This Article is From Nov 16, 2017

SBI Charges Nothing For Not Maintaining Minimum Balance In This Account

There are no minimum balance requirements for the Basic Savings Account of State Bank of India (SBI).

SBI Charges Nothing For Not Maintaining Minimum Balance In This Account

State Bank of India (SBI)'s zero minimum balance facility targets poor sections of society.

State Bank of India (SBI) offers an account that does not require you to maintain any minimum balance at all. The Basic Savings Account of SBI can be opened by any individual provided he/she has valid Know-Your-customer (KYC) documents. KYC is the procedure of verifying the identity of a customer opening an account with a bank. SBI, the country's largest lender, runs Basic Savings Account facility primarily for poor sections of society in order to encourage them to save without any burden of charges or fees.

If you want to open a Basic Savings Account with SBI, here is what you need to know


SBI's Basic Savings Account: Balance requirements

There are no minimum balance requirements. There is also no upper limit applicable on the Basic Savings Account.

SBI's Basic Savings Account: Rate of Interest

The rate interest on the account will be the same as applicable to savings bank accounts.

SBI's Basic Savings Account: Service Charges

A 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.

SBI's Basic Savings Account: Terms & Conditions

A Basic Savings Account customer cannot have any other savings bank account with SBI, said SBI on its website 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.

A maximum of four withdrawals are allowed in a month, including ATM withdrawals at SBI and other banks' ATMs and transactions through other modes including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.

SBI's Basic Savings Account: Operations

Using withdrawal forms at SBI branches or through ATMs.

A basic RuPayATM-cum-debit card will be issued.

SBI's Basic Savings Account: Who is eligible?

The eligibility requirements are the same as applicable to a regular savings bank account.

SBI's Basic Savings Account: KYC requirement

The account will be KYC compliant.

SBI's Basic Savings Account: Mode of Operation

Singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.
The Basic Savings Account can be opened at all SBI branches. (Also Read: SBI Debits Cards, Daily ATM Withdrawal Limit And Other Charges)

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