The Indian national bank, State Bank of India (SBI) is now offering the zero balance account to its new customers where they are not required to maintain a minimum balance. The zero balance offer is only applicable on the savings bank account for the SBI customers who have a valid KYC documents including linking of the Aadhaar card number and PAN card number with the SBI account of the respective customers.
SBI launched no minimum balance savings account
SBI, which is India’s one of the largest nationalized banks is offering no minimum balance account for its customers that belong to the economically weaker section. By opening the zero balance savings account with the State Bank of India (SBI), the customer will get encouraged to save with no extra fees or charges.
There is no upper limit or the limit of maintaining a minimum balance in the SBI’s newly launched saving banks account while the rate of interest for the saving bank account will remain the same. Money transfer facility like NEFT/ RTGS/ IMPS will also be applicable on this newly launched SBI’s zero balance saving bank account. The customer will get an ATM-cum-debit card with no extra charges or fee at the time of opening the saving banks account just like before. This ATM card will not have any annual charges for the maintenance. Depositing of the cheques will also be free of cost for the customers of no minimum balance savings account at SBI across India.
Steps to open zero balance savings bank account at SBI
All those who wish to open their savings bank account with SBI under no minimum balance offer will have to follow the below-given steps. Go to any SBI branch and ask for a form of opening savings bank account. While asking for the form do mention that you wish to open a zero balance savings account. Now fill up the form and attach your recent colored passport size photograph with no goggles, spectacles, scarves, caps or hats on. Also attach a copy of your one address proof, photo ID proof, Aadhaar card and PAN card for the verification of KYC.
Once you hand over these documents to the customer care executive at the SBI branch, you will be hand over a savings bank account kit which will include a welcome letter, a debit-cum-ATM card, a chequebook, banking manual and other instructions to follow if the customer wishes to have the facility of internet banking and phone banking with the SBI.
For more accurate details on opening the no minimum balance savings bank account with SBI go to the nearest branch and ask the customer care executives there.