INSUBCONTINENT EXCLUSIVE:
SBI Zero Balance account: Maximum of 4 withdrawals in a month is allowed in a BSBD account, said SBI.State Bank of India (SBI) offers the
facility of opening zero balance account, 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
One of the zero balance accounts offered by SBI is basic savings bank deposit (BSBD) account, where the customer is not required to maintain
Tenure And Other Details)Mode of OperationSBI's BSBD account can be opened singly, jointly, or with either or survivor, former or
survivor, anyone or survivor etc
facility.Interest RatesThis account offers the same rate of interest as applicable to savings bank account
SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to Rs 1 crore in savings bank accounts.Operations in the
accountSBI's basic savings bank deposit (BSBD) account comes with a Basic RuPay ATM-cum-debit card, issued free of cost
The account holder can use this card at ATMs or use the withdrawal forms at branches to withdraw cash, as mentioned on SBI's portal.Terms
and conditionsThe customer cannot have any other savings bank account, if he/she has a basic savings bank deposit account, noted SBI
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.Maximum of 4 withdrawals in a month is allowed in a BSBD account, which includes ATM withdrawals at own and other bank's ATMs and
transactions through other mode including RTGS/NEFT/clearing/branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc
No further customer debits are allowed during the month.
