For customers that wish to save for the future and earn interest on deposits, opening a State Bank of India Savings Account is probably their best bet. With over 9,000 branches across the country, customers can choose to open a savings account closest to them and enjoy the convenience that comes with a savings account.
Eligibility for State Bank of India Savings Account
To be eligible to open a savings account in State Bank of India, customers need to meet certain criteria.
- Should be a citizen of India.
- The individual should be 18 years and above to be eligible.
- In the case of minors, the parents or legal guardian of the minor can open the account on their behalf.
- The applicant is required to have valid identity and address proof that is Government approved.
- Following approval from the bank, the applicant will have to make an initial deposit – depending on the minimum balance requirement of that particular savings account he/she has chosen.
Documents Required to Open SBI Savings Account
To be eligible for the SBI Savings Account, customers will have to submit the following documents along with account opening form.
- Proof of identity – Passport, Driving license, Voter’s ID card, etc.
- Proof of address – Passport, Driving license, Voter’s ID card, etc.
- PAN card
- Form 16 (only if PAN card is not available)
- 2 latest passport size photographs
Steps to open a savings account with State Bank of India
To open a savings account at any SBI Bank branch, customers will have to follow the steps mentioned below.
- Visit the SBI branch closest to you.
- Request the bank executive for an account opening form.
- On the account opening form, applicants will have to fill in both the parts.
- Form 1 – Name, address, signature, various other details and assets.
- Form 2 – Customers will have to fill in this part if they do not have a PAN card.
- Ensure that all the fields have been entered and are correct. The details mentioned in the application form should match those mentioned in the KYC documents that have been submitted.
- The customer will now have to make an initial deposit of Rs.1,000.
- As soon as the bank completes the verification process, the account holder will be granted a free passbook and cheque book.
- Simultaneously, customers can submit the internet banking form.
Steps to open a savings account in State Bank of India online:
- Visit the State Bank of India homepage.
- Click on “apply now”.
- Choose “savings accounts”.
- Fill in the application form – name, address, date of birth and other various details – and click on submit.
- Once the details have been submitted, the bank will intimate the applicant to visit the branch will the requisite KYC documents – proof of identity and address.
- On submission of the documents, the bank will initiate the verification process.
- Following approval, the account will be activated within 3-5 bank working days.
SBI Savings Account Nomination Facility
Following the Government of India mandate, all savings account customers are required to nominate a beneficiary that can operate the account on their behalf. When filling in the application form, customers will be required to choose a nominee. If in case the nominee is a minor, he/she will be allowed to operate the account only once they turn 18 years old. Following the death of the account holder, the nominee can operate the account on his/her behalf.
State Bank of India Savings Account Welcome Kit
Following approval of the bank, the customer will receive a savings account welcome kit. The kit will contain:
- SBI ATM debit card
- The PIN will be sent in a separate post.
- SBI cheque book of 10 leaves.
- Pay-in slips
One will have to ensure that the welcome kit is sealed on arrival.
SBI Savings Account Helpline
For any help, grievance, or request related to SBI savings account, customers can contact the helpline at – 1800112211