SBI Savings Account Interest Rates & Minimum Balance 2025
The State Bank of India (SBI) is one of the largest and most trusted financial institutions in the country, offering a wide range of banking services. Among its many services, the SBI savings account stands out due to its attractive interest rates and accessibility. If you’re looking to open an SBI savings account or are curious about the current interest rates and minimum balance requirements, this guide will provide you with all the necessary information.
SBI Savings Account Interest Rates: What You Need to Know
SBI offers competitive interest rates on savings accounts, which are crucial for growing your savings over time. The SBI savings account interest rate typically ranges from 2.70% to 3.00% per annum, depending on the balance in your account and other factors. The interest is calculated on a daily basis and is credited to your account quarterly.
As of 2021, SBI has made several revisions to its savings account interest rates to offer more favorable terms for its customers. If you’re wondering “What is the minimum balance in SBI?”, you should note that while the savings account comes with an attractive interest rate, maintaining a certain balance is essential to avoid penalties.
SBI Saving Account Interest Rate
The following table lays down the details on SBI interest rates for saving accounts:
| 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 | 2.70% p.a. | 3.00% p.a. |
| SBI Basic Savings Bank Deposit Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Bank Account | 2.70% p.a. | 3.00% p.a. |
| SBI Basic Savings Bank Deposit Small Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Plus Account | 2.70% p.a. | 3.00% p.a. |
| SBI Savings Account for Minors | 2.70% p.a. | 3.00% p.a. |
| SBI Motor Accidents Claim Account (MACT) | 2.70% p.a. | 3.00% p.a. |
| SBI Resident Foreign Currency Domestic Account | 2.70% p.a. | 3.00% p.a. |
Minimum Balance in SBI Savings Account
For an SBI savings account, the minimum balance requirement can vary depending on the type of account you open and the location. If you’re asking “What is the minimum balance in SBI?”, it’s important to distinguish between the different types of accounts:
- Regular Savings Account:
- In metro and urban branches, the minimum balance requirement is usually ₹3,000.
- In semi-urban branches, the minimum balance is ₹2,000.
- In rural branches, the minimum balance is ₹1,000.
- SBI Basic Savings Bank Deposit Account (BSBDA):
- This is a zero balance account, meaning no minimum balance is required.
For customers who don’t maintain the required balance, SBI imposes a penalty. This is why it’s crucial to be aware of the SBI minimum balance requirements to avoid unnecessary charges.
Refer to the table below to learn about the minimum SBI savings account balance you need to maintain for various types of accounts:
| 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 |
SBI Saving Account Maximum Balance
There is currently no ceiling on the maximum account balance for the majority of SBI savings accounts. However, there are exceptions for the Minors account and Basic Savings Bank Deposit Small account. The maximum balance for the Basic Savings Bank Deposit Small account is Rs.50,000, and the Saving Account For Minors is Rs.10 lakh.
SBI Saving Account Charges
The table below provides the details of charges and fees associated with the SBI Savings account:
| Service Type | Associated Charges |
| Issuance off First Passbook or Continuation | Free |
| Issuance of Multi City Cheque Book (for Savings) | 10 free cheques each financial year. Afterwards, 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 the date of 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 |
SBI Savings Account Transaction Limit
Here are the limits for 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.10,00,000 |
| Interbank Transfer – RTGS | Rs.10,00,000 |
| Interbank Transfer – NEFT | Rs.10,00,000 |
| Credit Card VISA Transfer | Rs.1,00,000 |
| mCash | Rs.1,101/ transaction Rs.2,202/ Day Rs.5,101/ Month |
| UPI | Rs.1,00,000 per day transaction |
| QR Cash Withdrawal | Rs.4,000 |
| Transaction Limit for a newly added Beneficiary (Initial 4 days) | Rs.1,00,000 |
| Bill Payments | Rs.5,00,000 |
| SBI Prepaid Cards | Rs.50,000 |
| Mobile Top Up | Rs.10,000/ transaction; Rs.50,000/ day |
| SBI Life Premium | Rs.50,000 |
| Postpaid bill payment | Rs.50,000 |
| DTH Recharge | Rs.50,000 |
Types of SBI Savings Account
SBI offers various types of savings accounts to cater to different customer needs. Each type comes with unique features and benefits to ensure a convenient and accessible banking experience. Below are the main types of SBI savings accounts:
1. Regular Savings Account
The Regular Savings Account is the most common and widely used account type. It provides easy access to your funds, along with competitive interest rates. The account is suitable for individuals who want to save money while enjoying benefits such as:
- Interest rate: 2.70% to 3.00% per annum (subject to change).
