SBI Savings Account Interest Rate

On the minimum average balance maintained in the savings account, the SBI savings bank account interest rate is 2.70%. It estimates the daily interest rate on savings bank accounts. The interest, on the other hand, is paid to account holders every quarter. Youth and children can benefit from additional perks on their SBI Savings Account. SBI also provides appealing perks such as mobile and online banking, a free debit card, and customised savings account based on user profiles.

SBI savings account interest rate 2021

Savings Account

Interest Rate   

Minimum Balance

Basic Savings Bank Deposit Account

2.70% p.a.


Basic Savings Bank Deposit Small Account

2.70% p.a.


Savings Bank Account

2.70% p.a.


Savings Account for Minors

2.70% p.a.


Savings Plus Account

2.70% p.a.


Motor Accidents Claim Account (MACT)

2.70% p.a.


Resident Foreign Currency Domestic Account   

2.70% p.a.

USD 500, GBP 250, and EURO 500


SBI Savings Account Balance    

Rate of Interest (p.a.)

Up to Rs. 1 lakh


Above Rs. 1 lakh


Why should you open an SBI Savings Account

SBI offers a variety of financial products through its network of branches in India and abroad, including the SBI Savings Account. The savings account comes with several features and services. The savings account's most appealing features are no minimum balance requirement and access to ATM/Debit cards, net banking, and mobile banking.

SBI Savings Account Advantages

  • Internet banking, mobile banking, and kiosk banking are all options.

  • Accounts can be transferred to any SBI branch without having to change the account number.

  • The passbook is given away for free.

  • Cheques for multiple cities

  • Lockers for storing valuables

  • Facility for nominations

  • Personal Accident Insurance is available for a low cost.

  • There are no inter-core fees for transfer transactions.

  • Gold Card, International ATM/Debit Card, and other ATM/Debit Card versions are available.

  • It's possible to link it to a Multi-Option Deposit (MOD) account.

Additional Advantages

  • Fund transfers, interbank mobile payment services (IMPS), enquiry and statements, cheque book requests, utility bill payments, mobile recharges, and M-Commerce is just a few of the services available through mobile banking.
  • Opening and closing fixed deposit and recurring deposits, transferring funds (RGTS, NEFT, and Western Union Money Transfer), paying utility bills, online shopping, viewing statements and Demat operations, e-Tax filing, and setting standing instructions are just a few of the features of SBI Net Banking.
  • The Debit card can be used to check your balance, withdraw money, pay insurance premiums, shop, donate, and transfer money from one card to another.
  • If the savings account is linked to a Multi Option Deposit, if the account is insufficient to honour a check, the MOD is automatically broken up to ensure the check does not bounce. Withdrawals from ATMs can also be used to break MOD.

SBI Savings Account Types

SBI offers the following savings accounts, along with some of their features:

Basic Savings Bank Deposit Account

  • Any individual with sufficient KYC documents can open a bank account.

  • A basic Rupay ATM/debit card is given out.

  • The maximum balance or amount is unrestricted.

  • The account can be opened at any of the company's locations.

  • There will be no chequebook available.

Basic Savings Bank Deposit Small Account

  • Individuals over the age of 18 who do not have valid KYC documentation can open the account.

  • Upon submission of KYC documentation, it can be transformed into a conventional savings account.

  • A basic RuPay ATM/debit card will be given.

  • A maximum balance of Rs.50,000 can be maintained in an account.

  • There is no requirement to maintain a minimum balance.

Savings Bank Account

  • The maximum balance is unrestricted.

  • You can use the nomination service.

  • A total of ten free cheque leaves are offered each year.

  • There is no requirement to maintain a monthly average balance.

  • Mobile banking, SMS alerts, and online banking are all available.

  • There is a passbook available.

Savings Account for Minors

  • It has banking services such as internet banking and mobile banking.

  • The account can have a maximum balance of Rs. 10 lakh.

  • It can be used independently or in tandem with the parent (s).

  • A chequebook is included.

  • A Photo Debit Card is issued to the customer.

  • You can create a collection of instructions that will run indefinitely.

Savings Plus Account

  • MODS is linked to this savings account.

  • A loan secured by a MOD deposit is offered.

  • Account transfers are possible using internet banking.

  • Mobile banking, SMS alerts, and online banking are all available.

  • There is no upper limit to the amount of balance that can be maintained.

  • The deposit duration can be anywhere from one to five years

Motor Accidents Claim Account (MACT)

  • Balance (Minimum/Maximum) This requirement does not apply to you.

  • ATM, chequebook and passbook are all available.

  • Internet banking and e-mail statements are both available.

  • Mobile banking, SMS alerts, and online banking are all available.

  • Only one operation is permitted.

  • A welcome kit is available.

Resident Foreign Currency Domestic Account

  • The account balance can be withdrawn at any time.

  • The account can only be opened by a resident Indian.

  • There will be no chequebook available.

  • There will be no ATM card provided.

How Do I Open An SBI Savings Account Online

The method for opening an SBI online savings account is straightforward.

  • By accessing the SBI website, any Indian resident can open an SBI savings account. Go to “Deposit schemes” under personal banking to see the savings bank account choice.

  • Before selecting the "apply online" option, be sure to understand the benefits, rules, and regulations.

  • Fill out the online application form completely.

  • A TCRN (Temporary Customer Reference Number) will be generated and delivered to the mobile number provided during registration.

  • Your account will be opened if you visit the nearest SBI bank within 30 days with the appropriate original documentation.

Frequently asked questions

What is the required minimum average balance (MAB) in an SBI savings account?

SBI announced a waiver of the average monthly balance on March 11th, 2020. This means that if the balance is brought to zero, there is no penalty.

Is it possible to open an SBI account online?

Yes. You can start an SBI digital savings account online using the SBI digital savings account opening method. To open an SBI account online follow the steps described above. Please keep in mind that only a single visit to the branch is required.

Is it possible to start an SBI account with no balance?

Yes. With a $0 balance, you can open an SBI Basic Savings Bank Account.

Is it feasible to have multiple savings accounts with SBI?

SBI allows you to have multiple sorts of accounts (savings, current, etc.) with the same customer ID. All of the accounts will be connected.

Is it necessary to have an Aadhaar NUMBER TO CREATE AN ACCOUNT WITH SBI?

No, you do not need to present your Aadhaar card to register an SBI bank account, according to the most recent guidelines. This is true for all banks in the country.

How do I check the amount of my SBI account?

SMS “BAL” to 09223766666 from your registered mobile number to check your SBI balance. To learn how to acquire an SBI mini-statement and other information about your SBI account, go here.