SBI offers its customers various types of savings accounts to choose from based on their financial position. One such account is the SBI Zero Balance Account. Let us continue to read to know the process to open a zero balance account, eligibility criteria, required documents, and other related information. 

What is a Zero Balance Account in SBI?

A Zero balance account in SBI is an account in which users need not maintain any minimum balance. They can invest any amount of money without any upper limit as well. The different types of zero balance accounts offered by SBI are as follows

  • SBI Insta Plus Savings Bank Account
  • Basic Savings Bank Deposit Account 
  • Basic Savings Bank Deposit Small Account 
  • SBI Savings Bank Account
  • Savings Plus Account 
  • Savings Account for Minors

SBI Insta Plus Savings Bank Account - Key Features

  • Fund transfer can be done using NEFT, IMPS, UPI, etc. through the YONO app or Internet banking. 
  • Enjoy 24/7 banking access through internet banking, mobile banking, and the Yono app. 
  • Nomination facility is mandatory.
  • SMS Alerts, SBI Quick Missed Call Facility
  • Transfer of accounts can be done through the internet banking channel
  • Rupay classic card will be issued.
  • The system will capture the signature during the Video KYC process. The customer can apply for a chequebook through the YONO/INB/Branch after successful opening of the account. 
  • Passbook will be issued if the customer requests. 
  • Charges for all other services will be as per the service charges applicable to the regular savings bank account. 

Basic Savings Bank Deposit Account - Key features

  • Available at all branches
  • No upper limit on maximum balance. 
  • No chequebook facility 
  • Withdrawals must be done using the withdrawal form at branches or through ATMs 
  • A basic Rupay ATM-cum-debit card will be issued. 

Basic Savings Bank Deposit Small Account - Key features

  • Withdrawal can be done from the branch or an ATM
  • Basic RuPay ATM-cum-debit card will be issued.
  • Minimum balance amount is NIL
  • Maximum balance of Rs. 50,000/-

SBI Savings Bank Account - Key features

  • Provides netbanking, mobile banking, and Kiosk banking
  • Transfer accounts to any SBI Branch without altering the account number
  • First 10 cheque leaves free in a financial year. Afterwards, 
    • 10 leaf cheque book at Rs. 40 per leaf plus GST
    • 25 leaf cheque book at Rs. 75 per leaf plus GST
  • Restricted free withdrawals according to the Monthly Average Balance maintained. 
  • The facility of transfer of accounts through the internet banking channel 
  • The nomination facility is available 
  • The monthly average balance is nil
  • No limit on the maximum balance 
  • A passbook is issued to document the transactions. The duplicate passbook can be issued if the original is lost on the payment of charges.  The statement of accounts can also be sent through the e-mail. 

SBI Savings Plus Account - Key features

  • Period of deposit is 1 to 5 years
  • Netbanking. Mobile banking.
  • Minimum upper limit for transfer to MOD - Rs. 35000
  • The minimum transferable amount to MOD stands at Rs. 10,000 in a single transaction.
  • 10 free cheque leaves per annum. Further, cheque leaves will be issued with charges
  • Withdrawals are limited for those who maintain a Monthly Average Balance.
  • Monthly average balance: Nil 
  • Transfer of accounts through netbanking 
  • Free consolidated account statement 

Savings Account for Minors - Key features

There are two types of savings accounts for minors - Pehla Kadam and Pehli Udaan. 

