Those who want to save their future and earn a rate of interest on deposits can choose to open a savings bank account with the State Bank of India. With more than 9,000 branches across the country, customers can simply choose to open a savings bank account nearest to them and get access to convenient banking.
Important steps to open SBI savings account (SBI) opening sbi savings account online
Opening SBI savings account at any State Bank of India branch, customers require following the few steps mentioned below:
∙ Approach the closest SBI branch.
∙ Request your bank executive to provide you with the account opening form.
∙ On the form, you must fill in both parts.
Form 1: Name, your address, sign, and other important details.
Form 2: In case you have no PAN card, you must fill out this part.
∙ Ensure that all fields are entered and are right. Details stated in the application must match with the details mentioned in the KYC documents that are submitted.
∙ You will now require making an initial deposit of at least Rs 1,000.
∙ As soon as SBI completes the evaluation and verification process, you will be granted access to a free cheque book and passbook.
∙ Simultaneously, you can also fill up the internet banking form.
Opening SBI Savings Account Online:
∙ Visit the SBI homepage https://sbi.co.in/web/personal-banking/accounts/saving-account
∙ Click on the option ‘apply now
∙ Select ‘SBI savings bank account’
∙ Fill up the application form – name, address, date of birth and various other details. Once done, submit it.
∙ Once the details are submitted, SBI will intimate you to visit the home branch with the necessary KYC documents, identity proof and address.
∙ Once the documents are submitted, the bank intimates a verification procedure.
∙ Following approval, the account is activated in 3 to 5 working days.
State Bank of India savings accounts eligibility.
To become eligible to open a savings bank account in SBI, customers require meeting specific criteria. These criteria include:
∙ Must be an Indian citizen
∙ Must be 18 years of age & above to be eligible to open the account
∙ In the situation of minors, legal guardians or parents of the minor can even open the account on its behalf.
∙ Applicants are required to carry a valid address and identity proof that is approved by the Government.
∙ Following bank approval, you will require making an initial deposit based upon the minimum balance requirement of that specific savings account, which you have selected.
Documents required to open SBI savings account
To be eligible for a State Bank of India savings account, you must submit the below-listed documents along with the account opening form.
|Identity proof||Driving license, passport, voter’s ID card etc.|
|Address proof||Passport, voter’s ID, driving license etc.|
|Other crucial documents||PAN cardForm 162 latest passport size photos|
SBI savings account nomination facility
Following the Indian government mandate, all savings bank account customers must nominate a beneficiary who can manage their account on their behalf. When filling up the savings bank account application form, customers must choose the nominee. In case a minor is selected as a nominee, he or she will get access to the account just once the minor turns 18 years of age. After the account holder’s death, the nominee can simply operate the account on his or her behalf.
State bank of India savings account kit
Following the bank approval, customers will get the savings account kit. This kit contains:
∙ SBI debit card
∙ PIN will be mailed in a separate post
∙ Pay in slips
∙ SBI cheque book
You must always ensure that your SBI kit is sealed on its arrival.
Helpline for SBI savings account
For any kind of assistance, grievance or any request linked with the SBI savings bank account, you can contact through the helpline number – 1800 112 211. SBI is one of the most trusted and leading names amongst the Indian banks. They contain the largest nationwide bank networks and provide a variety of savings bank accounts ranging from a basic account to some premium account.
SBI is one of the most reliable and leading names among Indian banks. They have the largest network of bank branches and provide an array of savings accounts ranging from regular accounts to premium ones. At State Bank of India, you can be thoroughly assured of finding a savings bank account to match your criteria.
State Bank of India savings account interest rates with effect from 31st May 2020
|Savings account balance||Savings account interest rates|
|Savings account deposit balance of up to Rs 1 lakh||2.7 percent p.a.|
|Savings deposit balance of over Rs 1 lakh||2.7 percent p.a.|
Types of SBI savings account
|Basic savings account (as per Pradhan Mantri Jan Dhan Yojana)|
|Savings plus minors|
|Savings account for minors|
|Savings bank account|
|Basic savings bank account|
Every savings account is formulated to cater for the distinct needs of the target audience. Thus, assess your savings requirements before choosing one.
Crucial documents required to open SBI savings account
To open a savings bank account with SBI, you require the listed documents with the duly filled up account opening form as well as current passport-sized photos:
|Address proof||Identity proof|
|Aadhaar card||Utility bills, i.e., telephone bills and electricity|
|Voter ID card||Passport|
|PAN card||Driving license|
|Driving license||Aadhaar card|
SBI savings account – nomination facility
The Indian Government has mandated the nomination facility for all savings bank accounts. Following this directive, all State Bank of India account holders is required to nominate the beneficiary who can operate their savings bank account after them. Know the difference between current account and savings account.
When you fill-up the savings bank account opening form, you must select the nominee. If your account nominee is less than 18 years, he/she will be permitted to operate as well as manage the bank account after completing the 18 years of age. Following the account holder’s death, the nominated individual can manage the savings account on the holder’s behalf.