Sbi Zero Balance Account

SBI Minimum Balance Rules: With the AMB requirement now scrapped, SBI customers will be able to operate their savings accounts with any balance, and keeping zero balance will not attract any penalty for the account holder.

State Bank of India or SBI, the largest commercial lender of the country, offers a zero balance savings account, which can be opened by customers who do not have know-your-customer (KYC) documents. Banks usually follow a strict KYC procedure before customers open their accounts. However, SBI's small account can be opened by anyone who does not have...

SBI minimum balance rules: SBI accounts are categorised into four types depending on their location: metro, urban, semi-urban and rural.

State Bank of India or SBI, country's largest lender, has set certain rules to ensure sufficient balance in the regular bank accounts of their customers. Regular savings account customers are required to maintain a monthly average balance (MAB) to the tune of Rs 1,000-3,000, according to bank's website- sbi.co.in. The monthly average balance, which...

Major commercial banks such as public sector lender State Bank of India (SBI) and its private sector peer HDFC Bank offer zero balance accounts such as BSBD accounts.

Customers failing to meet the MAB requirements have to bear penalty charges, depending upon factors such as branch location and degree of shortfall from the required average.

SBI minimum balance rules: Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs 3,000, according to the bank's website, sbi.co.in.

SBI account without minimum balance restrictions: Besides the Basic Savings Deposit Balance (BSBD) account, other SBI accounts that are free from minimum balance restrictions include financial inclusion accounts - such as the bank accounts opened under the government's Jan Dhan scheme, no frill accounts, salary package accounts, small accounts, and...

According to SBI, zero balance savings accounts are primarily meant for economically weaker sections of society to encourage them to start saving without any burden of charges or fees.

SBI's zero balance account: A basic RuPay ATM-cum-debit card is issued free of cost and no annual maintenance charge is applied. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free. The deposit/ collection of cheques drawn by central/ state governments is also free for holders of such account. There is no charge ...

The interest rates offered by SBI and HDFC Bank on BSBD accounts are the same as those on regular savings bank accounts.

While SBI has set certain rules for its regular savings accounts - wherein the account holder is required to maintain an average monthly balance to the tune of Rs 1,000-3,000 in the account, it also offers special savings bank accounts which are free of any such requirement. SBI's small and basic savings bank deposit accounts do not restrict the a...

Salary accounts under corporate salary package (CSP) offer a range of privileges to the employees of corporate institutions, including service organisations such as hospitals, hotels, etc. The package can be customised depending upon the business relationship between the organisation and the bank, noted SBI.

SBI small account: Customers do not require to maintain an average minimum balance (AMB) in this account.

State Bank of India or SBI offers the facility of opening a salary package account, which is a special savings account offered to salaried customers. According to SBI's website- sbi.co.in, a salary package account is a zero balance account. This means that monthly average balance (MAB) rule is not applicable. Monthly Average Balance (MAB) is the su...

SBI Minimum Balance Rules: With the AMB requirement now scrapped, SBI customers will be able to operate their savings accounts with any balance, and keeping zero balance will not attract any penalty for the account holder.

State Bank of India or SBI, the largest commercial lender of the country, offers a zero balance savings account, which can be opened by customers who do not have know-your-customer (KYC) documents. Banks usually follow a strict KYC procedure before customers open their accounts. However, SBI's small account can be opened by anyone who does not have...

SBI minimum balance rules: SBI accounts are categorised into four types depending on their location: metro, urban, semi-urban and rural.

State Bank of India or SBI, country's largest lender, has set certain rules to ensure sufficient balance in the regular bank accounts of their customers. Regular savings account customers are required to maintain a monthly average balance (MAB) to the tune of Rs 1,000-3,000, according to bank's website- sbi.co.in. The monthly average balance, which...

Major commercial banks such as public sector lender State Bank of India (SBI) and its private sector peer HDFC Bank offer zero balance accounts such as BSBD accounts.

Customers failing to meet the MAB requirements have to bear penalty charges, depending upon factors such as branch location and degree of shortfall from the required average.

SBI minimum balance rules: Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs 3,000, according to the bank's website, sbi.co.in.

SBI account without minimum balance restrictions: Besides the Basic Savings Deposit Balance (BSBD) account, other SBI accounts that are free from minimum balance restrictions include financial inclusion accounts - such as the bank accounts opened under the government's Jan Dhan scheme, no frill accounts, salary package accounts, small accounts, and...

According to SBI, zero balance savings accounts are primarily meant for economically weaker sections of society to encourage them to start saving without any burden of charges or fees.

SBI's zero balance account: A basic RuPay ATM-cum-debit card is issued free of cost and no annual maintenance charge is applied. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free. The deposit/ collection of cheques drawn by central/ state governments is also free for holders of such account. There is no charge ...

The interest rates offered by SBI and HDFC Bank on BSBD accounts are the same as those on regular savings bank accounts.

While SBI has set certain rules for its regular savings accounts - wherein the account holder is required to maintain an average monthly balance to the tune of Rs 1,000-3,000 in the account, it also offers special savings bank accounts which are free of any such requirement. SBI's small and basic savings bank deposit accounts do not restrict the a...

Salary accounts under corporate salary package (CSP) offer a range of privileges to the employees of corporate institutions, including service organisations such as hospitals, hotels, etc. The package can be customised depending upon the business relationship between the organisation and the bank, noted SBI.

SBI small account: Customers do not require to maintain an average minimum balance (AMB) in this account.

State Bank of India or SBI offers the facility of opening a salary package account, which is a special savings account offered to salaried customers. According to SBI's website- sbi.co.in, a salary package account is a zero balance account. This means that monthly average balance (MAB) rule is not applicable. Monthly Average Balance (MAB) is the su...