SBI Savings Account Opening: Step-by-step guide; interest rates

New Delhi: Savings account is a deposit account to keep your money earned from various sources in one place. It is better to keep money in a savings account than at home as the former offers an interest rate on the amount deposited. The amount deposited up to Rs 5 Lakh is also insured by the Deposit Insurance And Credit Guarantee Corporation. You can open an account in India’s largest bank, the State Bank of India, to ensure more safety. Let’s see how you can open SBI savings account online.

How to open SBI Savings Bank Account

To open a SBI Saving Bank Account online, here is a step-by-step guide:

Step 1: You will have to download the SBI YONO app in your mobile.

Step 2: Choose ‘Open Savings Account’.

Step 3: Click on the option of ‘With Branch Visit’.

Step 4: Choose ‘Apply Now’

Step 5: Click on ‘Next’.

Step 6: Select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option if you have an Aadhaar card. You can also open your account without Aadhaar by clicking on ‘Open with Officially Valid Document (OVD)’ option

Step 7: Click on ‘Next’.

Step 8: Now ‘Submit’ your mobile number and enter the OTP received.

Step 9: Fill in your personal, income details and educational details. Click on ‘Submit’.

Step 10: Now, you will have to visit the nearest SBI bank branch to complete the document verification process.

After verifying the documents, the officials will open your account.

How to open SBI savings account without visiting branch

You can also open a Savings account in SBI without visiting the branch. For this, you can open a SBI Insta Plus Savings Account by following these steps:

Step 1: First download YONO App

Step 2: Click on Open Savings Account

Step 3: Select the ‘Without Branch visit’ option

Step 4: Now click on Insta Plus Savings Account

Step 5: Enter your PAN and Aadhaar details

Step 6: Enter the OTP sent to the Aadhaar registered mobile number.

Step 7: Enter details

Step 8: Schedule a Video Call

Step 9: Log in to the YONO App at the scheduled time through Resume and complete the Video KYC process

Step 10: Your Insta Plus Savings account will be opened after verification by Bank Officials.

To be sure, there are some limitations. For example, you can only keep a maximum balance of Rs 1 lakh in the account.

SBI Savings Account interest rates 

SBI has many types of savings accounts. You can open the desired account that caters best to your needs. For deposits under Rs 10 crore, you will be offered an interest rate of 2.70 per cent per annum. So, if you deposit Rs 1,00,000 for 5 years, you will earn Rs 14,402 as interest. After 5 years, the total amount in a savings account will be Rs 1,14,402.

 SBO Savings Bank Account can be opened by following 10 simple steps. You can also open an account without visiting a branch. Check step-by-step guide on how to open SBI savings account.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today