We have already discussed about Zero Balance Savings Account facility provided by various Banks. But, do you know, that State Bank of India also has the facility of Zero Balance Savings Account ? In this article, we will discuss about SBI Zero Balance Account. So, let us start.
What is Zero Balance Account in SBI ?
- Zero Balance Account of State Bank of India is a variant of savings account where a depositor does not need to deposit initial amount at the time of account opening. This is primarily targeted for financially weaker sections of society to encourage them to start saving without any burden of charges or fees.
Eligibility for SBI Zero Balance Savings AccountAdvertisements
- Any individual can open this account. However, he/she should possess valid KYC documents.
Benefits of State Bank of India Zero Balance Savings Account
- The facility can be availed from all the branches of SBI.
- There is no requirement of maintaining Minimum balance in the account.
- There is no Maximum balance /amount upper limit.
- On opening SBI Basic Savings Bank Deposit Account, Basic Rupay ATM-cum-debit card will be issued at free of cost and no annual maintenance charge will be applied on this card.
- Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
- There is no charge on activation of inoperative accounts
- There is no account closure charges.
Interest Rate of SBI Zero Balance Account
- At present the interest rate of State of India’s Zero Balance Account is 2.70% per annum.
Drawbacks of SBI Zero Balance Savings Account
- No Cheque Book facility available in this savings account.
- Withdrawals available only using withdrawal form at Branches or through ATMs.
- The interest rate in this account is very poor.
How to Open SBI Zero Balance Account
- To open SBI Zero Balance Account Online, Click on the link below & follow the instructions.
- However, you may also visit the nearest SBI Branch to open your account.
- Having Bank account is the first step towards financial inclusion. Hence, each citizen should have a bank account, even if it is a Zero Balance Savings Account. In this connection, you can also compare the facilities of other Banks providing Zero Balance Account.
Hope, this article was useful to you. If you have any doubts/queries regarding this post or any financial matter, please let us know in the comment box or email us at [email protected].
Also Read: –
Equitas Small Finance Bank Zero Balance Savings Account – Benefits, How to Open Account
RBL Bank Zero Balance Digital Savings Account | RBL Bank Account Opening Online