The State Bank of India (SBI), country’s largest commercial lender offers a zero balance savings account, which can be opened by anyone who does not have know-your-customer (KYC) documents. SBI zero balance account is mainly for the people of rural India that includes the farmers as well. As we know that banks generally follow a strict KYC procedure before open an account.
As per the banks official website, SBI zero balance account can be opened by any individual who does not have valid KYC documents provided he or she is above 18 years of age. It must be noted that after the submission of KYC documents, the same account can be converted into a regular savings account.
For more details about SBI zero balance account or small savings account, you can check the official website – sbi.co.in or reach your nearest branch.
SBI Zero Balance Account: Features
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It is available at all branches apart from specialised branches (Personal Banking Branches or Special Personalize Banking or Mid Corporate Group or Corporate Account Group branches.
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Easy withdrawal from the branch or any ATM
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The account holder gets Basic RuPay ATM-cum-debit card.
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The minimum balance amount is Zero
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The maximum balance amount is Rs 50,000
Important points about SBI's small accounts:
1. No minimum balance amount is required for the SBI zero balance or small account. The maximum balance amount that you can maintain in this account is fifty thousand rupees.
2. If the balance goes above Rs 50,000 then no further transaction will be permitted until the full KYC process is completed as per the SBI website.
3. The total of all withdrawals and transfers in a month must not exceed Rs 10,000 in small savings account.
4. Account holders will be able to make a maximum of 4 withdrawals in a month, including the ATM withdrawals at SBI & other banks.
5. The bank also offers the same interest rates on zero balance or small account like regular savings bank accounts. SBI gives an interest rate of 3.25% per annum on deposits less than one lakh.
6. The lender provides a basic RuPay ATM-cum-debit card to small account holders.
7. There is no annual maintenance charge for SBI's zero balance or small account.
8. Receipt or credit of money via electronic payment channels such as NEFT/RTGS is free.
9. The deposit or collection of cheques drawn by the central or state government is also free.
10. A small savings account remains operational originally for a period of 12 months, and then for a further period of 12 months if the account holder provides evidence before the lender of having applied for any officially valid documents within 12 months of the account opening.
11. The conversion of small savings account into regular savings bank account is done by the home branch on full compliance with the KYC requirement.
