The State Bank of India offers a variety of savings accounts for both minors and adults. SBI Basic Savings Account, Savings Plus Accounts, Small Savings Accounts, and more products are available in this category.
Down this page, you can check and compare the most recent SBI savings account interest rates for 2024, as well as discover how to start SBI savings account online, the papers required, and more.
Here is the table for the SBI Bank savings account interest rate-
Account Balances |
SBI Saving Account Interest Rate |
Rs. 1 lakh |
2.70% |
More than Rs. 1 lakh |
2.70% |
The following are the prominent features-
The method for opening the SBI saving account online-
Step 1: By accessing the SBI website, any Indian resident can open a savings account. Go to "Deposit schemes" under personal banking to find the savings bank account choice.
Step 2: Before selecting the "apply online" option, it is critical to study the benefits, restrictions, and laws.
Step 3: Fill out the online application form completely.
Step 4: The registered mobile number will be assigned a TCRN (Temporary Customer Reference Number).
Step 5: Your account will be opened if you visit the nearest SBI bank within 30 days with the appropriate original documentation.
The eligibility for opening a savings account with SBI is as follows-
Various charges for opening an SBI Savings account are-
The State Bank of India offers six different types of savings accounts to its customers. Accounts are organized in such a way that economically disadvantaged groups of society are included so that their finances can be properly managed.
Along with it, minors (SBI Savings Account for Minors) are included to instill the habit of saving in them.
This savings account is also intended for economically disadvantaged members of society, but it is specifically developed for people who do not have officially valid KYC proof and experience difficulties in obtaining a bank account.
It is primarily intended to help the weaker parts of society by giving them a choice to begin saving.
It is intended to teach youngsters the value of money and savings while also letting them experience purchasing power so that they can learn to handle their finances effectively in the future.
This is a primary savings bank account that offers general public services such as SMS Banking, Internet Banking, Credit cards, and more. This account must be opened with valid KYC documentation.
The SBI Multi Option Deposit Scheme provides this account. It uses the customer's savings or current account to open and link a term deposit account. This fixed deposit has a maturity period of 1 to 5 years. This is done to encourage the practice of investing.
A loan against MOD deposit is also available to help consumers better manage their money.
It may be opened online with simply Aadhaar and PAN (physical) credentials using Video KYC.