State Bank of India (SBI) offers certain zero balance savings accounts, where average monthly balance (AMB) rule is not applicable. Average Monthly Balance (AMB) is the minimum average of deposits required by the bank customers in their savings bank accounts. SBI's zero balance savings account does not require customers to maintain any particular minimum average balance, stated country's largest lender on it's website- sbi.co.in. However, in other accounts, customers failing to meet the AMB requirements in a month have to bear certain penalty charges, noted SBI.
Here are 5 things to know about SBI's zero balance savings accounts:
1. SBI offers a range of salary accounts, crafted to suit customer's needs. SBI's special salary account packages are available for varied sectors, such as central government, state government, defence forces, paramilitary forces, police forces, corporates/ institutions etc. These comprehensive packages be opened with zero balance
2. Basic Savings Bank Deposit (BSBD) account is also one of the zero balances saving account of SBI. It is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees, said SBI.
3. Accounts opened under Pradhan Mantri Jan-Dhan Yojana (PMJDY) are also opened with zero balance. PMJDY is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner, said SBI.
4. Pehla Kadam and Pehli Udaan savings accounts, are also opened with zero balance. These savings bank accounts are opened especially for children that not only help minor learn the importance of saving money but also allow them to experiment with the 'buying power' of money.
5. SBI has not stipulated any minimum balance that has to be kept in pension account maintained with the bank, stated the lender.