the month.
- Aggregate of all credits should not be more than Rs. 1 lakh in a financial year.
- Aggregate of all transfers and withdrawals should not be more than Rs. 10,000 in a month.
- The Small Account will be initially operational for 12 months. After this duration, if you provide evidence to the bank that you have applied for valid KYC documents in 12 months of account opening, then the authorities will review the relaxation provisions after 24 months. If you do not submit these documents in 24 months of account opening, then no further transaction will be allowed, other than closure of the account.
- Until the KYC procedure is completed, no further transaction will be allowed if the balance exceeds Rs. 50,000 or the total amount in the account is above Rs. 1 lakh in a year.
- You can convert the Small Account to a regular savings bank account at the home branch, manually. For this, you must completely comply with the KYC documentation. The same account number will continue after the conversion of the account.
- Until the identity of the client is not completely established through officially valid documents, foreign remittances cannot be credited into the account.
- There are no charges to close the account.
- Collection and deposit of cheques drawn by the State or Central government is free.
- Credit or receipt of money through NEFT/RTGS and other electronic payment channels is free.
- The Basic RuPay ATM-cum-Debit card is free-of-cost. There are no charges for annual maintenance.
3. Savings Plus Account
This is an SB linked to MODs (Multi-Option Deposit). If your Savings Account has a threshold limit for balance, then the surplus amount over the maximum capping, is transferred to the Savings Plus Account. This is a Term Deposit. The deposit period is for 1 to 5 years. It is opened in the multiples of Rs. 1000.
- You will get facilities such as mobile banking, SMS alerts, internet banking, State Bank anywhere, ATM card, etc
- Yearly you will receive 25 free cheque leaves. Additional cheques are issues on charges. The charges are as per the Quarterly Average Balance you maintain.
- The minimum threshold limit for funds transfer to this deposit is Rs. 35,000.
- You can take a loan against the MODs
- You will receive statement of accounts on your email address.
- Minimum amount to transfer to the MOD is Rs. 10,000. The transfer should be at one instance and in multiples of Rs. 1,000.
- A Passbook will be provided to keep a record of transactions. You can avail a duplicate Passbook if you lose the original. Charges will apply on the issuance of a duplicate Passbook.
- On maintenance the Monthly Average Balance, you will get restricted free withdrawals.
- If you have valid KYC documents, then you can open this account.
- The account can be opened singly or jointly, or with former or survivor, anyone or survivor, either or survivor, etc.
Break Open of TDRs
- You can choose where you want to opt for ‘Last in First Out’ or ‘First in First Out’ for the break opening of the deposit.
- If you do not specify the choice, then the ‘Last in First Out’ option will be applicable.
Terms and Conditions
- Savings bank is linked to the MOD account for the issue of Term Deposits, auto sweep, and unutilized balance break-up facilities. An additional amount over the threshold will be transferred to the Term Deposit in multiple of Rs. 1,000 at one instance, minimum transfer of Rs. 10,000.
- For the surplus funds transfer, the primary savings account should have a minimum balance of Rs. 25,000. If the balance is below Rs. 3,000, the MOD is broken to maintain the minimum balance.
- If minimum balance in the MOD is not available, wherein it is impossible to maintain Rs. 3,000 as minimum balance, then you have to pay charges for the non-maintenance of the average monthly balance as per the account’s geographical location.
4. Savings Account for Minor
There two types of Savings Account for Minors – Pehla Kadam and Pehli Udaan. Both these SBs come with banking facilities such as mobile banking and internet banking among others. It teaches children about the different mediums of modern-day banking and personal finance management.
Features of Pehla Kadam and Pehli Udaan
- The savings account has per day limit so that minors spend the money judiciously.
- The child can maintain a maximum balance of Rs. 10 lakhs in the account.
- Nomination facility is recommended and available.
- There are no charges for inter core transfer transactions
- There is no requirement for MAB (monthly average balance).
- Interest is calculated as per the daily balance and as applicable for the Savings Bank account.
- The bank account will help children in understanding the importance of saving money, and experimenting with the concept of ‘buying power of money’.
- The account holder can transfer the account to any other SBI branch. No change of account number is required.
