SBI Zero Balance Savings Accounts: Benefits and Eligibility That You Should Know
Do you want to open a savings bank account at the nearest branch of State Bank of India (SBI), the country’s largest public sector bank? But, do you hate the charges that the bank levies for failure of a customer to maintain minimum average balance in the savings account? To stay financial fit and avoid that concern of maintaining minimum average balance, here are a few options that someone can go for.
SBI offers facilities to individuals to open a zero-balance bank account after submission of valid know-your-customer (KYC) documents. Moreover, the bank offers rate of interest similar to that of a regular savings account.
Types of Zero-Balance Savings Accounts Offered by SBI
- Basic Savings Bank Deposit (BSBD): This savings account is meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. An individual can operate this account singly or jointly.
- PMJDY Account: The savings account can be opened with zero balance under the Pradhan Mantri Jan-Dhan Yojana (PMJDY). These accounts are provided with free passbook, free Rupay debit card and free cheque books. Other benefits are accidental insurance cover of Rs 1 lakh and direct benefit transfer from government schemes into the account.
- Children’s Account: For minors the bank offers Pehla Kadam and Pehli Udaan savings accounts. Pehla Kadam account can be opened in the name of an individual aged below 18 years whereas Pehli Udaan is available for someone above 10 years of age.
- Salary Account: According to SBI, accounts opened under the corporate salary package schemes are not needed to maintain the minimum average balance. Online NEFT/RTGS transactions, demand drafts and free SMS alerts and unlimited ATM transactions facilities are provided with this account.
- Pension Account: Any minimum balance is not required to be maintained in pension account opened with the bank.
You can also get all other important details and timely update by visiting your nearest SBI branch or the official website of SBI deal with the same.