SBI Savings Account

The SBI Savings Account offers a secure and flexible option for managing your finances. The State Bank of India is one of the largest public sector banks in India, offering savings accounts designed to meet diverse customer needs. These include savings accounts like basic deposit accounts, zero-balance facilities or premium features like auto-sweep deposits at attractive interest rates.

Read on to learn how to open an SBI account online with zero balance and the SBI savings account interest rates, from types of accounts to features and transaction limits.

Table of Contents:

• ⇾ Types of SBI Savings Account
• ⇾ SBI Savings Account Opening Online and Offline
• ⇾ Open SBI Account Online with Zero Balance
• ⇾ SBI Savings Account Minimum Balance
• ⇾ SBI Savings Account Interest Rate
• ⇾ SBI Savings Account Interest Rate Calculator
• ⇾ SBI Savings Account Transaction Limit
• ⇾ SBI Savings Account Features and Benefits
• ⇾ Frequently Asked Questions

Types of SBI Savings Account

SBI offers various savings account options best suited to the customer: for students, professionals, senior citizens, and NRIs. Understanding the types helps you choose based on your needs.

• Basic Savings Bank Deposit Account (BSBDA)
• Regular Savings Account (Savings Bank Account)
• Basic Savings Bank Deposit Small Account
• Savings Account through Video KYC
• Savings Account for Minors
• Savings Plus Account
• Motor Accidents Claim Account (MACT)
• Resident Foreign Currency (Domestic) Account

Basic Savings Bank Deposit Account (BSBDA) or Zero Balance Account

The SBI zero balance savings account, or the BSBDA, is primarily focused on including the economically weaker section of society to encourage them to start saving without any burden of charges or fees.

This scheme was begun under the PMJDY program to ensure economic inclusivity for all Indians.

Key attributes include:

• Available at all branches.
• No minimum balance required.
• No maximum limit on balance.
• Cheque book facility is not available.
• Withdrawals can be made using a withdrawal form at branches or through ATMs.
• A basic RuPay ATM-cum-debit card will be issued.

SBI Regular Savings Account (Savings Bank Account)

The regular savings account is the preferred mode of savings scheme adopted by most people with an income source.

It has the following features:

• Mobile banking is available, and SMS alerts are provided.
• Internet banking facilities, YONO and State Bank Anywhere apps can be used to access remote banking services.
• The first 10 cheque leaves are free per financial year.
• Thereafter:
• 10-leaf cheque book at ₹40 + GST.
• 25-leaf cheque book at ₹75 + GST.
• Account transfer facility available through Internet Banking.
• Nomination facility available.
• No monthly average balance requirement and no limit on maximum balance.
• A passbook is issued for recording transactions; a duplicate passbook is available on payment if the original is lost.
• Account statements can be received via email and a free consolidated account statement is provided.

SBI Basic Savings Bank Deposit Small Account

This account can be opened by any individual above 18 years of age who does not have officially Valid KYC documents. Due to relaxed KYC norms, there are several restrictions on account operations but it can be converted to a regular savings account after the submission of valid KYC documents.

• Available at all branches, except specialised branches such as:
• Personal Banking Branches (PBBs)
• Special Personalised Banking (SPB) branches
• Mid Corporate Group (MCG) branches
• Corporate Account Group (CAG) branches
• Withdrawals can be made at branches or through ATMs.
• A basic RuPay ATM-cum-debit card will be issued.
• No minimum balance requirement.
• Maximum balance allowed is ₹50,000.

SBI Savings Account through Video KYC

This type of savings account is opened online. This requires minimum documentation and mostly documents like your PAN or Aadhaar. You can open an account online from anywhere, without a branch visit.

Features include:

• Open your savings account fully online through Video KYC without visiting a branch.
• Only Aadhaar details and a physical PAN card are required for account opening.
• The signature is captured during the video KYC process.
• Customers can request a chequebook through YONO, Internet Banking, or by visiting a branch after account activation.
• A passbook will be issued on request, which is not typical for many online-only accounts.
• Charges for services will follow the same structure as regular savings accounts.
• Option available to apply for a Corporate Salary Package account.

SBI Savings Account for Minors

These savings account schemes are specifically focused on helping children learn the importance of saving money as well as responsible usage. The products, Pehla Kadam and Pehli Udaan, are solely dedicated for this purpose, under SBI Savings Account for Minors.

Key features include:

• No Monthly Average Balance (MAB) requirement.
• Maximum balance allowed is ₹10 lakh.
• Specially designed personalised cheque book (10 leaves) is issued:
• Pehla Kadam: Issued to the guardian in the name of the minor if the guardian’s mobile number is registered.
• Pehli Udaan: Issued directly in the minor’s name if the minor can sign uniformly and the mobile number is registered.
• Photo-embossed ATM-cum-Debit Card with ₹5,000 withdrawal/POS limit:
• Pehla Kadam: Card issued in the name of the minor and guardian.
• Pehli Udaan: Card issued directly in the minor’s name.
• Mobile Banking with limited transaction rights (bill payment, top-ups, and IMPS for Pehli Udaan) and a ₹2,000 per day limit.
• Auto-sweep facility is available with a threshold of ₹20,000 and sweep-out in multiples of ₹1,000, with a minimum sweep of ₹10,000.

