Explore SBI savings account interest rates, minimum balance rules, and charges. Learn eligibility criteria and how to open or close an account easily.
An SBI savings account now has no average monthly balance (AMB) requirement for regular savings accounts, as SBI waived the minimum balance rule, so there is no penalty for keeping a low balance. Interest is around 2.7% per annum (as revised by the bank) and is credited quarterly on your balance.
Detailed Overview of SBI Savings Account Interest Rates and Minimum Balance Requirements
This article provides a comprehensive guide to State Bank of India (SBI) savings accounts, covering their diverse types, current interest rates, and minimum and maximum balance stipulations. It details associated charges and transaction limits for various account categories, including specific rules for minor accounts.
SBI Savings Accounts Explained
SBI offers numerous types of savings accounts, catering to different demographics, from minors to senior citizens. An SBI savings account enables customers to access exclusive benefits and consistently earn interest on their deposits. The last revision to SBI savings account interest rates occurred in October 2022.
Updated Interest Rates for SBI Savings Accounts
The table below outlines the previous and current interest rates for SBI savings accounts:
| Savings Account Deposit | Latest Interest Rate (w.e.f. June 15, 2025) |
|---|---|
| Deposit less than Rs. 10 crore | 2.50% p.a. |
| Deposit more than Rs. 10 crore | 2.50% p.a. |
SBI Savings Account Interest Rate Structure
The following table provides detailed information on the interest rates for various SBI savings account types:
| Type of SBI Savings Account | Deposit less than Rs. 10 crore | Deposit equal to or more than Rs. 10 crore |
|---|---|---|
| SBI Insta Plus Savings Bank Account | 2.50% p.a. | 2.50% p.a. |
| SBI Basic Savings Bank Deposit Account | 2.50% p.a. | 2.50% p.a. |
| SBI Savings Bank Account | 2.50% p.a. | 2.50% p.a. |
| SBI Basic Savings Bank Deposit Small Account | 2.50% p.a. | 2.50% p.a. |
| SBI Savings Plus Account | 2.50% p.a. | 2.50% p.a. |
| SBI Savings Account for Minors | 2.50% p.a. | 2.50% p.a. |
| SBI Motor Accidents Claim Account (MACT) | 2.50% p.a. | 2.50% p.a. |
| SBI Resident Foreign Currency Domestic Account | 2.50% p.a. | 2.50% p.a. |
Note: Interest rates are subject to change and were last updated on October 15, 2022.
Minimum Balance Requirements for SBI Savings Accounts
Consult the table below for the minimum monthly balance necessary across different SBI savings account categories:
| Type of Savings Account | Monthly Minimum Balance |
|---|---|
| SBI Insta Plus Savings Bank Account | NIL |
| Basic Savings Bank Deposit Account | NIL |
| SBI 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, EURO 500, GBP 250 |
Maximum Balance in SBI Savings Accounts
For most SBI savings accounts, there is currently no upper limit on the maximum account balance. However, specific exceptions apply to accounts for minors and the Basic Savings Bank Deposit Small account. The maximum permissible balance for the Basic Savings Bank Deposit Small account is Rs.50,000, while the Saving Account For Minors has a limit of Rs.10 lakh.
Charges Associated with SBI Savings Accounts
The following table details the various charges and fees linked to SBI Savings accounts:
| Service Type | Associated Charges |
|---|---|
| Issuance of First Passbook or Continuation | Free |
| Issuance of Multi City Cheque Book (for Savings) | 10 free cheques each financial year. Subsequent: 10 leaves for Rs.40 + GST and 25 leaves for Rs.75 + GST |
| Issuing Multi City Cheque Book (for Senior Citizens) | Free |
| Emergency Cheque Book | Rs.50 + GST for 10 leaves |
| Duplicate Passbook Issue | Rs.100 + GST or Rs.50 + GST for 40 entries or per page |
| Savings Bank Account Transfer | Free |
| Account Closure between 14 days and 1 year from opening | Rs.500 + GST |
| Account Closure within 14 days from opening | Free |
| Account Closure after 1 year from opening | Free |
| Stop Payment Instruction | From Rs.100 to Rs.500 + GST per instrument per issuance |
| Contactless/ Silver/ Global/ Classic Debit Card Issuance | Free |
| Gold Debit Card Issuance | Rs.100 + GST |
| Platinum Debit Card issuance | Rs.300 + GST |
| Salary Account Debit Card Issuance | Free |
| Contactless/ Silver/ Global/Classic Debit Card Annual Maintenance Charge | Rs.125 + GST |
| Combo/ Yuva/ Gold Debit Card Annual Maintenance Charge | Rs.175 + GST |
| Platinum Debit Card Annual Maintenance Charge | Rs.250 + GST |
| Debit Card Annual Maintenance Charge for Salary Account | Free |
| Interest Certificate | Original: Free; Duplicate: Rs.150 + GST |
