Sbi Saving Account Interest

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Get details on SBI saving interest rates. Enjoy convenience of banking from anywhere and anytime with a SBI Savings Bank account. You can access your account 24×7 through Tele Banking and Mobile Banking.

Table of Contents

On balance above Rs 1 lakh in SBI savings account, the interest rate is linked to the RBI’s repo rate. Presently, it is 2.75 per cent below RBI’s Repo Rate, with a minimum of 2.75 per cent for. Mar 12, 2020 SBI savings account interest rate: The State Bank of India (SBI) on Wednesday cut interest on savings bank accounts to 3 per cent and also waived minimum balance requirement, as it set the trend of lowering interest rates in the banking sector. The country's largest lender has 44.51 crore savings bank (SB) accounts.

  • 2 Types of SBI Savings Account

SBI Interest Rate on Savings Bank Deposits

ParticularsInterest Rate
Savings Deposits Balance upto Rs. 1 crore3.50% p.a.
Savings Deposits Balance above Rs. 1 crore4.00% p.a.

Types of SBI Savings Account

Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000.

Features of Saving Plus Account

EligibilityAny individual eligible to open saving bank account
Monthly Average Balance (MAB) Requirement (As per location)
  1. Metro - Rs. 5000/-
  2. Urban - Rs. 3000/-
  3. Semi-urban - Rs. 2000/-
  4. Rular - Rs. 1000/-
Mode of OperationSingly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. Facility.
Rate of InterestAs applicable to Savings Bank Accounts.
Minimum threshold limit for transfer to MODRs 35,000/-
Minimum amount of transfer to MODRs 10,000/- in multiples of Rs 1,000/- at one instance.
Choice of break open of TDRsThe customer has to specify whether’ First in First Out” or “Last in First out” principle should be applied for break opening of deposits. In absence of any mandate the “last in First out” principle will be applied.
Period of deposit1-5 Years
Facilities offeredAll facilities offered to savings bank account holders such as ATM card, mobile banking, Inter Net banking, SMS alerts are available in this account.
Loan against MOD depositsAvailable
Most Important Terms & ConditionsSavings Bank linked to Multi Option Deposit (MOD) account, for auto sweep, for issue of Term Deposits and unitized break-up facilities. Any surplus funds retaining a minimum of Rs. 25000/ in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000/- and in multiple of Rs. 1,000/- at one instance.
BASIC SAVINGS BANKDEPOSIT ACCOUNT ( BSBD Account )- This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Eligibility For Basic Saving Bank deposit Account

EligibilityAs applicable to regular Savings Bank Account
KYC requirementThe account will be KYC compliant.
Mode of OperationSingly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. Facility.
Available atAll branches
Minimum balance amountNil
Maximum balance /amountNo upper limit
Rate of InterestAs applicable to Savings Bank Accounts
Operations in the Account
  1. Using withdrawal forms at Branches or through ATMs.
  2. Basic RuPayATM-cum-debit card will be issued.
Service Charges
  1. Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
  2. Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free
  3. Deposit/ collection of cheques drawn by Central/State Government will be free
  4. No charge on activation of inoperative accounts
  5. No account closure charges.
Most Important Terms & Conditions
  1. The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
  2. Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.
This account can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to Regular Savings Account upon submission of KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Features of SBI Small Account

Sbi saving account interest rates Eligibility As applicable to regular Savings Bank Account
KYC requirementLiberalized (Submission of self-attested photograph and affixation of signature or thumb impression before the officer of the Bank who is authorized to approve opening of accounts).
Mode of OperationSingly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility.
Available atAll branches except specialized branches e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches.
Minimum balance amountNil
Maximum balance /amountRs. 50,000/-
Rate of InterestAs applicable to Savings Bank Accounts.
Operations in the AccountUsing withdrawal form or through ATM. Basic RuPay ATM-cum-debit card will be issued.
Service Charges
  1. Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
  2. Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
  3. Deposit/ collection of cheques drawn by Central/State Government will be free.
  4. No Account closure charges.
Most Important Terms & Conditions
  1. Balance at any point of time should not exceed Rs 50,000/-.
  2. Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.
  3. Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.
  4. If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed
  5. Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.
  6. Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.
  7. A Small Account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.
  8. If KYC documents are not submitted to the Bank within 24 months of opening of the account, no further transaction other than for closure of account will be permitted.
  9. Conversion of Small account to regular Savings Bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement. After such conversion, the same account number will continue.
Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the 'buying power' of money. PerSbi saving account online
Both the Savings Accounts are fully loaded; replete with banking features like Internet Banking, Mobile Banking, etc. which will not just acquaint children with the different channels of modern-day banking but also teach them the nuances of personal finance. All these features come with 'per day limits' to ensure that they spend the money wisely.

