How to Open a Savings Account With the State Bank of India

You must visit a State Bank of India branch to open a savings account with the institution.

State Bank of India is a major financial institution in the South Asian country that offers a number of personal and business banking products to Indian citizens and residents, including savings accounts with as much as 3.5 percent interest per annum. These accounts also include ATM cards. While online banking services are available for customers, a potential customer must visit a State Bank of India branch in person to open a savings account.

Things You'll Need

• Rupees, a check or money order
• Photo identification

Instructions

1. Visit the State Bank of India website (see Resources) to find a banking location near you.

2. Call or visit the branch of your choice to open a State Bank of India savings account. You will need rupees, a check or a money order to open the account. The usual minimum opening requirement for a savings account with State Bank of India is 1,000 rupees (about $19). You must be 18 years old to open an account.

3. Tell the bank teller you want to open a savings account. You will be directed to a State Bank of India representative who can open new accounts.

4. Provide the bank representative your photo identification, and tell him your personal information, such as full name, address, phone number or e-mail address and whether you are a resident or citizen of India.

5. Give the bank representative your deposit. You also can request an international ATM card that is valid outside of India, but there may be a monthly fee.

6. Receive your passbook and temporary password to access State Bank of India accounts online. You should receive your ATM card and further account information in the mail within 10 to 20 business days.

Tips & Warnings

• State Bank of India also offers checking accounts and term deposit accounts to save money for a fixed period of time.

References

• State Bank of India