SBI Savings Account- Interest Rate, How To Open It?

SBI Bank Savings Account Interest Rates 2025

What is an SBI Savings Account?

An SBI Savings Account is a secure and convenient way to manage your money with the State Bank of India, the country’s largest public sector bank. It allows you to deposit funds, earn interest, open fixed deposit and access a range of digital and traditional banking services. Whether you’re a student, a salaried professional, a senior citizen, or a minor, SBI offers tailored savings account options to suit your financial needs and lifestyle.

Types of SBI Savings Accounts

Before you decide to open a savings account with SBI, it’s important to understand the different variants available. Here’s a quick overview:

1. SBI Savings Bank Account

   This is the standard savings account, popular for its flexibility and features. It offers SMS alerts, internet banking, mobile banking, and access to the YONO app. There’s no requirement for a minimum or maximum balance, and you can open it either online or by visiting a branch.

2. Basic Savings Bank Deposit Small Account (BSBDA Small)

   Designed for individuals with lower income, this account has no minimum balance requirement and a cap of ₹50,000. It can be opened with self-attested documents, making it accessible even for those without full KYC.

3. Basic Savings Bank Deposit Account (BSBDA)

   This is a zero-balance account, meaning you don’t need to maintain any minimum balance. However, it does not offer a chequebook and limits you to four free withdrawals per month.

4. SBI Savings Plus Account

   Linked to the Multi Option Deposit Scheme (MODS), this account automatically transfers any balance above ₹35,000 into a term deposit, helping you earn higher interest without any extra effort.

5. Motor Accident Claims Account

   Specifically for individuals receiving compensation due to motor accidents, this account provides an ATM card, chequebook, and free internet banking.

6. Savings Account for Minors

   SBI offers two options for minors: ‘Pehla Kadam’ (for children under 10, operated jointly with a guardian) and ‘Pehli Udaan’ (for those aged 10-18, operated independently). Both accounts have no minimum balance requirement and allow a maximum balance of ₹10 lakhs.

7. Resident Foreign Currency (Domestic) Account

   This account is ideal for Indian residents who need to manage foreign currency (USD, GBP, or EURO). It requires a minimum balance in the respective currency and does not provide ATM or chequebook facilities.

8. Insta Plus Savings Bank Account (Video KYC)

   A fully digital, paperless account opening process that uses video KYC. All you need is your PAN and Aadhaar, and the process is completed via a video call.

Who Can Open an SBI Savings Account?

SBI savings account opening can be done by the following people:

• Any Indian citizen aged 18 or above can apply.

• Valid government-issued ID and proof of address are mandatory.

• Parents or legal guardians can open accounts for minors.

Documents Needed to Open an SBI Savings Account

To open your account, you’ll need:

• Identity Proof: Aadhaar, PAN, Passport, Voter ID, or Driving Licence

• Address Proof: Aadhaar, Passport, Voter ID, Utility Bill, Ration Card, or Driving Licence

• Two recent passport-sized photos

• If applying online, a printout of the application form

How to Open an SBI Savings Account Online?

SBI savings account opening online is a simple process and can be done in the following way:

• Download and install the SBI YONO app.

• Tap on ‘Open Savings Account’ and choose ‘With Branch Visit’.

• Click ‘Apply Now’ and proceed.

• Select either ‘Open with Aadhaar using e-KYC’ or ‘Open with Officially Valid Document (OVD)’.

• Enter your mobile number, submit the OTP, and provide your PAN.

• Fill in your personal, income, and educational details.

• Submit the form and visit your nearest SBI branch for document verification. Your account will be activated after verification.

How to Open an SBI Insta Savings Account via Video KYC

For a completely digital experience:

• Open the SBI YONO app and select ‘Open Savings Account’ > ‘Without Branch Visit’.

• Choose ‘Insta Plus Savings Account’ and enter your Aadhaar and PAN details.

• Verify your Aadhaar-linked mobile number with the OTP.

• Schedule a video call and keep your original PAN and Aadhaar ready.

• Complete the video KYC. Your account will be opened after successful verification.

How to Open an SBI Savings Account Offline

Prefer the traditional way? Here’s how:

• Visit your nearest SBI branch.

• Request the savings account opening form.

• Fill in all required details and attach your documents.

• Submit the form to the bank staff.

• After verification, your account will be set up.

How to Open an SBI Savings Account for Minors

SBI makes it easy for parents to open accounts for their children:

• Download the SBI YONO app.

• Select ‘Open Savings Account’ > ‘With Branch Visit’.

• Choose the appropriate minor account type and fill in the details.

• Submit the application and visit the branch for document verification.

• The account will be opened after successful verification.

SBI Savings Account Opening Charges

There are no charges for opening a standard SBI savings account. However, if you’re opening a Resident Foreign Currency (Domestic) Account, you’ll need to deposit the minimum required balance in the chosen currency.

SBI Customer Care Helpline

For any queries or assistance, you can reach SBI at:

• 1800 1234

• 1800 2100

• 1800 11 2211

• 1800 425 3800

Conclusion

SBI offers a wide range of savings accounts to cater to every need, from basic zero-balance accounts to specialized options for minors and foreign currency holders. With both online and offline account opening options, SBI ensures that banking is accessible, convenient, and secure for everyone. Follow the steps above to open your SBI savings account and start your journey towards smart money management.

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