Features of Saving Accounts For Minors

FeaturesPehlaKadamPehliUdaan
EligibilityMinor of any age. This account will be jointly opened with the parent/guardian.Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
Monthly Average Balance (MAB) requirement (As per loaction)
  1. Metro - Rs. 5000/-
  2. Urban - Rs. 3000/-
  3. Semi-Urban - Rs. 2000/-
  4. Rural - Rs. 1000/-
Maximum BalanceRs. 10 lac in the Account
Mode of OperationJointly with the Parent/ Guardian or Singly by Parent/ Guardian
Internet BankingWith Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000/-With Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000/-
KYC Requirements
  1. Date of Birth proof of the Minor + KYC of the Parent Aadhaar and PAN or Form 60. Where Aadhaar number has not been assigned to an applicant, the applicant shall furnish proof of application of enrolment for Aadhaar and in case PAN is not submitted, one certified copy of an Officially Valid Document (OVD) along with Form 60 is required.
  2. In case the applicant is not a resident or is a resident in the states of Jammu and Kashmir, Assam or Meghalaya and does not submit the PAN, he shall submit one certified copy of OVD containing details of his identity and address and one recent photograph.
Date of Birth proof of the Minor Aadhaar and PAN or Form 60. Where Aadhaar number has not been assigned to an applicant, the applicant shall furnish proof of application of enrolment for Aadhaar and in case PAN is not submitted, one certified copy of an Officially Valid Document (OVD) along with Form 60 is required. In case the applicant is not a resident or is a resident in the states of Jammu and Kashmir, Assam or Meghalaya and does not submit the PAN, he shall submit one certified copy of OVD containing details of his identity and address and one recent photograph.
Cheque bookCheque-books are available where Mobile No. Of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued to the Guardian in the name of minor under guardian.Cheque-books are available where Mobile No. Of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.
Photo ATM-cum-Debit CardChild's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. Card will be issued in the name of the minor and Guardian.Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.
Mobile BankingWith viewing rights and limited transaction right like: Bill payment, Top ups. Per day transaction limit of Rs. 2,000/-With viewing rights and limited transaction right like - Bill payment, Top ups, IMPS. Per day transaction limit of Rs. 2,000/-
Auto sweepAuto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-
Over Draft for Parents/GuardiansOverdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions.No overdraft facility under this product
Standing InstructionAn option of setting up of one Standing Instruction for Recurring Deposit, free of charge.
Other Features
  1. Interest rate as applicable to Savings Bank A/c calculated on a daily balance
  2. Transferability of accounts to any SBI Branch without changing the account number.
  3. Nomination facility is available and recommended.
  4. Specially designed branded Passbook issued free of charge.
  5. Inter Core charges NIL for transfer transactions.
PAI for Parent (Optional)Personal Accident Insurance Cover (offered by SBI General) for the Parent (in case of Pehla Kadam account only).
Child Plan (Optional)Smart Scholar (Market Linked) - Child Plan offered by SBI Life with inbuilt premium waiver benefit and loyalty additions to fulfil the child's dreams.

