SBI zero balance account: State Bank of India (SBI), the country's largest lender 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. However, SBI also offers special savings bank accounts which are free of any such requirement.
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.
With this account, banks offer basic minimum banking facility such as debit card, ATM facility, and internet banking facility, among others.
The BSBD account, thus, is a zero balance account which can be opened by any person provided she/he has valid KYC documents.
- 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.
- All individuals having valid KYC documents are eligible to open BSBD Account.
- Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.
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.