Photo ATM-cum-Debit Card
- Here, the child’s photo is embossed on the ATM-cum Debit Card. The POS/withdrawal limit for both the account holders is Rs. 5,000.
- In Pehla Kadam, the card bears the name of the minor as well as guardian.
- In Pehli Udaan, the card is issued in the name of the child.
- Chequebooks are available for both the Pehla Kadaam and Pehli Udaan account holders.
- In both the SBs, the account holder’s mobile number is recorded.
- In Pehla Kadam, the guardian will receive a 10-leaf specially designed and personalized chequebook. The cheque book will be in the name of minor but under guardian.
- In Pehli Udaan, a specially designed and personalized cheque book service is provided only if the minor is able to sign uniformly.
- In both the types of accounts, the account holder will get viewing rights. The child can also access limited transactions such as Top ups and Bill payment. The per day transaction limit is up to Rs. 2,000.
- In Pehli Udaan, the transaction right extends to IMPS besides Bill payment and Top up.
- The minimum threshold for auto sweep facility is Rs. 20,000. The sweep should be in the multiples of Rs. 1,000. The minimum amount in this facility is Rs. 10,000.
- Per day transaction limit for both these accounts is Rs. 5,000.
- The account holders get enquiry rights. They also can do limited transactions such as open an e-Term Deposit or e-TDR/ e-STDR or e-Special Term Deposit/ e-RD or e-Recurring Deposit, pay a bill, issue a Demand Draft, and Inter-bank funds transfer NEFT only.
Overdraft for Parents/Guardians
- In Pehla Kadam, there is the facility for an overdraft against Fixed Deposits. This is for the guardian or parent of the account holder in subject to the fulfilment of other terms and conditions.
- In Pehla Kadam, SBI General offers a Personal Accident Insurance cover to the Parent.
- There is no facility for an overdraft in Pehli Udaan savings account.
- SBI Life offers a Child Plan – Smart Scholar (Market Linked). It comes with premium waiver benefit along with loyalty additions.
- For Recurring Deposit, there is the option to set up one Standing Instruction. No charges apply.
Eligibility for Pehla Kadam
- The applicant should be a minor of any age.
- A parent or guardian applies jointly with the minor for this savings account.
Eligibility for Pehli Udaan
- The applicant should be a minor over 10 years of age. He/she should be able to sign uniformly.
- The account owner is the minor alone and parent or guardian cannot be a joint owner.
KYC Requirements for Pehla Kadam and Pehli Udaan
- Date of Birth proof of the child.
- KYC documents such as Aadhaar Card of the Parent.
- Parent’s PAN or Form 60.
- If Aadhaar number is not assigned to the applicant, then he/she has to submit proof of Aadhaar enrolment.
- If PAN is not submitted, then the applicant has to submit one certified copy of an OVD (Officially Valid Document) with Form 60.
- If the applicant is not a resident of Assam, Jammu and Kashmir, or Meghalaya, and is unable to provide PAN, then he/she has to provide a recent photograph and certified copy of OVD with address and identity details.
- All the above-given KYC requirements are true for Pehli Udaan applicants as well. But here the proofs required are for the minor only, as the minor is the sole owner of the account.
5. Premium Savings Account
This account comes with a variety of concessions, add ons, and services. If you are 18 years of age and above, also a resident Indian, then you can open this account. SMS alerts, nomination, and e-statement facility are available. Personal Accident and Health Insurance from SBI General Insurance Company Ltd is provided at discounted dates. Visa ATM or Master cum Debit Gold card is provided.
6. Yuva Savings Plus Account
This account is for independent and young adults for a restriction free banking experience. Eligible applicants are resident Indians of at least 18 years of age to 30 years. An ATM cum Debit Card is offered. Facilities include SMS alerts, e-statement, and nomination. There is no requirement for non-maintenance of charges. Personal Accident and Health Insurance from SBI General Insurance Company Ltd is provided at discounted date
7. MACT Claims Savings Bank Account
This is a savings bank account where you will receive a one-time lump sum amount as decided by the Tribunal/Court for your Motor Accident Claims. The amount is deposited as EMI with principal and interest amount.
- You get a Welcome Kit and facilities such as a Debit Card, chequebook, ATM card, and internet banking.
