INSUBCONTINENT EXCLUSIVE:
SBI's savings account: SBI issues a basic RuPay ATM-cum-debit card for free with small accounts.
State Bank of India or SBI, the largest commercial lender of the country, offers a zero balance savings account, which can be opened by
customers who do not have know-your-customer (KYC) documents
Banks usually follow a strict KYC procedure before customers open their accounts
However, SBI's small account can be opened by anyone who does not have valid KYC documents, provided he/she is above 18 years of age, the
lender said on its website- sbi.co.in
However, upon submission of KYC documents, the account can be converted into a regular savings account
Here are 10 things to know about SBI's small accounts:There is no minimum balance requirement for the SBI small account
allowed a maximum of four withdrawals in a month, including ATM withdrawals at SBI and other banks' ATMs.SBI offers the same interest rates
on small account as on regular savings bank accounts
free to holders of the small account.No annual maintenance charge is to be paid for SBI's small account
The deposit/collection of cheques drawn by central/state government is also free
There are no account closure charges for an SBI small account.Foreign remittances are not allowed to be credited into SBI's small account
a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before
the bank of having applied for any officially valid documents within twelve months of the account opening.The conversion of small account
into a regular savings bank account or basic savings bank deposit account (at the option of the customer) is done by the home branch
manually on full compliance with KYC requirement
After such conversion, the same account number continues, according to SBI.Get Breaking news, live coverage, and Latest News from India and
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