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Different SBI Savings Bank Accounts Explained: Interest Rates, Minimum Balance And Other Details

SBI small savings account: A person holding this account is allowed a maximum balance of Rs 50,000
SBI small savings account: A person holding this account is allowed a maximum balance of Rs 50,000

State Bank of India (SBI) offers several special types of savings bank accounts. These include the savings plus bank account, basic savings bank account, small savings account and savings account for minors. While all these bank accounts offer an interest rate of 3.5 per cent for balance up to Rs 1 crore, just like SBI's regular savings bank account, features such as eligibility criteria, minimum balance required, ATM cards and mode of operation vary, according to SBI's website - sbi.co.in. For example, a person holding a regular SBI savings bank account in a metro bank branch is required to maintain a monthly average balance of Rs 3,000. On the other hand, someone holding a basic savings bank account is not required to maintain any such balance. An individual holding a small savings bank account is allowed a maximum balance of Rs 50,000, according to the bank's website.

  Existing Charges p.m. Proposed Charges p.m.
Metro & Urban (AMB Rs. 3000/-)    
Shortfall < = 50% Rs. 30/- +GST Rs. 10/- +GST
Shortfall > 50 – 75% Rs. 40/- +GST Rs. 12/- +GST
Shortfall > 75% Rs. 50/- +GST Rs. 15/- +GST
Semi-Urban (AMB Rs. 2000/-)
Shortfall < = 50% Rs. 20/- +GST Rs 7.50 +GST
Shortfall > 50 – 75% Rs. 30/- +GST Rs 10.00 +GST
Shortfall > 75% Rs. 40/- +GST Rs.12.00+GST
Rural AMB (Rs 1,000/-)
Shortfall < = 50% Rs. 20/- +GST Rs 5.00 +GST
Shortfall > 50 – 75% Rs. 30/- +GST Rs. 7.50 +GST
Shortfall > 75% Rs. 40/- +GST Rs 10.00 +GST
(Source: sbi.co.in)

Here are some other types of savings bank accounts offered by SBI:

SBI Savings Plus Bank Account
  Eligibility Minimum balance/monthly average balance required Maximum balance/threshold ATM card type Mode of operation
Savings Plus Bank Account Same as savings bank account Monthly average balance of Rs 3,000 in metro or urban branch; Rs 2,000 in semi-urban branch; Rs 1,000 in rural branch Rs 35,000 (Minimum threshold limit for transfer to MOD) SBI card comes in variants such as Silver, Gold, Platinum, International ATM-cum-Debit Card as per eligibility Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor etc.
Basic Savings Account Same as savings bank account Nil No upper limit Basic RuPayATM-cum-debit card Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.
Small Savings Account Same as savings bank account Nil Rs. 50,000 Basic RuPay ATM-cum-debit card Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.
Savings Account for Minors   Nil Rs 10 lakh Photo embossed ATM-cum-Debit Card  
i. Pehla Kadam Minor of any age; the account is jointly opened with the parent/guardian       Jointly with parent/guardian or singly by parent/guardian
ii. Pehli Udaan Minors above 10 years of age who can sign uniformly; the account is opened in the sole name of the minor       Singly
(Source: sbi.co.in)
SBI Basic Savings Bank Account
SBI Small Savings Account
SBI Savings Accounts for Minors