What is the Minimum Balance in the SBI Savings Account?

If you have a Savings Account in the State Bank of India (SBI) or plan to open one, you must know about the minimum balance in the SBI savings account rules. This is important because your savings account helps you keep your money safe and earn interest. SBI is India’s largest public sector bank with crores of customers. It offers different savings accounts depending on your needs. Some accounts need you to keep a minimum balance, and some don’t. Let’s understand in simple words: Minimum balance = The least amount you must keep in your account to avoid fines.

Overview

State Bank of India (SBI) is the largest public sector bank in the country, serving over 40 crore customers across India. SBI offers many types of savings accounts to suit different banking needs.

The SBI savings account interest rate starts from 2.70% per year. If you have an SBI savings account, it’s important to understand the minimum balance rules.

SBI requires customers to maintain a minimum balance in their savings account. The minimum amount depends on the type of account and the services you get. If you don’t maintain this balance, the bank may charge a penalty. These charges help SBI cover the cost of managing and servicing your account.

What is an SBI Savings Account?

An SBI Savings Account is a basic bank account that helps you save money safely and earn interest. SBI offers different types of savings accounts for different people, from children to senior citizens. Each account comes with its own set of features, benefits, and free services.

Minimum balance means the lowest amount of money you need to keep in your account. If your balance goes below this set limit, the bank may charge you a penalty. The required minimum balance depends on the type of account you have.

Right now, SBI doesn’t charge any penalty for not maintaining a minimum balance in regular savings accounts. SBI removed these charges in 2020. The interest rate on savings accounts starts at 2.70% per year (last updated in October 2022).

Revised Interest Rate State Bank of India Saving Account

SBI pays interest on the money you keep in your savings account. The interest rates were last revised in October 2022. Here’s the latest rate:

• The savings account deposit is less than INR 10 crore, where the old interest rate was 2.70%, and the revised Interest rate is 2.70%.
• The savings account deposit is more than INR 10 crore, where the old interest rate was 2.70%, and the revised Interest rate is 3.00%.

Saving Account Interest Rate in the State Of India

SBI offers different types of savings accounts. The interest you earn depends on how much money you keep in your account. Here’s a simple table:

Minimum Balance in SBI Savings Account

SBI offers many types of savings accounts. For most of them, you don’t need to maintain any minimum balance. Here’s a quick look:

State Bank of India Savings Account Charges

Here’s a quick look at some common SBI savings account charges:

Features of SBI Savings Account

Here are some key features of SBI savings accounts:

• Nomination facility: You can add a nominee to your account for safety.
• No minimum balance required: Most SBI savings accounts don’t need a minimum balance.
• Maximum balance limits: Small savings account: Up to ₹50,000; Minor’s account: Up to ₹10,000.
• ATM/debit card provided: Available for most savings accounts (except domestic Resident Foreign Currency accounts).

Benefits of an SBI Savings Account

Here are some useful benefits you get with an SBI savings account:

• Multi-Option Deposit (MOD): Your savings can automatically move to a fixed deposit to earn higher interest, while still being easy to access through ATM withdrawals.
• Mobile and internet banking: You can transfer funds, request cheque books, pay bills, shop online, and more.
• Free passbook: SBI gives you a passbook to track your transactions at no extra cost.
• Locker facility: SBI offers locker services to keep your valuables safe.
• Gold card and other debit card options: SBI provides different types of debit cards, including gold cards, based on your account type and usage.

How to Open an SBI Savings Account?

Opening an SBI savings account is simple. You can do it online or through the SBI YONO app.

Open an SBI savings account online (via the SBI website)

1. Go to the SBI official website and visit the Deposit Schemes section under personal banking.
2. Click on Savings Bank Account and read the benefits and rules.
3. Click Apply Online.
4. Fill out the application form with your details.
5. A Temporary Customer Reference Number (TCRN) will be sent to your mobile.
6. Visit your nearest SBI branch within 30 days with original documents to complete the process.

Open an SBI savings account using YONO App

1. Download the YONO SBI app on your phone (linked to your Aadhaar number).
2. Open the app and select Savings Account, then, without a branch visit, and then apply now.
3. Choose Open with Aadhaar (e-KYC) or use an Officially Valid Document (OVD) if you don’t
4. have Aadhaar.
5. Enter your mobile number and PAN, and submit OTP.
6. Fill in personal details (income, education, etc).
7. Submit your application.
8. Visit the nearest branch to complete verification.

Conclusion

In conclusion, an SBI savings account helps you save money safely and earn interest. Minimum balance depends on where you live. If you can’t keep it, SBI offers zero balance accounts. Use SBI’s online tools and YONO app to manage your account easily. Don’t let small fines waste your hard-earned money.

About the Author

Saniya

I'm a finance content writer with a BBA in FinTech, passionate about simplifying money matters for everyday Indians. I break down complex topics like investments, savings, and digital finance into easy, relatable content. My goal is to help you in a way that’s easy to understand, jargon-free, and actually useful in real life.

View All Articles by Saniya

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