Opening a savings account is one of the best ways to save money and gain interest. Most individuals prefer a savings account, considering easy accessibility and safety. The State Bank of India (SBI), one of the largest banks in India, provides multiple banking services to customers, including savings accounts. They offer attractive benefits for savings account holders, like net banking, online account opening, quick utility bill payments, and more.
Keep reading to know more about SBI savings account opening.
Types of SBI Savings Account
Before opening a savings account in SBI, you must know thetypes of savings accounts SBI offers in order to make an informed decision. Here are the types:
- Savings Bank Account
Savings Bank Account is a popular SBI savings account known for its extensive benefits and features. Account holders can access a range of services, including SMS alerts, mobile banking, YONO, internet banking, and state bank anywhere. There is no minimum and maximum balance requirement, and account holders can open this account online as well as offline.
- Basic Savings Bank Deposit Small Account
The Basic Savings Bank Deposit Small Account is an account for low-income people. There is no minimum balance required to open this account. However, the maximum balance for this account is Rs.50,000. Any Indian resident above 18 years old can open this account even without valid KYC documents by sending a self-attested photograph and signature to the SBI bank officials.
- Basic Savings Bank Deposit Account
A Basic Savings Bank Account (BSBDA) is a zero balance account where you need not maintain a minimum amount to operate it. This account can be opened online and offline. However, this account does not provide a chequebook facility, and only four free cash withdrawals are permitted per month across all channels.
- Savings Plus Account
SBI’s Savings Plus Account is linked to the Multi Option Deposit Scheme (MODS), where funds above Rs.35,000 are automatically transferred to term deposits. The MODS allows you to deposit for a period of one to five years. This account has no monthly average balance requirement.
- Motor Accidents Claim Account
The Motor Accidents Claim Account is an account to receive interest or compensation from the Motor Accident Claim Annuity Deposit (MACAD) awarded to motor accident victims by the court/tribunal. The account includes an ATM/debit card, chequebook and free internet banking.
- Savings Account for Minors
Minors can open a savings bank account with the SBI, which is the Savings Account for Minors. This account has two types of variants - 'Pehla Kadam' and 'Pehli Udaan'. Minors below 10 years old can open the Pehla Kadam account jointly with their parents or guardians. Minors above 10 years and below 18 years can open Pehli Udaan accounts on their own. There is no average monthly balance requirement; however, the maximum account balance is Rs.10 lakhs.
- Resident Foreign Currency (Domestic) Account
This account allows resident Indians to manage a non-interest-bearing foreign currency account in EURO, USD or GBP to keep the foreign exchange earned through various channels. This account does not provide an ATM card or chequebook facility. The minimum balance of EURO 500, USD 500 or GBP 250 must be maintained.
- Insta Plus Savings Bank Account through Video KYC
SBI's Insta Plus Savings Bank Account offers a paperless and video-based account opening without the need for branch visits. Only the PAN and Aadhaar details are required to open this account. You can open an account by getting on a video call with SBI bank officials. Your signature will be captured during the Video KYC process.
Eligibility Criteria to Open SBI Bank Savings Account
- Applicants should be Indian citizens above 18 years of age.
- Applicants must have a valid government-approved ID and proof of address.
- Legal guardians/ parents of a minor can open an SBI savings account on their behalf.
Documents Required to Open SBI Savings Account
- ID Proof: Voter ID card, Aadhaar card, passport, driving licence, etc.
- Residential Proof: Voter ID card, Aadhaar card, passport, driving licence, etc.
- PAN card
- Print out of the account opening form when you are applying online
- Two recent passport-sized photographs
How to Open an SBI Savings Account Online?
You can follow thesesteps for an SBI savings account opening online:
Step 1: Download the SBI YONO app.
Step 2: Open the app and click ‘Open Savings Account'. Then, select 'With Branch Visit'.
Step 3: Click on ‘Apply Now’ and then on ‘Next’.
Step 4: When you have an Aadhaar card, select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. When you do not have an Aadhaar card, select the ‘Open with Officially Valid Document (OVD)’ option and click ‘Next’.
Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN.
Step 6: Enter your personal details, income details and educational details and click ‘Submit’.
Step 7: Enter the OTP and submit. Visit the nearest SBI bank branch to complete the document verification process. The officials will open the account after the verification process is completed.
How to Open an SBI Insta Savings Account through Video KYC?
You can open the SBI Insta Savings Account via video call without visiting the bank branch. Here are thesteps to to open SBI Insta Savings Account through video KYC:
Step 1: Download the SBI YONO application on your mobile phone and open it.
Step 2:Open the app and click ‘Open Savings Account'. Then, select 'Without Branch Visit'.
Step 3: Select ‘Insta Plus Savings Account’ and enter your Aadhaar and PAN card details.
Step 4: An OTP will be sent to your Aadhaar-linked mobile number for verification.
Step 5: Enter the OTP and complete the verification process.
Step 6: Schedule a video call and be ready with your original PAN and Aadhaar card for verification during video KYC.
Step 7: Your savings account will be opened after successful verification of your Aadhaar and PAN card.
How to Open an SBI Savings Account Offline?
Follow thesesteps for offlineSBI savings account opening:
Step 1: Visit your nearest State Bank of India branch.
Step 2: Collect the savings account opening form from the bank.
Step 3: Fill up the form with all the required details.
Step 4: Cross-check the application form to ensure that the details match with your KYC documentation.
Step 5: Submit the form with the documents to the SBI officials.
Step 6: The officials will verify the form and open the account once the verification process is done.
How to Open an SBI Savings Account Online for Minor?
The State Bank of India offersSavings Account for Minors where the minors can open two types of accounts:Pehla Kadam and Pehli Udaan. Minors of any age group can open the Pehla Kadam savings account jointly with their guardian or parents. On the other hand, Pehli Udaan is for minors above 10 years, and the minor can singly operate it.
You can follow thesteps below to open an SBI savings account for your kid:
Step 1: Download the SBI YONO app.
Step 2: Open the app and click ‘Open Savings Account'. Then, select 'With Branch Visit'.
Step 3: Click on ‘Apply Now’ and then on ‘Next’.
Step 4: When you have an Aadhaar card, select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. When you do not have an Aadhaar card, select the ‘Open with Officially Valid Document (OVD)’ option and click ‘Next’.
Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN.
Step 6: Fill up the application form with the required details and submit it.
Step 7: Visit the nearest SBI bank branch to complete the document verification process. The officials will open the account after the verification process is completed.
SBI Bank Savings Account Opening Charges
SBIdoes not charge any amount for asavings account opening. However, for the Resident Foreign Currency Domestic Account, you must deposit the minimum balance account amount while opening the account.
Helpline Numbers
You can contactSBI’s helpline numbers: 1800 1234, 1800 2100, 1800 11 2211 or 1800 425 3800, in case of any help, request, or grievances related to your SBI savings account.
The State Bank of India is one of the largest banking institutions in our country. They come with various types of savings accounts to offer easy banking solutions to all individuals. Even minors can have their savings accounts through SBI under the supervision of their guardians. You can follow the processes mentioned above to open a SBI savings account seamlessly.
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