| Doorstep Banking for Financial Transactions | Rs.100 + GST |
Transaction Limits for SBI Savings Accounts
Here are the daily limits for various SBI account transfers and transactions:
| Transaction Type | Limit Per Day |
|---|---|
| Transfer within Self Accounts | Rs.2,00,00,000 |
| Fixed / Recurring Deposit | Rs.99,99,999 |
| IMPS | Rs.5,00,000 per transaction |
| Quick Transfer | Rs.50,000 per transaction/ per day; Rs.5,00,000 daily overall limits |
| Third-Party Transfer within SBI | Rs.25,00,000 |
| Interbank Transfer – RTGS | Rs. 25,00,000 |
| Interbank Transfer – NEFT | Rs. 25,00,000 |
| Credit Card VISA Transfer | Rs. 50,000 |
| mCash | Rs.1,101/ transaction; Rs.2,202/ Day; Rs.5,101/ Month |
| UPI | Rs 1,00,000 |
| QR Cash Withdrawal | Rs.4,000 |
| Transaction Limit for a newly added Beneficiary (Initial 4 days) | Rs. 5,00,000 |
| Bill Payments | Rs.5,00,000 |
| SBI Prepaid Cards | Rs.50,000 |
| YONO Cash | Rs. 20,000 |
| Mobile Top Up | Rs.50,000 |
| SBI Life Premium | Rs.50,000 |
| Postpaid bill payment | Rs.50,000 |
| DTH Recharge | Rs.50,000 |
For Minor Accounts
| Transaction Type | Individual Limit | Overall Limit |
|---|---|---|
| Top-up | Rs.2000 | Rs.5000 |
| DD | Rs.5000 | |
| Bill Payment | ||
| NEFT | ||
| GRPT | ||
| e-RD, eTDR, eSTDR | ||
| UPI | ||
| IMPS – P2A | ||
| IMPS – P2P |
These charges are subject to change. For confirmation, please contact the branch directly.
Diverse Types of SBI Savings Accounts
SBI provides a variety of savings accounts, each featuring distinct functionalities and benefits. Below are the different categories of SBI savings accounts:
| Type of Account | Features |
|---|---|
| Insta Plus Savings Bank Account (Video KYC) | – Paperless account opening using video-based KYC. – Requires Aadhaar and physical PAN card. – Allows fund transfers via UPI, NEFT, IMPS, and YONO. – No default cheque book, but can be requested through YONO or Internet Banking. – 24×7 accessibility through the YONO app, internet, and mobile banking. |
| Basic Savings Bank Deposit Account | – No requirement for a minimum balance. – No chequebook provided, but withdrawals are possible through branches and ATMs. – Includes a free RuPay Basic Debit Card. – Offers 4 complimentary cash withdrawals per month. |
| Basic Savings Bank Deposit Small Account | – Designed for residents who lack valid KYC documents. – Can be converted into a regular account upon full KYC completion. – Has a maximum balance limit of Rs. 50,000. – Comes with a free RuPay Basic Debit Card. |
| Savings Bank Account | – A widely popular account offering extensive banking services. – Provides 10 free cheque leaves annually. – No minimum balance is required. – Includes SMS alerts, YONO app access, internet banking, and SBI Quick Missed Call services. |
| Savings Account for Minors | – Features “Pehla Kadam” and “Pehli Udaan” options for children. – Does not require a minimum balance. – Has a maximum balance limit of Rs. 10 lakhs. – Includes a debit card with a daily withdrawal limit of Rs. 5,000. |
| Savings Plus Account | – A Multi Option Deposit (MOD)-linked account where excess funds are automatically transferred to term deposits. – Facilitates automatic fund transfer for earning higher returns. – Offers 25 free cheque leaves annually. – No minimum balance is required. |
| Motor Accidents Claim Account (MACT) | – Intended for beneficiaries receiving Motor Accident Claim Annuity Deposit (MACAD). – Comes with a welcome kit and an ATM/debit card. – Provides a free chequebook and internet banking facilities. |
| Resident Foreign Currency (Domestic) Account | – A non-interest-bearing account for foreign currency (USD, GBP, EURO). – Requires a minimum balance of USD 500, GBP 250, or EURO 500. – Does not include a chequebook or ATM card, but allows unlimited balance repatriation. |
Eligibility Criteria to Open an SBI Savings Account
To open a savings account with SBI, individuals must meet the following conditions:
- Applicants must be Indian residents.
- Individuals must be 18 years of age or older.
- Possession of a valid Aadhaar and PAN card is mandatory.
- The Aadhaar card must be linked to the applicant’s registered mobile number.
How to Open an SBI Savings Account
SBI provides both online and offline methods for opening a savings account. The procedures for each are detailed below:
Online Process
Follow these steps to apply for an SBI Savings Account via the SBI YONO App:
- Download the SBI YONO app on your smartphone, ensuring it uses the mobile number linked to your Aadhaar.
- Launch the app, select ‘Open Savings Account’, then choose ‘With Branch Visit’.
- Click ‘Apply Now’ and proceed by clicking ‘Next’.