- ATM/debit card facility.
- Online and mobile banking services.
- Minimum balance requirements (depends on location).
- Access to all SBI ATMs and branches.
2. Basic Savings Bank Deposit Account (BSBDA)
This type of account is designed to cater to people from all economic backgrounds, particularly those who need basic banking services. It is a zero-balance account, meaning you don’t need to maintain a minimum balance.
- No minimum balance requirement.
- Free ATM/debit card.
- Limited free transactions (depending on branch location).
- Access to SBI’s digital banking services.
- Ideal for low-income or first-time banking customers.
3. SBI Salary Account
The SBI Salary Account is a specialized account for salaried individuals. Companies often open these accounts for their employees to receive salaries directly. Benefits include:
- No minimum balance requirement for government employees.
- Competitive interest rates.
- Free ATM/debit card and other banking facilities.
- Overdraft facility (subject to eligibility).
- Free monthly statements and digital banking services.
- Easy transfer of salaries.
4. SBI Pension Account
This account is specifically for pensioners, providing them with a secure and convenient way to receive their pension. Some key features are:
- No minimum balance requirement.
- Interest rate: Similar to regular savings accounts.
- Free ATM/debit card.
- Special benefits like easy pension withdrawal and bill payments.
- Access to pension-related services.
5. SBI No Frills Savings Account
The No Frills Savings Account is designed to cater to individuals who want the basic features of a savings account with minimal charges. It’s aimed at people who do not need complex banking services but still want a reliable account for savings.
- No minimum balance requirement.
- Free ATM/debit card.
- Limited number of free transactions.
- Access to basic banking services.
6. SBI Recurrent Deposit Savings Account
This account is ideal for individuals who want to save regularly. It allows you to contribute to a recurring deposit through your savings account, helping you build a savings habit with fixed monthly deposits. Features include:
- Fixed monthly contributions (you decide the amount).
- Attractive interest rates.
- Flexibility in terms of tenure and amount.
- Suitable for those who want to save a fixed amount every month for future goals.
7. SBI Student Account
SBI offers this account to students, allowing them to manage their finances effectively during their education years. Benefits include:
- No minimum balance requirement.
- Free ATM/debit card with no charges.
- Competitive interest rates on savings.
- Access to digital banking.
- Easy transfer of funds, payment of fees, and other student-related expenses.
8. SBI Women’s Savings Account
This account is designed exclusively for women to encourage saving and financial independence. It comes with several benefits such as:
- Waiver of minimum balance for women.
- Free ATM card and other banking facilities.
- Special interest rates and features for women customers.
- Access to all digital banking services, including mobile banking.
9. SBI Foreign Travel Account
The SBI Foreign Travel Account is an account specifically for individuals who are planning to travel abroad. This account allows you to easily convert and withdraw foreign currency and is beneficial for:
- Currency exchange.
- International payments.
- Special travel-related facilities.
- Access to global ATM networks.
10. SBI Global Savings Account
This account is ideal for individuals who have international transactions or require global banking facilities. It allows for easy access to foreign currency and international banking services:
- Access to multi-currency services.
- Convenient transfer of funds across borders.
- Integration with international banking networks.
- Ideal for frequent travelers, expatriates, and people with international business needs.
Eligibility Criteria to Open SBI Savings Account
The eligibility criteria for opening a savings account with the State Bank of India are as follows:
- You should be a resident Indian above 18 years of age and should not have any existing relationship with the bank
- You should have a valid Aadhaar Number (linked with a mobile number registered in your name) and a valid Permanent Account Number (PAN)
- You can only have one Insta Savings Account and no other accounts at a given time
How to Open a Savings Account in SBI?
You can now open an SBI savings account online as well as offline. Here are the procedures for both:
Online Process
Here is a step-by-step guide on how to apply for a SBI Savings Account through the SBI YONO App:
Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.
Step 2: Open the app, click ‘Open Savings Account’, then select ‘With Branch Visit’.
Step 3: Select ‘Apply Now’ and click ‘Next’.
Step 4: Select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option or ‘Open with Officially Valid Document (OVD)’ option when you do not have an Aadhaar card 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, annual income details and educational details and submit.