- There is no requirement for minimum and maximum balance.
- The account can be operated by the sole account holder, single operation only.
- With permission of the Court, you can also access mobile banking facility.
- Conversion from an existing savings account to this account and vice-versa is not allowed. Only new accounts are allowed for this product.
- If the account is a minor account, the operation will be managed through the guardian.
- Withdraws are enabled with withdrawal slips only. Biometric-enabled withdrawal facility is under process.
- Without the permission of the court, account transfers are not allowed.
- This product is accessible at all the SBI branches. But as per the discretion of the Court, it is advisable to open the account at a branch near to the claimant’s residence.
- Passbook, statement by email, and nomination facility are available.
- All individuals and minors through their guardians with valid KYC documents can open this account in single name.
Terms and Conditions
- Compliance to KYC guidelines is mandatory.
- In the event of the guardian’s death, the account operations should be stopped.
- There is no issuance of non-personalized or personalized Welcome Kit.
- A suitable undertaking/certificate enclosed as in Annexure II is necessary to be obtained from the guardian if the withdrawal is from the minor’s account. The undertaking should state that the funds are required for the minor’s benefit.
8. Resident Foreign Currency (Domestic) Account
As a resident Indian, you can open a foreign currency account in State Bank of India. This account is to retain the foreign exchange you receive through different mediums as we shall discuss further. You can maintain the account in USD, EURO, and GBP currency.
- There is no facility for ATM card and chequebook.
- It is a non-interest bearing bank account.
- The minimum balance required as per currency is GPB 250, USD 500, and EURO 500
- You can open this account in your own name or jointly with a resident Indian.
Terms and Conditions
- The RBI has a few guidelines for the conversion of account balance.
- The amount that can be converted to Indian rupees is the total sum of all the received credits in the domestic account in a calendar month.
- This should be on or before the last day (working day) of the upcoming calendar month. The conversion should be after making the due adjustments for any other commitment.
Permissible Methods of Receiving Foreign Currency
- Gift or honorarium when on a visit abroad.
- Payments when on a visit to any place outside India. These are for services not arising from any activity or business done in India.
- Subject to the FEMA guidelines, gifts from a relative.
- Proceeds of life insurance policy maturity/claims/surrender values but settlement done in a foreign currency from India based insurance company permitted by the Insurance Regulatory and Development Authority to continue the life insurance business.
- Gift, payment, or honorarium for services settled or rendered for any lawful obligation from a person not residing in India, and who came to visit India.
- Amount received as disinvestment proceeds. This is the amount from conversion of shares held by the sender to GDRs/ADRs under the 2014, DR Scheme.
- Foreign exchange (unspent) received for travel abroad from an authorized person.
Permissible Withdrawals for Payments
Withdrawals are allowed for any of the current account transactions as we will discuss below:
- Travel to attend a conference, business, specialized training, medical check-up or meeting abroad, accompanying a patient as an attendant for a medical check-up or treatment abroad.
- Emigration, donation, gift, or going abroad for employment.
- Except Bhutan and Nepal, private visit to any other country.
- Studies abroad or maintenance of close relative in a place outside India.
- Expenses for a medical treatment abroad.
Under FEMA (Permissible Capital Account Transactions) Regulations, 2000, the following capital account transactions are allowed:
- Making investment abroad such as debt instruments or holding and acquisition of shares of both unlisted and listed overseas company.
- Purchase of a property outside India.
- Providing loans including the ones in Indian Rupees to NRIs (Non-resident Indians) who are relatives as per the conditions of the Company Act, 1956.
- Opening of a foreign currency account in a bank based outside India.
- With effect from 5 August 2013, setting up Joint ventures and wholly owned subsidiaries abroad for bona fide business. This is in compliance with terms and conditions in the notification of FEMA 263/RB- 2013 as on 5 March, 2013.
Frequently Asked Questions about SBI Savings Account
Below-mentioned are the FAQs about State Bank of India Savings Account:
To open SBI Savings Account, you have to provide the following documents along with duly filled and signed application form:
- Your PAN Card
- If you do not have PAN Card, then submit Form 16
- 2 latest passport-sized photographs
- Proof of identity (any of the following): Driving licence, Passport, ID card issued by employer, Voter ID card, etc.
