INSUBCONTINENT EXCLUSIVE:
SBI requires its regular savings account holders to maintain a certain average of balances every monthSBI or State Bank of India offers a
range of savings accounts to retail customers
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 account and basic savings bank deposit (BSBD) account are two such accounts which do not restrict the account holder to
maintain a specific average of daily balances in a month, according to the bank's corporate website - sbi.co.in.KYC (know your customer)
complianceThe basic savings account is a KYC-compliant account
This means the customer is required to furnish documents according to the KYC guidelines laid out by the Reserve Bank of India (RBI)
The small savings bank account is KYC-liberalised
officer of the bank authorised to approve opening of accounts, according to the SBI website.( State Bank Of India ATM rules: cash
withdrawal, transaction limits and other details)Account balanceBoth the small savings account and the basic savings bank account can be
operated without any particular balance
This means both the types of savings account can be operated with zero balance.( All you need to know about SBI corporate salary
account)There is no restriction on the maximum balance that can be kept in the basic savings account
case of the basic savings account, the customer cannot apply for or hold any other savings account with the bank
"If he/she has a Basic Savings Bank Deposit 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," SBI mentions on its portalIn case of the small savings account, the account can be converted to a regular savings bank account by
fulfilling the KYC requirements with the home branch, according to the SBI portal.Get the latest election news, live updates and election
schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
