SBI minimum balance 2023: Know how much minimum balance required in savings account, penalty, interest rates, and closing charges

Know minimum balance requirement for SBI savings accounts.

• By Ramneek Singh -
Published On: September 5, 2023

SBI savings account, some if not all, requires a minimum balance to be maintained at all times. Otherwise, your bank account may attract a penalty, or worse, it could be closed. So, if you are looking to open a savings account in SBI, it is essential to have information about the minimum balance requirements. Knowing these helps you to choose the right savings account according to your needs. In this article, we have provided details of such aspects along with answering some important questions related SBI savings accounts.

Types of SBI saving accounts with their minimum balance requirement

Let's take a look at various types of savings bank accounts SBI has to offer along with their minimum balance requirement:

Basic Savings Bank Deposit Account

• Starting off with SBI Basic Savings Bank Deposit Account, it can be opened by any individual by presenting valid KYC documents. It is oriented more towards poorer sections of society allowing them to start saving without charges or hidden fees.
• Cheque book is not provided with this account and withdrawals can be made through submitting forms or ATMs.
• Account holders are not required to maintain any minimum balance with the Basic Savings Bank Deposit Account.

Insta Plus Savings Account

• Insta Plus Saving Account can be opened online in the comfort of your home through the SBI YONO app. All residents of India above 18 years of age are eligible for this account by simply providing PAN and Aadhaar number.
• Once the account is operational, customers can transfer funds using NEFT, IMPS, UPI, internet banking, and Rupay classic card.
• There's no minimum balance requirement with an Insta Plus Saving Account.

Savings Bank Account

• All individuals, Central, and State government departments are eligible to open an SBI Savings Bank Account.
• It comes with several features such as mobile banking, SMS alerts and cheque payments.
• Account holders are not required to maintain any minimum balance with the Savings Bank Account. There's no limit on the maximum account balance.

Savings Account For Minors

• Parents can open up an account for their children at SBI by providing a date of birth proof along with their KYC. This account can later be fully transferred to the name of the children when they turn 18 years old.
• The account comes with a maximum balance capacity of Rs 10 lakhs.
• There's no monthly minimum balance requirement with this savings account.

Savings Plus Account

• With SBI's Saving Plus Account, if the amount in the account reaches a certain limit, the money will be transferred to terms deposits in multiple of Rs 1,000.
• It carries various features like mobile banking, SMS alerts, and more.
• There's no need to maintain a minimum balance amount.

Motor Accidents Claim Account (MACT)

• Next up, a Motor Accidents Claim Account can be opened to receive compensation or interest from a Motor Accident Claim Annuity Deposit (MACAD). MACAD is a lump sum amount awarded by a court or tribunal to a victim or claimant of a motor vehicle accident.
• A minimum balance amount is not required with this account as well.

Resident Foreign Currency (Domestic) Account

• With a Resident Foreign Currency (Domestic) Account, residents of India can receive foreign currency directly in their account. These receivable currencies can include USD, GBP and EUR.
• No cheque or ATM facility is provided with the account.
• The minimum balance required to be maintained is USD 500, GBP 250, or EUR 500.

SBI savings account interest rates

The rate of interest for SBI savings accounts is as follows:

SBI savings account closing charges

Here are the SBI savings account closure charges based on different time periods.

When closing the account within 14 days of opening	No charges
When closing the account between 14 days to 1 year	Rs 500 + GST
When closing the account after 1 year	No charges

To close an SBI savings account, you will need to head over to a nearby SBI branch and ask the customer executive to provide you with an account closure form. Simply fill in all the necessary details and hand over the form to the bank. The bank account closing request will be processed within a few days.

FAQs

Does SBI have a zero balance account?

Yes, SBI offers a zero balance account facility.

What if there is less than the minimum balance in a SBI account?

The bank may levy fines and even shut down your SBI account if the minimum balance is not maintained on a monthly basis.

How often is the minimum balance requirement reviewed or updated by SBI?

There is no exact information on when SBI revises the minimum balance requirements for savings accounts. However, the last time the information was updated was in 2022.

Can I convert my existing SBI account to a different type with a lower minimum balance requirement?

Yes, you can convert your SBI savings account to a zero balance account by submitting a request at your home branch.

What are some effective strategies to ensure I always maintain the minimum balance?

To maintain the minimum balance in your savings account, always set aside a particular and limited amount for expenditure on a monthly basis. This way, you'll be able to maintain the minimum amount and also have sufficient funds in the bank account.