Step 7: Enter the OTP and submit the application. Visit the bank branch to complete the document verification process. The SBI officials will open the account after the completion of the verification process.
Here is a step-by-step guide on how to apply for SBI Insta Plus Savings Account through the SBI YONO App:
Step 1: Download the SBI YONO app on your smartphone and ensure it has the same mobile number linked to your Aadhaar.
Step 2: Open the app, click ‘Open Savings Account’, then select ‘Without Branch Visit’.
Step 3: Select ‘Insta Plus Savings Account’ as your preferred savings account type
Step 4: Enter your Aadhaar and PAN details. The OTP will be sent to the Aadhaar-linked mobile number for verification.
Step 5: Provide the OTP to complete the verification process.
Step 6: Schedule a video call and be ready with your original Aadhaar card and PAN card for verification during video KYC.
Step 7: After successful verification, your savings account will be opened, and you can start making transactions immediately.
Offline Process
To open an SBI savings account offline, follow these steps:
Step 1: Head to your nearest SBI branch.
Step 2: Fill out the SBI Savings Account form.
Step 3: Enter the basic information and select the required account type.
Step 4: Submit attested copies of your Aadhaar and PAN cards.
Step 5: Submit the form along with the cash or draft deposit receipt and other necessary proof of identity, income and residence.
Step 6: After verification by bank officials, your account will be activated.
Collect your SBI Savings Account Welcome Kit including your ATM card, cheque book and relevant documents for future reference.
Documents Required for Opening Savings Account in SBI
You need to carry a photocopy of all the documents with their originals at the time of account opening. These documents need to be self-attested and attached with the account opening form. below is the list of documents required for opening SBI savings account.
For Individuals
Proof of Identity (any of the following):
- Passport
- Voter ID card
- PAN Card
- Driving Licence
Proof of Address (any of the following):
- Credit Card Statement
- Salary slip
- Income/Wealth Tax Assessment Order
- Electricity Bill
- Telephone Bill
- Bank account statement
- Letter from a reputed employer
- Letter from any recognized public authority
- Ration Card
How to Close an SBI Savings Account?
You can close your SBI savings account by visiting the nearest branch. Here are the steps:
Step 1: Obtain an account closure form available for downloading online or at a branch.
Step 2: Fill out the form and submit it at your home branch.
Step 3: Include a copy of your ID and address, deposit book, chequebook, and ATM/debit cards.
Step 4: If there are any outstanding fees, settle them during submission.
Depending on account type and age, account closure charges may apply. SBI will initiate the account closure process and complete it within seven business days.
SBI Near Me: Find Your Local Branch
When looking for SBI near me, it’s easy to locate your nearest branch or ATM using the SBI website or mobile app. With branches and ATMs spread across the country, SBI is accessible to people in both urban and rural areas. Whether you need to open a new account, check your balance, or inquire about the SBI savings account interest, finding a nearby branch is simple.
Understanding SBI Savings Account Interest: How It Works
The SBI saving account interest is credited quarterly, and the rate is calculated based on your balance. The interest is compounded daily, meaning that your interest is calculated on your daily balance, and any interest earned is added to your account, helping it grow over time.
For instance, if you maintain a balance of ₹50,000 in your account, at an interest rate of 3%, you will earn ₹1,500 annually in interest, which will be credited to your account on a quarterly basis.
How Much Can You Save with SBI Savings Account Interest Rates?
The key question for many customers is: How much can be withdrawn from an SBI savings account, or more specifically, how much interest can be earned from your savings? The answer depends on your balance and the interest rate, but as shown earlier, a balance of ₹50,000 can generate a modest return annually. For larger sums, the interest can significantly contribute to your savings over time.
Learn more about Finance in our Mastering Financial Knowledge for a Secure Future Blog
Conclusion: Why Choose an SBI Savings Account?
An SBI savings account offers an excellent combination of competitive interest rates and low minimum balance requirements. With a range of options like regular savings accounts, SBI BSBDA, and specialized salary accounts, SBI ensures there is something for everyone.
By maintaining the minimum balance in your SBI account and making the most of the SBI savings account interest rates, you can enjoy long-term financial growth. Additionally, with easily accessible branches and ATMs across the country, including SBI near me, you have convenient access to all your banking needs.
So, whether you’re looking to open a new savings account, curious about the SBI saving account interest or trying to understand the minimum balance in your SBI savings account, you can be sure that SBI offers reliable and accessible banking options to suit your needs.
