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Know the important steps to open SBI savings account

Customers that want to save for the future and earn saving account interest rates on deposits can open an SBI savings account. With more than 9,000 branches throughout the country, customers can decide on any account as per their preference to open a savings bank account closest to a residence and make most of the convenience that comes with the savings bank account. 

Know to steps to open SBI savings account offline

For opening the SBI savings account at the SBI bank branch, customers must follow the below-listed steps: 

  • Visit the State Bank of India branch nearest to you. 
  • Request the SBI executive for an account opening form. 
  • On the account opening form, ensure to fill up all the required details. 

Form 1: Name, signature, address, and other important details, Form 2: Customers must fill up this part in case they do not hold a PAN card.

  • Make sure that all the fields are correct. Details mentioned in the savings account application form must match the details mentioned in the KYC documents that you have submitted.
  • Customers will now require making an initial deposit equaling Rs 1,000. 
  • Once the bank finishes the verification process, you will be given a chequebook and passbook. 
  • Simultaneously, you can even submit an internet banking form. 

Step to open SBI savings account online

  • Visit the SBI homepage https://sbi.co.in/web/personal-banking/accounts/saving-account
  • Next, click on the option ‘apply now’
  • Fill up the application form. Details you must fill up are name, date of birth, address, and other important details. Then, click on submit.
  • Once the information is submitted, the bank will inform you to visit the bank branch with the necessary KYC documents – address and identity proof. 
  • On document submission, the bank will begin the verification procedure.
  • After the approval, the account will get activated in 3-5 bank working days. 

Eligibility for SBI savings account

To be eligible to open a savings bank account in SBI, you must meet specific criteria.

  • Must be an Indian citizen.
  • Individuals must be 18 years and more to be eligible. 
  • In the situation of minors, legal guardians or parents of minors can open a savings bank account on your behalf.
  • You must have a valid address and identity proof that is approved by the government.
  • After the bank approval, you must make the initial deposit based upon your minimum balance requirement of that specific savings bank account you have selected. 

Crucial documents are required when opening SBI savings bank account.

To be eligible for an SBI savings account, you must submit the listed documents with the account opening form. 

Identity proof Driving license, passport, voter ID etc.
Address proof Driving license, passport, voter ID etc.
Other essential documents PAN card

Form 16 (only if PAN is not available)

Two latest passport size photos

SBI savings account nomination facility

Following the Indian government mandate, all savings bank account customers must nominate a beneficiary that must operate the savings account on their behalf. On filling out the savings account application form, you are required to select a nominee. If the nominee is a minor, then he or she will be permitted to operate the savings account just once they approach 18 years of age. Post the account holder’s death, and the nominee can operate the savings account on his or her behalf. 

SBI savings account welcome kit

Post the bank approval, and customers will get the savings bank account welcome kit. This kit contains:

  • Pay in slips
  • SBI cheque book equaling 10 leaves
  • SBI ATM debit card

You must ensure that the kit is sealed on arrival. 

SBI savings bank account helpline

For any assistance, grievance, or request linked with an SBI savings bank account, you must contact the helpline number – 1800 112 211. SBI is one of the leading and trusted names amongst Indian banks. The bank has the largest nationwide branches and offers different variants of savings bank accounts, which range anywhere between basic and premium ones. At State Bank of India, you can be rest assured to avail of a savings account as per your eligibility criteria. 

SBI savings account interest rates w.e.f 31st May 2020

SBI savings bank account balance Savings account interest rates
Savings deposit balance of above Rs 1 lakh 2.70 percent p.a.
Savings deposit balance of up to Rs 1 lakh 2.70 percent p.a.

SBI savings bank account types

SBI offers various variants of savings bank accounts. Have a look at it below: 

Online accounts
Basic savings bank account under the Pradhan Mantri Jan Dhan Yojna
Basic savings bank account
Savings plus minors
Savings account for minors
Savings bank account

Every account is designed to meet distinct target customers. So, assess your savings bank needs before choosing one. 

SBI savings bank account nomination facility

The Indian government has mandated a nomination facility for all the savings bank accounts. Following specific directives, all the SBI account holders now are required to nominate the beneficiary who manages their bank account after them. When filling up the savings bank account opening form, you must select a nominee. In case the nominee is less than 18 years of age, then he/she will be allowed to operate as well as manage the bank account after reaching 18 years of age. After the account holder’s death, the nominated individual can manage the bank account on his/her behalf.

FAQs

What is a savings bank account?

A savings bank account is a kind of deposit account where you can easily open a retail bank. The holder of the account can deposit your idle funds in the account and use them as and when needed while earning interest on the account balance maintained. May it be managing your daily expenditures or savings for exigency, a savings bank account is a good option. Banks now provide various types of savings bank accounts with a host of features to mitigate your savings requirements. Now, there are accounts for kids, women, senior citizens etc., with benefits like higher rate of interest, discount on lockers and unlimited withdrawal via ATMs.

How can you open a savings bank account?

Previously, the only way to open a savings bank account was by approaching the bank branch. But few the banks today permit you to open a savings account online. For this, you must submit a bank account opening form with the necessary documents online. For opening a regular savings bank account online, you will require documents like address proof, ID proof, PAN card, bank account statement, Aadhaar card and a cheque of the amount you would want to deposit in your account.

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