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

SBI offers an interest rate of 3.5 per cent per annum on balance up to Rs 1 crore in its savings bank account.

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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


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

SBI offers an interest rate of 3.5 per cent per annum on balance up to Rs 1 crore in its savings bank account, and 4 per cent in case of balance above Rs 1 crore, according to the bank's website. SBI savings bank account comes with certain minimum balance or 'monthly average balance' (MAB) requirements. That means an account holder is required to maintain a certain minimum average balance in the bank account. Failing to meet these requirements attracts penalty depending upon the type of branch and the degree of shortfall.

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


SBI Savings Plus Bank Account

This is a special type of savings bank account that is linked to MODS or Multi-Option Deposit Scheme, an 'auto sweep' facility. In MODS, surplus fund above a threshold limit from the savings bank account is transferred automatically to term deposits - or fixed deposits (FD) - opened in multiples of Rs. 1,000. The minimum threshold limit - surplus balance above which is converted into a term deposit or FD - is Rs 35,000, according to SBI. The minimum amount that is transferred to an FD is Rs 10,000 and above in multiples of Rs 1,000, according to the SBI website.

 EligibilityMinimum balance/monthly average balance requiredMaximum balance/thresholdATM card typeMode of operation
Savings Plus Bank AccountSame as savings bank accountMonthly average balance of Rs 3,000 in metro or urban branch; Rs 2,000 in semi-urban branch; Rs 1,000 in rural branchRs 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 eligibilitySingly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor etc.
Basic Savings AccountSame as savings bank accountNilNo upper limitBasic RuPayATM-cum-debit cardSingly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.
Small Savings AccountSame as savings bank accountNilRs. 50,000Basic RuPay ATM-cum-debit cardSingly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.
Savings Account for Minors NilRs 10 lakhPhoto embossed ATM-cum-Debit Card 
i. Pehla KadamMinor of any age; the account is jointly opened with the parent/guardian   Jointly with parent/guardian or singly by parent/guardian
ii. Pehli UdaanMinors 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)

"Any surplus funds retaining a minimum of Rs. 25000/- in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000/- and in multiple of Rs. 1,000/- at one instance," SBI explained.

SBI Basic Savings Bank Account

SBI's basic savings bank account is a type of savings bank account that is free from any minimum balance requirement. That means a customer holding a basic savings bank account with SBI is not required to maintain a certain average balance every month. However, the customer cannot have any other savings bank account in addition to a basic savings bank deposit account. "If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account," SBI states on its website.

SBI allows customers holding a basic savings bank account with it a maximum of four withdrawals in a month "including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc.".

SBI Small Savings Account

Those holding a small savings bank account with SBI are also not required to meet the bank's monthly average balance requirements. However, the small savings account allows a maximum balance of Rs 50,000, according to the SBI website. SBI allows Rs 10,000 as the maximum aggregate of all withdrawals and transfers in a month in its small savings account. Additionally, a limit of Rs 1 lakh has been set as the maximum allowed aggregate of all credits in a financial year. "If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC (know your customer) procedure is completed," according to the SBI website. Withdrawal limits are same as applicable to the basic savings bank account.

SBI Savings Accounts for Minors

SBI offers two kinds of bank accounts for minors: 'Pehla Kadam' (first step) and 'Pehli Udaan' (first flight). Both types of savings bank accounts come with features such as internet banking and mobile banking. While SBI hasn't set any monthly average balance requirement for these savings accounts, both accounts have a maximum balance limit of Rs 10 lakh, according to the bank's website.


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