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Indian Loan - All about Loans, Credit cards, Insurance
  • Home
  • Tools and Calculators
    • EMI Calculator
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    • SBI EMI calculator on Home loan in India
    • PPF Calculator India
    • PPF calculator for SBI
  • Contact Me
  • About Me
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SBI Zero balance account

  • June 20, 2019July 16, 2019
SBI Zero Balance Account

Feel bad when Bank deduct money for not maintaining your monthly Balance, SMS charges, Issuing of debit cards, etc. And you just wanted a dormant account for some of your personal needs. You can open the SBI Zero Balance account.

SBI zero balance or SBI Basic Savings Bank Deposit account is an account provided by the State Bank of India that anyone can open by providing the KYC documents. This account does not need any minimum balance or carries any debit card charges associated with it. It is what you may call “No-frills” Bank account.

How do you apply for SBI Zero Balance Account?

The facility to open this account online has been withdrawn by SBI and you need to visit your nearest SBI branch along with KYC proofs like Aadhar card, Pancard and address proof to open this.

Features of SBI Zero Balance Account

  1. No minimum balance required. You can open this account with put any money deposited.
  2. Basic RuPayATM-cum-debit card is issued to the customer and there are no charges associated with it.
  3. You can use online services like Net Banking to transact and maintain from your account.
  4. Rate of Interest on this account is the same as what you get with a normal savings account i.e. 3.5%.
  5. No charges are levied for account closure.
  6. No charges are levied if you reactivate your nonoperative account.
  7. You can open this account as a single or joint account.

Limitations of SBI zero balance account that you must be aware of

  1. You can only keep this account with SBI and would have to close any other savings account within 30 days of opening.
  2. You can only withdraw four times in a month by any means like ATM withdrawal or online like NEFT, RTGS, etc.
  3. Cheque book is not issued for this account.
Personal loan in India – What you should look for?

Though this account is meant for the lower strata of society, this can also be used by the MIG class as well as a secondary account. As any money saved (fees and charges) is the money earned.

–Indianloan

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About Indian loan

Indian loan is a blog that would help fellow Indians to make their financial decisions better.
It gives detailed information about different financial products in the Indian market
Loans in India are categorized into Personal Loan, Home Loan, Loan against property, home loan balance transfer etc. Indian loan market has evolved and instant loans are also available leveraging technology. Example like Dhani app, Money View etc.

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