SBI Digital Saving Account Details

Eligibility for SBI Digital Savings account
  1. Only Resident India Individual, over 18 years of age with capacity to contract in accordance with applicable laws in India, without any tax liability outside India is eligible for opening SBI Digital Savings Account.
  2. Customer must be having a valid Aadhaar number and valid Permanent Account Number. In case Customer’s name as reflected in Aadhaar is different from that as reflected on the PAN Card, the details as per Aadhaar will be taken on record.
  3. Customer must be having a valid and active local mobile number registered in his/her name, a smart phone, and a valid and active email address.
  4. Customer will have to successfully complete e-KYC through biometric authentication through SBI branch and have to comply with all other requirements including KYC requirements as may be specified by the bank for Digital savings bank account.
  5. Only one Digital Savings Account can be opened from one Mobile Phone/Device.
  6. At any given point of time, Customer can have only one SBI Digital Savings Account.
  7. Customer must download the YONO by SBI APP on his/her Mobile Phone/Device.
  8. SBI reserves the right to reject request for SBI Digital Savings Account without assigning any reason.
Operations in SBI Digital Account
Single OperationsAn individual who fulfils the eligibility criteria mentioned above can open and operate SBI Digital Savings account in his/her own name. Joint account or joint mandate for operation of SBI Digital Savings is not permitted.
Only One Account per IndividualEach eligible individual can only open one SBI Digital Savings Account.
Minimum BalanceCustomer will be required to maintain minimum balance as defined for normal Savings Bank Account.
Service ChargesThere will be 25% concession on service charges related to Digital Savings Account; for accounts having quarterly average balance Rs 25,000/- and above.
Conversion of AccountAccount holder will have the option to convert the Digital Savings account to joint account only after converting it to a regular savings account by visiting the home branch. The customer will be allowed to convert the Digital Savings Account to Regular Savings Account or as a CSP Account (except Basic Savings Deposit account and Pehla Kadam Pehli Udaan account).
Cheque BookNo free Cheque book/leaves will be provided for Digital Savings Account. However, Customer will have an option to opt for cheque book facility any time. For Cheque facility bank will charge @ Rs. 10/- per Cheque leaf; and minimum 10 Cheque leaves will be issued per request.
ATM Cum Debit cardA personalized special Platinum Debit Card (with customer’s photo when account is activated at sbiINTOUCH branch), will be issued free of cost. Annual maintenance charges of Rs. 200/- p.a. will not be charged from the second year for the card where customer maintains Average Quarterly Balance above Rs. 25,000/-. ATM pin has to be generated through Green PIN process.
Passbook BookPassbook will not be provided in the account. Customer will be sent an audio-visual statement by email.
Statements of AccountA monthly Electronic Statement will be available on the Yono by SBI App as per the Bank's record. Monthly statements of account for the last 2 years will be available through the Yono by SBI app; however, this duration is subject to discretion of the Bank.
Technology DependentSBI Digital Savings for selected content is handset/operating system dependent. This Service is currently available on iPhone with iOS 6 and above, Android Phones with Android version 4.2 and above. There will be no obligation on the Bank to support all versions of Mobile Phone software.
Home BranchBranch selected by the applicant will be tagged as Home Branch for opening Digital Savings Account Regular and other loan accounts in future.
Nomination FacilityThe Nomination Facility is available within the Yono by SBI app and is mandatory for Digital Savings Account. Nomination can be made in favour of only one nominee.
Closure of Account by the CustomerThe Digital Savings account can be closed only by making a written request at the home branch only.
Opening of Fixed Deposit and Recurring Deposit Accounts
  1. The customer will be allowed to open e-TDR/e-STDR/e-RD/e-flexi/e-tax saving/e-annuity accounts.
  2. In addition to above, all the other Terms & Conditions will remain the same as per our Savings Accounts; details available on bank.sbi website under Personal Banking->Deposit Schemes -> Savings Bank Account section.
  3. Bank has the absolute discretion to amend or supplement any terms and conditions at any time without prior notice by notifying through posting in the website of Bank or through any other means as Bank may deem fit which shall constitute sufficient notice and such amendments or supplements will be binding on the customer. Customer usage of new functionalities or facilities or features notified or made available will be treated as acceptance of terms and conditions applicable thereof. Customers are legally bound by the transactions, validations, confirmations and/or authorizations undertaken through any electronic or digital modes by using user id, password, one time password or any other means.