Key features of Pehla Kadam: 

  • Cheque-books are available
  • The mobile number of the account holder is documented.
  • A specially curated personalized chequebook containing 10 cheque leaves will be issued to the guardian in the name of the minor under guardian. 
  • ATM-cum-Debit Card issued with the child’s photo engraved. The card comes with a withdrawal or POS limit of Rs. 5,000. 
  • The card will be issued in the name of the minor or the guardian.
  • With viewing rights and limited transaction rights like bill payment and top-ups, the per day transaction limit is Rs. 2,000 

Key features of Pehli Udaan

  • A specially designed personalized chequebook with 10 cheque leaves will be issued if the minor can sign uniformly.
  • ATM-cum-Debit Card with photo embossed. The withdrawal or POS limit is Rs. 5,000. It will issued in the name of the minor. 
  • With viewing rights and limited transaction rights like bill payment, top-ups, and IMPS, the per day transaction limit is Rs. 2,000.
  • There is an auto sweep facility with a minimum threshold of Rs. 20,000

Documents Required to Open State Bank of India Zero Balance Account 

It is essential to keep the following documents ready for the account opening process.

Eligibility Criteria To Open A State Bank of India Zero Balance Account 

Here is the eligibility criteria for individuals to open a zero balance account in SBI

  • The person should be an individual applicant 
  • The applicant should have an active mobile number. 
  • The applicant should be 18 years or more in age.
  • Applicants must have accurate KYC documents.
  • For minors, their age should be above 10 years. 
  • Individuals can open an account singly or jointly. 

Steps to Open a Zero Balance Account in SBI

Users can open a zero balance account in SBI both through online and offline modes. 

Online mode

Step 1: Download the SBI YONO app. 

Step 2: Open the app. Click ‘Open Savings Account’. Then, choose ‘With Branch Visit’. 

Step 3: Click on ‘Apply Now’. Then, click on ‘Next’.

Step 4: Choose ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option when you have an Aadhaar card. When you don’t have an Aadhaar card, select ‘Open with Officially Valid Document (OVD)’ option and click ‘Next’. 

Step 5: Enter the OTP received on your mobile number and PAN. Then click ‘Submit’ 

Step 6: Input your personal details, income details, and educational details. Click ‘Submit’

Step 7: Enter the OTP and submit. 

Step 8: Go to the nearest SBI bank branch to close the document verification. 

Step 9: Your account will be opened after the document verification process is complete. 

Offline Mode

To open an SBI account through offline mode, you can follow these steps 

Step 1: Go to the SBI branch nearest to you

Step 2: Ask for an account opening form and fill out the form with all the required details. 

Step 3: Attach the essential documents and review the details you have input.

Step 4: Submit the form with the documents to the officials of SBI. 

Step 5: Officials will verify the form and open the account once the verification process is done. 

SBI Zero Balance Account Rules

  • Individuals must complete the KYC verification process to open a zero balance account in SBI. 
  • Account holders must not have any other savings bank account once they open the zero balance account with SBI. 
  • Any other savings bank account possessed already by the customer will be closed within 30 days of opening the zero balance account. 
  • SBI account users can withdraw cash 4 times monthly free of charge. This includes withdrawals from SBI ATMs, other bank’s ATMs, and cash withdrawals from the branch. 

Conclusion

The SBI zero balance account is a simple and easy-to-access account. It is a good option for creating savings and comes in handy during emergencies. So, what are you waiting for? Log in online or visit your nearest SBI branch and open a State Bank of India Zero Balance Account. 

FAQs on SBI Zero Balance Account

1. Does SBI charge for zero balance?

SBI does not charge customers for not maintaining the minimum balance and it has also waived SMS charges.

2. What is the SBI Zero Balance Account withdrawal limit per day? 

There is no cap on withdrawals per day for a zero balance account in SBI. However, the account allows only 4 cash withdrawals in a month. This number considers both UPI and cash withdrawals.

3. What is the maximum limit for an SBI zero balance account?

There is no maximum balance limit for an SBI zero balance account. However, the basic savings bank deposit small account and the minors account are exceptional. The maximum balance for a savings account for minors is Rs. 10,00,000 and the basic savings bank deposit small account is Rs. 50,000.

 

Disclaimer:  This page is provided for information only and contains information which has been gathered from other sources. We do not guarantee the veracity of the information provided or contained in it as such data may vary from time to time. The user is expected to verify with the respective source before making any decisions or actions.