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.
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 onlineSBI.com. 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.
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)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
