State Bank of India has been promoting State Bank of India Zero Balance Account opening online for financial inclusion through various zero balance savings accounts. This blog discusses the different account types offered, eligibility, documents required, application process whether online or offline and other key details. Keep reading to know everything about opening a zero balance account with SBI.
Types of State Bank Of India Zero Balance Account
State Bank of India offers various zero balance account options to suit different customer needs. The main types are:
1.Basic Savings Bank Deposit Account:
- Minimum balance not needed
- Unlimited withdrawals
- No charge on transactions
2.Regular Savings Account:
- Offers more benefits than basic account
- Facilities include debit card, online banking
- Monthly withdrawal and transaction limits apply
3. Account for Senior Citizens:
- Higher interest rate than regular account
- No minimum balance
- Limited free transactions per month
How to Open State Bank Of India Zero Balance Account Online?
Opening a SBI zero balance account online is very simple and convenient. Just follow a few steps:
- Visit SBI website and select “Open Account online”
- Enter basic details like name, address and upload documents
- Choose the type of zero balance account
- Provide mobile number for OTP verification
- Account will be instantly opened, login credentials sent via SMS
- You can instantly start using internet banking facilities
- Additional facilities like debit card will be sent to registered address
How to Open State Bank Of India Zero Balance Account Offline?
For customers who prefer an offline process, opening a zero balance account at a SBI branch is convenient. Just carry basic documents:
- Visit the nearest SBI branch with ID and address proof
- Inform bank staff about need for zero balance account
- Fill simple one page application form with details
- Documents submitted will be verified by staff
- Account will be instantly opened on submission
- Debit card and chequebook issued on the spot usually
- Additional facilities activated within a few days
State Bank Of India Zero Balance Account Interest rates
SBI offers competitive interest rates on savings accounts with zero balance requirement. The rates may vary over time as per RBI guidelines.
- Basic Savings Account rate is 2.75% p.a.
- Regular Savings Account rate is 3% p.a.
- Senior Citizen Savings Scheme rate is 6.20% p.a.
Fees and charges of State Bank Of India Zero Balance Account
SBI ensures zero balance accounts have minimal charges to encourage saving habits. Some common charges are:
- No monthly maintenance fee is applicable
- No charge on online fund transfers
- First 10 cheque leaves free per year
- Above free limit, Rs. 5 per cheque leaf
- Debit card yearly fee Rs. 150
- Reissue of lost card charge Rs. 100
- Account statement charges Rs. 50 per statement
Eligibility criteria to open State Bank Of India Zero Balance Account
Opening a SBI zero balance account is easy as the eligibility is simple. Main requirements are:
- Should be a resident Indian citizen or NRI
- Need valid ID and address proof documents
- Minimum age should be 18 years
- No upper age limit for accounts
- Only individual accounts allowed, not businesses
- Applications are accepted from all over India
Documents required to open State Bank Of India Zero Balance Account
Opening a zero balance account with SBI is paperless and digital, requiring only basic KYC documents for identity and address proof.
- For ID proof: Voter ID, Driving License, Passport, Aadhar, PAN Card
- For Address proof: Voter ID, Passport, Aadhar, Ration Card, Bank Statement
- One photograph is also required
State Bank Of India Zero Balance Account Welcome Kit
Once the account is opened, SBI provides a basic welcome kit to new account holders. It contains important details to start using account.
- Debit Card for easy cash withdrawals and purchases
- First set of chequebook for 10 cheque leaves (for accounts with cheque facility)
- Passbook for regularly updating transactions
- OTP for activating internet banking on YONO App
- Information booklet on account rules and services
- Account number and IFSC code details
- Contact number to call for support
State Bank Of India Zero Balance Account Helpline
State Bank Of India has a dedicated customer support system to assist users of zero balance accounts. The bank’s headquarter is located at State Bank Bhavan, Madame Cama Road, Mumbai – 400021.
Customers can call the SBI customer care number 1800 11 2211 (toll-free) from anywhere in India for account-related assistance. The phone banking executives are available from 8 am to 8 pm on all days, including weekends and holidays.
In case one needs to email their queries orfeedback, they can write to [email protected]. Emails are attended to within 2 business days.
Final Word
In conclusion, SBI has made the process of opening a zero balance account affordable and hassle-free for all. With minimum formalities and documentation involved, anyone can easily gain access to basic banking services. Utilizing the available online and offline methods, both digitally oriented and traditional users can swiftly open an account as per their preference. I hope this blog helped explain all aspects of opening a SBI zero balance account.
FAQs
Yes, SBI offers zero balance savings accounts that don’t require a minimum balance to be maintained. This type of account is convenient for those just starting out who want basic banking services but may not be able to maintain a minimum balance requirement.
SBI zero balance accounts can be opened by any individual above the age of 18. Students, elderly citizens and homemakers are some of the main target groups that find zero balance accounts most suitable for their banking needs. No income or credit history proof is mandatory.
Normally, SBI savings accounts require a minimum average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi-urban and rural areas respectively. However, in a zero balance account, there is no minimum balance that needs to be maintained everyday, weekly or monthly. Account holders can operate their account without worrying about penalties for non-maintenance of balance.
Opening an SBI savings account is simple. One needs to visit the nearest SBI branch with basic KYC documents like address and identity proof. An online application process is also available on the SBI website. After providing basic details, the bank will verify details and activate the account within a few business days.
A zero balance account in SBI is a basic savings account that does not charge any penalty even if the account holder fails to maintain a minimum balance. This makes it a suitable choice for new customers, students or those with irregular monthly incomes.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
