SBI Zero Balance Account: Country's largest lender, State Bank of India offers a range of savings accounts to retail customers. While SBI has set certain rules for its regular savings accounts - wherein the account holder is required to maintain an average monthly balance to the tune of Rs. 1,000-3,000 in the account. The SBI bank has prescribed certain average monthly balances (AMB) for those holding savings accounts. Top lenders including SBI, ICICI, HDFC Bank and Axis Bank, among others provide zero balance savings facility for their bank account holders. Zero balance savings account is a type of account in which the customer is not required to maintain a minimum balance in his/her account.
SBI's small account and Basic Savings Bank Deposit (BSBD) account are two such accounts which do not restrict the account holder to maintain a specific average of daily balances in a month, according to the bank's corporate website - sbi.co.in.
SBI Zero Balance Account: Features
- Available at all branches
- Minimum balance amount Nil
- Maximum balance /amount No upper limit
- No Cheque Book facility available.
- Withdrawals only using withdrawal form at Branches or through ATMs.
- Basic Rupay ATM-cum-debit card will be issued.
SBI Zero Balance Account: 10 things you must know
1. SBI BSBD account can be opened by all individuals having valid KYC documents.
2. SBI zero balance savings account can be opened singly, jointly, or with either or survivor.
3. The Monthly Average Balance (MAB) to be maintained is zero in SBI zero balance account.
4. SBI offers the same interest rate on zero balance accounts as on regular savings bank accounts. It also offers an interest rate of 3.25% per annum on deposits less than ₹1 lakh.
5. No cheque book facility available with SBI zero balance savings account.
6. The account holder cannot have any other Savings Bank Account if he/she has a Basic Savings Bank Deposit Account.
7. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
8. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs.
9. For SBI zero balance savings account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied.
10. SBI does not levy any charge on activation of inoperative accounts. No account closure charges is levied either.
SBI Zero Balance Account: Other SBI zero balance savings account
State Bank of India (SBI) also offers "Pehla Kadam" and "Pehli Udaan" zero balance savings account for minors. One also does not need to maintain Monthly Average Balance (MAB) in these accounts. Apart from these, SBI also offers a zero balance savings account, which can be opened by customers even without having KYC documents. SBI's Basic Savings Bank Deposit Small Account or SBI small account can be opened by anyone who does not have valid KYC documents, provided he or she is above 18 years of age, the lender said on its website.
SBI Zero Balance Account: Most Important Terms & Conditions
The Customer can only open one BSBD account in a bank if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through another mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.