- Proof of address (any of the following): Passport, Voter ID Card, Ration Card, Utility Bill, Driving license, etc.
To open savings account at any of the State Bank Branch, you have to follow the below-given steps
- Find out the nearest SBI branch and visit it.
- Talk to a bank executive about opening a savings account.
- Get a form to open the account. Fill both the parts.
- In the Form 1 you have to provide your name, signature, address, assets, and other details.
- In the Form 2, you have to only fill this part in absence of a PAN Card with you.
- Make sure that all the details in the fields are correct. The details you enter should match with those in KYC documents.
- You have to initially deposit a sum of Rs. 1,000.
- After the bank does the verification, you will receive a free chequebook and Passbook.
- You can also submit the internet banking form to avail internet banking service.
Below-given are the steps to open a savings account at SBI online:
- Visit the homepage of the State Bank of India.
- Click ‘Apply Now’.
- Choose ‘Savings Accounts’.
- In the application form, enter your name, date of birth, address, and other required details. Click ‘Submit’.
- After submitting the form, the bank will contact you about visiting the closest branch with the KYC documents (proof of identity and proof of address).
- Carry the documents to the bank branch for the verification process.
- After approval, the savings account will activate within 3 to 5 working days
SBI Insta Savings Account like its name suggests, is a savings account you can open instantly through digital banking on your mobile. This account is for new customers who do not have an existing relationship with the bank. You should be 18 years and above to open Insta savings account. To open this account in minutes, you need the SBI YONO mobile app. The account can be opened with OTP based e-KYC with Aadhaar Card and PAN Card
details. Your Aadhaar Number must be linked to a registered mobile number in your name. It is a singly operated account.
- You can have only one Insta account at a given point of time and no other accounts.
- Also, you must not have any OTP based account. You can add one nominee.
- The transaction limit per transaction is Rs. 49,999.
- You will receive a basic RuPay Debit Card and the ATM Pin.
- The aggregate balance can be up to Rs. 1 lakh at the end of the day.
- The total annual transaction limit is up to Rs. 2 lakhs.
- Within a year of opening the account, you need to complete the KYC requirements physically by visiting a bank branch.
This is a zero balance savings account. Only eligible applicants are salaried individuals. There is a facility of Auto Sweep. No charges apply for RTGS and NEFT.
This is an account for Demat, Investment, and Savings purpose. The facility of SBI Rewardz Program is available. If you are an Indian resident and over 18 years of age, you can open this account.
Different Debit Cards are offered by the bank as per the product offering. Some of the popular savings accounts come with the following types of Debit Cards:
- Basics Savings Bank Account: Basic RuPay ATM cum Debit Card
- Savings Plus Account: Basic ATM cum Debit Card
- Small Savings Account: ATM cum Debit Card
- Premium Savings Account: Master or Visa ATM cum Debit Gold Card
- Pehla Kadam and Pehli Udaan Account for Minors: Photo ATM cum Debit Card
- Yuva Savings Plus Account: ATM cum Debit Card
For Pehla Kadam account for minors, a minor of any age can apply along with a guardian or parent. For minors applying for Pehli Udaan account, the minimum age is 10 years. For other savings account, the minimum age limit is 18 years and above.
SBI offers savings account nomination facility. After the mandate of the Government of India, all savings account holders have to nominate a beneficiary. This beneficiary on the behalf of the account holder can operate the account. The nominee can operate the account of the account holder following the latter’s death. So, when filling in the application form, the account holder has to provide the details of the nominee. If the nominee is not an adult, then he/she can operate the account only when attaining 18 years of age.
The bank offers maximum of 4 withdrawals in a month. For most of the accounts, these withdrawals are free-of-cost. If anyone wishes to make additional number of withdrawals, then those will carry a service fee + GST.
The State Bank interest on savings account is based on the formula: Monthly interest = Amount (Daily balance) x (No of days) x Interest/Days in the year. The interest is calculated on quarterly basis.
After approval from the bank for the opening of SB account, you will receive the Welcome Kit at your registered home address. The Kit will contain the SBI ATM Debit Card (the PIN will come to you in a separate post), cheque book, instructions about the account, and any special add-ons as per the chosen account and facility.