India’s largest public sector bank –State Bank of India — is the most trusted name in the banking industry. With a network of over 9000 branches, SBI has geographical penetration like no other lender and enjoys a large customer base. The bank has also made it easy for new customers to connect with them online. Applicants who have been looking for opening a ‘Savings Account’ with SBI can now initiate the process online in a few easy steps. The entire procedure requires only a one-time physical visit to the bank for KYC verification –which will be communicated to you by SBI. You can go through the online application to save your time and avoid unnecessary multiple visits to the branch at the time of the COVID-19 pandemic.
How to open an SBI savings account online
Opening your saving account with SBI online is really a hassle-free process and online requires a one-time physical KYC process. Here’s how you can initiate the process of opening an SBI saving account online:
Step 1: Log on to the State Bank of India website
Step 2: Click on the ‘Saving Option Account’ option available under the ‘Accounts’ tab on the home page
Step 3: Next, click on Apply Now
Step 4: You will be redirected to a new page where you have to select the ‘Apply Now’ option to continue with your process
Step 5: Enter your mobile number and generate OTP
Step 6: Now, enter your OTP and click submit, after which you will move to the next page that will require you to fill in some declarations and PAN details before moving forward with the process
Step 7: Next, fill out the application form with your name, address, date of birth, and other asked information before submitting it
Step 8: Once the details have been submitted, the bank will intimate the applicant to visit a branch to complete the KYC process
Step 9: Bank will initiate the verification process
Step 10: After verification, your new saving account will be active for use in 3-5 days
Eligibility for SBI Savings account
For opening your own saving account with the State Bank of India, you would have to feel the following eligibility criteria set by the bank.
– Applicant should be an Indian citizen
– Individual should be at least 18 years of age while applying for the saving account
– In case the applicant is a minor, the parents/guardians can open the account on their behalf
– The applicants must produce a valid identity and address proof issued by the government
Following approval from the bank, the applicant will have to make an initial deposit – depending on the minimum balance requirement of that savings account he/she has chosen.
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