Features of SBI Savings Account

General
  1. Safe Deposit Lockers as per availability.
  2. Nomination facility is available and recommended.
  3. SMS Alerts and e-Statement facility.
Auto Sweep FacilitySavings Bank account can be linked to Multi Option Deposit (MOD) account for earning higher term deposit interest on surplus money.
Special Salary AccountsSBI offers special Salary Accounts for employees of Corporates, Schools, Colleges, Universities, Government establishments/ organizations, Railways, Police establishments, Defense Personnel etc.
Children AccountsPehla Kadam and Pehli Udaan, are savings bank accounts specially for children that will not only help them learn the importance of saving money but will also allow them to experiment with the ‘buying power’ of money.
ATM-Cum Debit CardSBI Card comes in multiple variants like Silver, Gold, Platinum Cards, International ATM-cum-Debit Card, etc. as per your eligibility.
Mobile BankingAway from home, balance enquiries can be made and/or money sent to the loved ones or bills can be paid anytime 24×7!!! That is what State Bank FreedoM offers – convenient, simple, secure, anytime and anywhere banking.
Internet Bankingwww.onlinesbi.com, the Internet banking portal of our bank, enables you to operate your accounts from anywhere anytime, removing the restrictions imposed by geography and time.

State Bank Anywhere is the Internet Banking App available for all the major operating systems: Android, Windows, Blackberry and iOS.

SBI No QueueState Bank No queue is a unique App to enable customer to book a Virtual Queue Ticket (e-Token ) for selected services at selected SBI branches
Missed Call BankingWith SBI Quick, you can get your Account Balance, Mini Statement and more just by sending an SMS or giving a Missed Call!
Rewardz ProgramGet rewarded for various transactions that you make! SBI Rewardz allows you to collect points which can be redeemed for full or partial payments to get products & services online as well as from partner outlets.
3 in 1 Demat & Online TradingWith the 3 in 1 Demat and Online Trading account, you would get access to the financial markets through our tie-up with SBI Cap Securities Ltd. Savings bank account will be held with SBI while Demat and Online Trading account will be held in the books of SBI Cap Securities Ltd.
Personal Accident & Health InsuranceAs a State Bank savings bank account holder, you would get Personal Accident and Health Insurance at discounted rates from SBI General Insurance Company Ltd.
Contact CenterAccess to our 24×7 multi-lingual Contact Center to get details on our latest offerings, place request for products, services etc.

SBI Saving Account Bank Rules

Customer Guidelines to SBI Saving Account

  1. Accounts are required to be opened with Aadhaar number issued by UIDAI and PAN or Form 60 at the time of opening an account as KYC document.
  2. In case the applicant is not a resident or is a resident in the states of Jammu and Kashmir, Assam or Meghalaya and does not submit the PAN, he shall submit one certified copy of OVD containing details

How To Open An Saving Account

Sbi Online

  1. Duly fill in and sign the prescribed application form.
  2. Applicant(s) should submit two copies of his/ her/ their recently taken passport size photographs.
  3. Account holders signatures must be legible and well formed. (sign should not be in capital letters).
  4. Each account will be given a unique account number.

All withdrawals must be in round Rupees only.
Operations In SBI Saving Account

  1. Savings Bank account is essentially a facility to build up savings and hence must not be used as a Current Account.
  2. No restriction on number of deposits that can be made into the account.
  3. No deposit in cash for less than Rs 10/- will be accepted.
  4. Cheques, drafts or other instruments drawn only in favour of the account holder will be accepted for credit of the account
  5. Third party instruments endorsed in favour of the account holder will NOT be accepted
  6. The account holder can withdraw money personally from her/ his ordinary Savings Bank Account by using Banks standard withdrawal form. The pass book must accompany the withdrawal form.
  7. ATM cum Debit card can also be used in ATMs for cash withdrawal.
  8. The accountholder cannot withdraw an amount less than Rs. 50/-
  9. All withdrawals must be in round Rupees only.

Sbi Savings Account Interest Rates

Sbi saving account interest rate
SBI Savings Account Interest Rates 2021