INSUBCONTINENT EXCLUSIVE:
There is no limit on minimum balance amount in case of a SBI small account.State Bank of India's small accounts are primarily meant for
economically weaker section of society to encourage them to start saving without any burden of charges or fees
These accounts can be opened by any individual who is above 18 years and do not have officially valid KYC (Know Your Customer) documents,
said State Bank of India (SBI) on its website- sbi.co.in
However, there are many restrictions in operation of small accounts due to the relaxed KYC, the lender added
These accounts can be converted to regular savings account upon submission of KYC documents
The maximum balance amount that can be maintained in this account is Rs 50,000
ratesInterest rates of SBI's small account are similar to that of regular savings bank accounts
The bank offers an interest rate of 3.50 per cent per annum.BenefitsCustomers also get basic RuPay ATM-cum-debit card free of cost on
opening of these accounts.Withdrawal and transfer limitsAggregate of all withdrawals and transfers in a month should not exceed Rs 10,000 in
The aggregate of all credits in a financial year is limited to Rs 1 lakh, according to SBI
Account holders are allowed a maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's ATMs.Service
chargesNo annual maintenance charge is to be paid for SBI's small account
Receipt/credit of money through electronic payment channels like NEFT/RTGS are free