SBI Savings Plus Account

The savings plus account offers advanced schemes and benefits, like transferring the surplus fund above the threshold limit from the savings account to the term deposits.

Other features include:

• The period of deposit ranges from 1 to 5 years.
• A loan facility is available against MOD (Multi Option Deposit) balances.
• The minimum threshold to transfer funds into MOD is ₹35,000.
• Minimum amount for a single MOD transfer is ₹10,000, in multiples of ₹1,000.
• 10 free cheque leaves are provided per year; additional leaves are available at applicable charges.
• No limit on the maximum balance maintained in the account.
• A passbook is issued to record transactions; a duplicate passbook is available on payment if lost, and e-statements can also be availed.

SBI Motor Accidents Claim Account (MACT)

The Motor Accident Claim Tribunal (MACT) credits the compensation amount or interest awarded by a Tribunal or Court to victims or claimants of motor accidents into a Motor Accident Claim Annuity Deposit (MACAD).

Here are some of the key features of MACT:

• Existing savings bank interest rates apply.
• Nomination facility available for individuals only.
• Passbook facility provided.
• A welcome kit is issued upon account opening.
• Cheque book facility available (*conditions apply).
• ATM-cum-debit card available (*conditions apply).
• Internet banking facility available (*conditions apply).

SBI Resident Foreign Currency (Domestic) Account

This facility is available to both Non-Resident Indians (NRIs) and Resident Indians who wish to open and maintain a foreign currency account to retain foreign exchange acquired through permissible means. Accounts can be maintained in USD, GBP, and EUR currencies.

Some of the key features are as follows:

• Non-interest-bearing current account.
• No cheque book or ATM card facility.
• Minimum balance requirement:
• USD 500
• GBP 250
• EUR 500
• Account balance is freely transferable.

SBI Savings Account Opening Online and Offline

Opening an SBI savings account is easy and simple, whether you choose to apply online or visit a branch. Here's a step-by-step guide for both methods:

Online:

• Visit onlinesbi.com or install the YONO App on your device
• Enter your mobile number and the OTP that follows it.
• You will be asked to fill out basic details such as your name, address, etc.
• Upload the requested documents in PDF format.
• You might get a video KYC in most account-opening cases. (Sometimes, you may be requested to bring it to the nearest branch).
• After documents are uploaded, wait for the verification to complete.
• Your account will be activated within 24–48 hours of verification.

Offline:

• Visit the nearest SBI branch and reach the customer relationship manager.
• Fill in the physical application form with accurate details.
• When submitting the application proof, you will be asked to provide the following documents for KYC identification:
• Identity proof,
• Address proof,
• PAN card, and
• Passport-sized photographs

Open SBI Account Online with Zero Balance

SBI allows customers to open zero-balance savings accounts under specific schemes like BSBDA, simplifying banking access for all. The users don’t have to maintain a minimum balance in their account, and there is no maintenance fee required to pay for this savings scheme.

Anyone can start this account, even underage citizens of India. This account is also known as a Basic Savings Bank Deposit Account or BSBDA.

Documents required include:

• Aadhaar Card
• PAN Card (or Form 60 if unavailable)
• Passport-sized photographs
• Mobile number linked with Aadhaar

How to apply:

• Online application via YONO
• Offline opening through a branch request for BSBDA

SBI Savings Account Minimum Balance

SBI Savings Account minimum balance requirements may vary based on account type and region. Failure to maintain it can attract penalties and other unwanted charges. Although some savings schemes don't require a minimum balance, most of the prominent savings account schemes require a minimum balance to be held in the account.

These are as follows:

Note: These values are subject to change at the bank’s discretion.

SBI Savings Account Interest Rate

Interest on SBI savings accounts is calculated based on daily balances and paid quarterly. Rates are periodically revised by the bank. As of 2025, the interest rates of savings account stand at

SBI Savings Account Interest Rate Calculator

If you are planning on starting an SBI savings account, using a calculator to know the returns can be a good step in effective savings. Using the SBI Savings Account interest rate calculator, you can get accurate values, eliminating the possibility of errors.

SBI Savings Account Transaction Limit

For every account, there will be related transaction limits and penalty charges if those limits are exceeded. Understanding SBI’s transaction limits can help manage funds efficiently and avoid penalties.

Here is how much the limits are for each transfer method:

• NEFT/RTGS via Net Banking: ₹10 lakh/day
• ATM withdrawal limit (Classic Debit Card): ₹20,000/day
• POS/E-commerce spending limit: ₹50,000/day
• UPI transaction limit: ₹1 lakh/day

SBI Savings Account Features and Benefits

SBI savings accounts offer safety, flexibility, and accessibility, supporting a range of everyday banking needs. Here are some general features of SBI savings account schemes:

• Free passbook, cheque book (limited free transactions)
• Access to SBI YONO App, SBI Anywhere, Internet Banking
• Free ATM/debit card (issuance based on account type)
• Auto Sweep Facility (for Savings Plus Accounts)
• Nomination facility
• Earns interest on daily balance

SBI also offers support for the senior citizens by assisting them through the SCSS programme, which is a government initiative made available under the post office savings schemes. If you are someone curious about the returns from SCSS, it is best to use the SCSS calculator to understand the exact returns of this savings scheme.