Home >money >personal-finance >Explained: How to open SBI zero balance savings account

New Delhi: A State Bank of India (SBI) Basic Savings Bank Deposit (BSBD) account can be opened and maintained even with a zero balance. The SBI Basic Savings Bank Deposit account is also known as zero balance account and can be opened by any individual provided he/she has valid Know-Your-Customer (KYC) documents. SBI’s zero balance account is primarily meant for the poorer sections of society to encourage them to start saving without any burden of charges or fees.

All you need to know about SBI’s zero balance account

1. An SBI zero balance savings account can be opened singly, jointly, or with either or survivor

2. The SBI savings account with zero balance is Know Your Customer (KYC) compliant.

3. The minimum balance amount to be maintained is zero

4. The SBI zero balance savings account or SBI basic savings bank deposit (BSBD) account fetch the same rate of interest as applicable to any other savings bank account.

5. For an SBI zero balance savings account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied.

6. SBI does not levy any charge for activation of inoperative zero balance accounts. No account closure charges is levied either.

7. The customer cannot have any other Savings Bank Account, if he/she has a SBI zero balance savings account. If the customer has any other savings account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account or zero balance account.

8. According to SBI’s website, a maximum of four withdrawals are permitted in zero balance account in a month, including ATM withdrawals at own and other bank’s ATMs and transactions through other mode including RTGS/NEFT/branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits are allowed during the month

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