- Opt for ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ or ‘Open with Officially Valid Document (OVD)’ if you do not have an Aadhaar card, then click ‘Next’.
- Enter your mobile number, click ‘Submit’, then input the OTP received and your PAN.
- Fill in your personal, annual income, and educational details before submitting.
- Submit the OTP to finalize the application. A branch visit will be required for document verification, after which SBI officials will activate your account.
To apply for an SBI Insta Plus Savings Account using the SBI YONO App, follow these instructions:
- Download the SBI YONO app on your smartphone, ensuring the linked mobile number matches your Aadhaar registration.
- Open the app, select ‘Open Savings Account’, and choose ‘Without Branch Visit’.
- Select ‘Insta Plus Savings Account’ as your preferred account type.
- Enter your Aadhaar and PAN details. An OTP will be sent to your Aadhaar-linked mobile number for verification.
- Provide the OTP to complete the verification process.
- Schedule a video call and have your original Aadhaar and PAN cards ready for video KYC verification.
- Upon successful verification, your savings account will be activated, allowing immediate transactions.
Offline Process
To open an SBI savings account physically, follow these steps:
- Visit your nearest SBI branch.
- Complete the SBI Savings Account application form.
- Provide essential information and select the desired account type.
- Submit attested copies of your Aadhaar and PAN cards.
- Hand over the form along with a cash or draft deposit receipt and other required identity, income, and residence proofs.
- After bank officials verify your documents, your account will be activated.
Remember to collect your SBI Savings Account Welcome Kit, which includes your ATM card, cheque book, and other important documents for future reference.
Required Documents for Opening a Savings Account in SBI
The following documents are essential for opening an SBI savings account:
- ID proof (such as Aadhaar, driving license, voter ID card, or passport)
- Address proof (such as Aadhaar, driving license, voter ID card, or passport)
- PAN card or Form 16
- Two recent passport-size photographs
How to Close an SBI Savings Account
You can close your SBI savings account by visiting the closest branch. Here are the steps involved:
- Obtain an account closure form, which is available for download online or at any branch.
- Complete the form and submit it at your home branch.
- Attach a copy of your ID and address proof, your deposit book, chequebook, and ATM/debit cards.
- Settle any outstanding fees when submitting the form.
Account closure charges may apply depending on the account type and how long it has been open. SBI will then begin the closure process, typically completing it within seven business days.
Key Features of SBI Savings Accounts
Here are some of the notable features of SBI savings accounts:
- Most SBI Savings Accounts do not have a minimum balance requirement.
- A nomination facility is available for savings accounts.
- ATM cards are provided for all SBI Savings Accounts, with the exception of Resident Foreign Currency (Domestic) Accounts.
- There is generally no maximum balance limit for most SBI savings accounts, except for small savings accounts (maximum Rs.50,000) and minor accounts (maximum Rs. 10,00,000).
Benefits of an SBI Savings Account
Holding an SBI savings account offers several exclusive benefits:
- Mobile Banking Services: Includes Interbank Mobile Payment Services (IMPS), fund transfers, chequebook requests, utility bill payments, M-Commerce, and more.
- Multi Option Deposit (MOD) Linkage: Allows linking to SBI Savings Accounts.
- Automatic MOD Distribution: Enables automatic allocation of MOD to cover insufficient funds for transactions.
- MOD Compromise via ATM Withdrawals: Facilitates MOD adjustments through ATM withdrawals.
- Diverse Banking Options: Offers SBI Online Banking, mobile banking, and banking kiosk access.
- Free Passbook Issuance: Provides a passbook without any charge.
- SBI Net Banking Services: Features online opening and closing of fixed and recurring deposits, money transfers (RTGS, NEFT, Western Union Money Transfer), online shopping payments, utility bill payments, Demat processes, e-tax filing, etc.
- Storage Lockers: Access to locker facilities.
- Nomination Service: Option to designate a nominee.
- Low-Cost Accident Insurance: Provision for affordable accident insurance.
- Gold Card: Availability of a Gold card.
- International Debit Card/ATM: Access to international debit card and ATM services.
The interest rate for SBI savings accounts is subject to periodic revisions. Currently, it stands at 2.70% per annum for most savings accounts with deposits below Rs.10 crore. SBI offers a range of savings account types, each packed with valuable features and benefits. To find an account that best suits your needs, download the YONO app and explore your options.
Frequently Asked Questions (FAQ)
What is the minimum balance for an SBI savings account?
SBI has waived the average monthly balance (AMB) requirement on regular savings accounts, so there is no penalty for maintaining a low balance.
What is the SBI savings account interest rate?
The interest rate on an SBI regular savings account is around 2.7% per annum, as revised by the bank from time to time.
How often is interest paid on an SBI savings account?
Interest on an SBI savings account is calculated on the daily balance and credited to your account on a quarterly basis.
Do SBI savings account interest rates change?
Yes. SBI revises its savings account interest rates periodically based on its policy and market conditions, so it is worth checking the current rate.
