State Bank of India (SBI), the largest lender of the country, offers an account which does not require its holders to maintain any minimum balance. SBI’s Basic Savings Bank Deposit Account can be opened and maintained even with a zero balance. This account can be opened by any individual provided he/she has valid KYC (know your customer) documents. KYC documents help a bank identify a customer’s identity. A similar zero balance savings bank account can even be opened by SBI’s YONO app. According to SBI, users can open a new savings bank account with no minimum balance via mobile app YONO till August 31, 2018 under a limited-period offer.
Here are the key things that you must know about SBI’s Basic Savings Bank Deposit Account:
A basic RuPay ATM-cum-debit card is issued free of cost to the customer.No annual maintenance charge will be applied for the ATM card, said SBI.Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free, according to SBI’s official website, sbi.co.in.
Deposit/ collection of cheques drawn by central/state governments will be free.
There is no charge on activation of inoperative accounts, said SBI.
There are no account closure charges.
Terms and Conditions on SBI’s Basic Savings Bank Deposit Account
The customer of a Basic Savings Bank Deposit Account cannot have any other Savings Bank Account. 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, said SBI.
A maximum four withdrawals in a month, including ATM withdrawals at own and other banks’ ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc are allowed. No further customer debits would be allowed during the month.
Interest Rates on SBI’s Basic Savings Bank Deposit Account
The interest rates on SBI’s Basic Savings Bank Deposit Account are as applicable to Savings Bank Accounts:
|Sr No.||Particulars||Rate of Interest|
|1||Saving Deposits Balance upto Rs. 1 crore.||3.50% p.a|
|2||Saving Deposits Balance above Rs. 1 crore.||4.00% p.a|
Minimum balance requirement of SBI’s Basic Savings Bank Deposit Account
The minimum balance requirement of SBI’s Basic Savings Bank Deposit Account is zero, said SBI.