INSUBCONTINENT EXCLUSIVE:
Zero minimum balance accounts: Interest rates on these SBI accounts are the same as on savings accounts.State Bank of India (SBI), the
largest lender of the country, offers many accounts that do not require you to maintain a minimum average balance or a monthly average
Such accounts, thus, can be maintained even if you do not have any balance in the account
SBI offers salary accounts, basic savings bank deposit or BSBD accounts, insta savings and digital savings accounts, none of which requires
zero minimum balance accounts:1) Salary accounts of SBIThe salary package account is a special account offered to customers with regular
salary credits to the account
SBI offers an entire range of salary accounts for varied sectors, such as central government, state government, defence forces, paramilitary
forces, police forces, corporates/ institutions etc, according to sbi.co.in.The salary package account of SBI offers a zero balance facility
It also offers a free ATM-cum-debit card, additional ATM Card for joint account holder, free internet banking, free core power (under which
SBI offers banking at any of its 16000+ branches across India), free multicity cheques, savings plus (Auto Sweep Facility) on request,
etc.In case, the monthly salary is not credited to the salary package account for more than three consecutive months, the special features
under the salary package account stand withdrawn
The account shall then be treated as a regular savings account, and all charges shall be levied thereafter as applicable to such
accounts.Interest rates on salary (zero minimum balance) accounts of SBISalary accounts are basically savings accounts only and the interest
rates are the same.2) Basic savings bank deposit (BSBD) account of SBIThis account can be opened by any individual provided he/she has valid
KYC or Know-Your Customer documents
KYC helps banks verify their customers
A BSBD account is primarily meant for poor sections of society to encourage them to start saving without any burden of charges or fees.A
basic RuPay ATM-cum-debit card will be issued free of cost to BSBD account holders
No annual maintenance charge is applied
The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free, said SBI
The deposit/ collection of cheques drawn by central/state government is free
There is no charge on activation of inoperative accounts and no account closure charges.A customer cannot have any other savings bank
account, 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.A maximum of four withdrawals in a month, including 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., are allowed
No further customer debits would be allowed during the month, said SBI.Interest rates on basic savings bank deposit (zero minimum balance)
account of SBIOn BSBD accounts, SBI offers an interest rate similar to that on savings bank accounts.3) Small accounts of SBIThis account
can be opened by any individual above 18 years old, who does not have officially valid KYC documents, said SBI
There are many restrictions in the operation of the account due to relaxed KYC
A small account can be converted into a regular savings account upon submission of KYC documents
It is also primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.While this
also is a zero balance account, the maximum balance that can be maintained in small account of SBI is Rs 50,000.A basic RuPay ATM-cum-debit
card is issued free of cost and no annual maintenance charge will be applied under small accounts, said SBI
The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free
The deposit/ collection of cheques drawn by central/state government is free.There are no account closure charges on small
accounts.Conversion of small account to regular savings bank account or BSBD account (at the option of the customer) would be done by the
home branch manually on full compliance with KYC requirement.Interest rates on small (zero minimum balance) accounts of SBISmall accounts of
SBI offer interest rates similar to those on savings accounts.4) Digital Savings (Zero Minimum Balance Accounts) account of SBIThis account
can be opened via the YONO app of SBI
Under a special offer this account requires no minimum balance till March 31, 2019, stated sbiyono.sbi
It requires a single branch visit
This account offers a personalized platinum debit card.Interest rates on Digital Savings (zero minimum balance) accounts of SBIInterest
rates are the same as on savings accounts of SBI.5) Insta Savings (Zero minimum balance) account of SBIUnder a special offer, this account
does not require you to maintain minimum balance till March 31, 2019, said sbiyono.sbi
This account offers you the facility of instant account activation without a branch visit
It also offers a free Rupay debit card
KYC is done based on a one-time password for new customers having no existing relationship with SBI.Interest rates on Insta Savings (zero
minimum balance) accounts of SBIInterest rates are the same as on savings accounts of SBI.
