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The facility to open this account online has been withdrawn by SBI and you need to visit your nearest SBI branch along with KYC proofs like Aadhar card, Pancard and address proof to open this.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
- No minimum balance required. You can open this account with put any money deposited.
- Basic RuPayATM-cum-debit card is issued to the customer and there are no charges associated with it.
- You can use online services like Net Banking to transact and maintain from your account.
- Rate of Interest on this account is the same as what you get with a normal savings account i.e. 3.5%.
- No charges are levied for account closure.
- No charges are levied if you reactivate your nonoperative account.
- You can open this account as a single or joint account.
Limitations of SBI zero balance account that you must be aware of
- You can only keep this account with SBI and would have to close any other savings account within 30 days of opening.
- You can only withdraw four times in a month by any means like ATM withdrawal or online like NEFT, RTGS, etc.
- Cheque book is not issued for this account.
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.