SBI Savings Account Which Doesn't Require You To Maintain Minimum Balance

SBI said that those who want to avoid paying monthly average balance non-maintenance charges they can convert their account to basic savings bank deposit account.

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SBI Savings Account Which Doesn't Require You To Maintain Minimum Balance

Holders of SBI basis savings bank deposit account are allowed to do only 4 free withdrawals in a month.

Starting from October 1, savings account holders of country's biggest lender, SBI are required to pay lower charges for not maintaining minimum balance. SBI reduced the monthly average balance (MAB) requirement for metro cities - from Rs. 5,000 to Rs. 3,000 - and slashed charges for non-maintenance of minimum balance by up to 50 per cent effective October 1. Meanwhile, SBI also said that those who want to avoid paying monthly average balance non-maintenance charges they can convert their account to basic savings bank deposit account which is a limited-services savings bank account without any charges.

 

Features Of SBI Basic Savings Bank Deposit Account



Aimed at encouraging savings without any burden of charges or fees, SBI's basis savings bank deposit account is meant for the poorer sections of society, SBI's website said. Eligibility criteria to open the account are same as it is there in case of regular savings bank account. However, the customer cannot have any other savings bank account if he/she has a basic savings bank deposit account, SBI said.

There are also some limitations in this account. Holders of this account are allowed to do only four free withdrawals in a month, including ATM withdrawals at own and other bank's ATMs and transactions through other modes including RTGS/NEFT/clearing/branch cash withdrawal/transfer/internet debits/standing instructions/EMIs debit etc. After the four free withdrawals, customers of basic savings bank deposit account will be charged Rs. 50 plus tax for cash withdrawal at an SBI branch, Rs. 20 plus tax at other bank ATMs and Rs. 10 plus tax at SBI ATMs, the lender said. Here are some of the other features of basic savings bank deposit account:
 

SBI Basic Savings Bank Deposit Account - Other Features


Mode of Operation: Singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.

Available at: All branches

Minimum balance amount: NIL

Maximum balance /amount: No upper limit

Rate of Interest: As applicable to savings bank accounts

Operations in the Account: Using withdrawal forms at branches or through ATMs. Basic RuPayATM-cum-debit card will be issued

Service Charges: Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied

Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free

Deposit/ collection of cheques drawn by Central/State Government will be free

No charge on activation of inoperative accounts

No account closure charges

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