New Delhi: Anyone can open a zero balance savings account in the State Bank of India without providing know-your-customer (KYC) documents provided that the customer is at least 18 years of age, stated the lender on its official website. Also Read - Deadline to Replace SBI ATM-Cum-Debit Cards Nears, December 31 Last Date
Here’s All You Need to Know About SBI’s Basic Savings Bank Deposit Small Account: Also Read - 'Think Twice Before You Plug in Your Phone at Charging Stations', SBI Issues an Alert - Details Here
Also Read - RBI Had No Objection to Issue Electoral Bonds Through SBI: Sitharaman in Rajya Sabha
- Customers can open a small account in SBI with zero balance.
- The maximum bank balance in SBI’s small account is Rs 50,000.
- Note that in case the bank balance exceeds Rs 50,000 or if the total credit in the account is over Rs 1,00,000 in a year, no further transaction will be allowed until the customer completes the entire KYC procedure.
- SBI small account holders can only withdraw money four times per month. This includes withdrawing cash from SBI ATM or other banks’ ATM and conducting transactions through various modes such as RTGS, NEFT, clearing, branch cash withdrawal and transfer, internet debits, standing instructions, EMI, and so on. After withdrawing, transferring money for four times in a month, the SBI customer will not be allowed to further debit money in the month.
- SBI small bank account holders will receive a basic RuPay ATM-cum-debit card for free and are exempted from paying any annual maintenance charge.