Top lenders including State Bank of India (SBI), ICICI, HDFC Bank and Axis Bank, among others provide zero balance savings facility for their account holders. A zero balance savings account is a type of account in which the customer is not required to maintain a minimum balance in his/her account. SBI Basic Savings Bank Deposit (BSBD) account, popularly known as zero balance savings account is primarily meant for poorer sections of society in order to encourage them to start saving without any burden of charges or fees.
Here is all you need to know about SBI zero balance savings account:
1) SBI BSBD account can be opened by all individuals having valid know-your-customer (KYC) documents.
2) SBI zero balance savings account can be opened singly, jointly, or with either or survivor.
3) The minimum balance amount to be maintained is zero in the SBI zero balance account.
4) SBI offers the same interest rate on zero balance accounts as on regular savings bank accounts. The bank offers an interest rate of 3.25% per annum on deposits less than ₹1 lakh.
5) There is no checkbook facility available with the SBI zero balance savings account.
6) The account holder cannot have any other Savings Bank Account if he/she has a Basic Savings Bank Deposit Account.
7) 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.
8) SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank’s ATMs.
9) For SBI zero balance savings account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied.
10) SBI does not levy any charge on the activation of inoperative accounts. No account closure charges are levied either.
Other SBI zero balance savings account
SBI also offers Pehla Kadam and Pehli Udaan zero balance savings account for minors. One also does not need to maintain Monthly Average Balance (MAB) in these accounts. Apart from these, SBI also offers a zero balance savings account, which can be opened by customers even without having KYC documents. SBI’s Basic Savings Bank Deposit Small Account or SBI small account can be opened by anyone who does not have valid KYC documents, provided he or she is above 18 years of age, the lender said on its website.
(With inputs from livemint)