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State Bank of India (SBI), the country's largest government bank, opens a special type of account. This account is especially for those who do not have valid documents. This means that the documents provided for KYC are not required. According to the information given on the SBI website, only the person above the age of 18 years can open this account.
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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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Changes-
(6) According to SBI, you cannot keep a balance of more than Rs 50,000 in this account.
(7) Withdrawal and transfer should not exceed Rs 10,000 in a month.
(8) There should not be more than 1 lakh credit in a financial year.
(9) If the balance in the account is more than Rs 50,000 and more than Rs 1 lakh credit, you cannot transact from the account until the KYC process is complete.
(10) No more than 4 withdrawals can be made in a month. This includes withdrawing money from your bank ATM or other bank ATM, internet banking, branch, money transfer etc.
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