How to Open SBI Account Online | Documents Needed in 2024

Every Indian bank has a facility to open a savings account, where account holders can deposit savings, and even earn interest on the money deposited. As with other banks, Saving Accounts under the State Bank of India provide several benefits like instant usage bill payments through net banking and much more. Another notable advantage is that SBI has more than 9,000 branches across the country, providing great accessibility to every customer.  

Depending on eligibility and need, one can opt for the following savings accounts: Small Savings Account, SBI Basic Savings Account, Savings Plus Account, etc. In this blog, we have discussed how to open SBI account online, open a savings account offline, eligibility criteria, documents required, and other relevant information.

Table of Contents:

1. Types of Savings Accounts
2. Eligibility criteria for SBI account opening
3. Documents required for SBI account opening
4. How to open SBI account online
5. How to open SBI account offline
6. Interest rates on SBI savings account

Types of Savings Accounts Under the State Bank of India:

You should apply for a savings account that suits your needs and where you can benefit the most. Before finalizing one, you should know all variants of SBI savings accounts. Following are the numerous kinds of SBI Savings accounts:

• Basic Savings Bank Deposit Small Account
• Basic Savings Bank Deposit Account (Pradhan Mantri Jan Dhan Yojana)
• Savings for Minors (Pehlakadam and PehliUdaan)
• Savings Bank Account
• Savings Plus Account
• Motor Accidents Claim Account
• Insta + Savings Bank Account via Video KYC
• Resident Foreign Currency Account

Key features of the SBI Savings Account:

 The following are the notable features of the SBI Savings Account:

1. There is no minimum account balance in the SBI savings account. Simply put, you don’t have a minimum account balance in such accounts.
2. State Bank of India provides a nomination advantage for their savings bank account. It is also applicable to the Motor Accidents Claim Account.
3. Depending on the type of savings account, the maximum account balance for Savings accounts under SBI slightly varies. Moreover, with the minor’s account and the exception of the small savings account, no minimum balance is required with SBI savings account
4. SBI offers SBI ATM cards for all of its savings accounts. Note, it doesn’t include the Resident Foreign Currency or Domestic Account.
5. The maximum amount for a kid’s account is Rs 10 lakhs. On the other side, the maximum balance for the small accounts is Rs 50,000.

Eligibility criteria for SBI account opening:

To be eligible for a savings account with SBI, individuals must fulfill a particular requirement. The eligibility for how to open SBI Account Online is mentioned below:

• He/she should be a resident of India.
• Applicants should be 18 years or older to be eligible.
• If you’re a minor, you can open the Savings account on behalf of your parents or legal guardian.
• An individual is required to have an address and identity proof. These proofs should be government-approved.
• After approval from the bank, the applicant has to make the initial money deposit, which depends on the minimum balance requirement of the specific savings account chosen by him/her.

Also Read: HOW TO APPLY FOR SBI CREDIT CARD ONLINE

Documents Required for SBI Account Opening:

Applicant needs to show a photocopy of all the required documents along with their original while opening an account. All documents should be self-attached and attested with the savings account opening application form. The complete list of SBI Account Opening Documents is as follows:

Also Read: HOW TO GENERATE SBI ATM PIN

How to open an SBI Account:

One can either open a new SBI savings account offline by visiting the nearest SBI bank branch or online via the SBI YONO application. It is worth mentioning that all Savings accounts under SBI can’t be opened online. If you are also looking for a step-by-step guide on how to open SBI account using the methods mentioned above, then visit the section below:

How to open SBI account online:

Follow these steps:

Step 1 Open the homepage of SBI bank (Click Here)

Step 2 Then, tap on the ‘Accounts’ section. Here you need to tap on the ‘Saving Account’ option

Step 3 Next, tap on the ‘Apply’ option

Step 4 Provide the given details in the application form. These details are date of birth, name, address, etc 

Step 5 Tap on the ‘Submit’ option

Step 6 After completing the below process, visit the nearest branch with essential KYC documentation

Step 7 The bank will start the verification process and open your account within 3 to 5 business days

Grab the Best Deal on SBI Credit Card: Check Out 

How to open SBI account offline:

Follow these steps:

Step 1 Go to the nearest branch of the State Bank of India

Step 2 Take a form for opening a savings account from the bank representative

Step 3 Fill in the essential details according to your specifications

Step 4 Fill out form 2 if you don’t have a PAN card 

Step 5 Make sure that all the details in the application form are mentioned as per the KYC documents submitted by you at the bank branch

Step 6 Submit a minimum amount of 1000 Rs once your savings account has been opened

Step 7 After completing the SBI account opening process, collect your free checkbook and passbook.

These are the steps for how to open an SBI account offline, and once it has been done, you will receive a savings account welcome kit. The kit will comprise an SBI ATM debit card, an SBI checkbook of ten leaves, the pin will be delivered in a separate post, and Pay-in slips.

Interest rates on SBI savings account:

Important Note: The interest rates given (per annum) are updated as of March 12, 2024

Closing Words:

SBI or State Bank of India provides a wide range of savings accounts for both adults and kids. Applicants must meet the eligibility criteria given above and are requested to submit some sort of documents before applying for an SBI savings account. Remember, the requirement for a savings account with SBI may vary from category to category. Ensure to which category you belong. I hope, you have understood how to open SBI account, whether online or offline.

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• BEST SBI CREDIT CARDS| FEATURES AND BENEFITS
• STEPS FOR SBI ONLINE PERSONAL BANKING REGISTRATION
• HOW TO CHANGE REGISTERED PHONE NUMBER IN SBI