For some maintaining a balance in the account is no big deal, but many struggle to do so and pay the penalty due to the same. Similarly, a few won’t mind limits on cash deposits or say the charges on the same, but that would bother the most.
Taking into account such limitations of the masses, State Bank of India (SBI) has rolled out the basic saving account, with no requirement to maintain a specific balance, which means it’s a zero balance account. Hearing that, you would feel that your search for a zero balance account is over. And, there are many more attractions that SBI Basic Saving Account has. Let’s explore all those in this article.
SBI Basic Saving Account Benefits
The said savings account come with the following benefits.
- Free RuPay ATM-cum-debit card to be issued without any annual maintenance charges involved
- Free collection of money via NEFT/RTGS
- Free deposit or collection of cheques drawn by central or state government
- No charges to be levied on activating an inoperative account
- Account closure charges are NIL
- Get withdrawal forms at bank branches or ATMs to withdraw money
SBI Basic Saving Account Interest Rate
The interest rate to be earned on this account ranges from 3.50%-4.00% per annum. Even though it’s a zero balance account, you would keep some money here to transfer and make payment of the utility bills. You can earn interest at the rate of 3.50% and 4.00% per annum for a balance of up to ₹1 crore and above ₹1 crore, respectively.
Terms & Conditions
To ensure a smooth operation of basic saving account, you must keep in mind the following.
- You must not have any other saving account with this one. On having any other account, the same needs to be closed within 30 days of opening the basic saving account.
- A maximum of 4 withdrawals is allowed in a month. These withdrawals include money withdrawn from SBI and other bank ATMs, fund transfer via NEFT/RTGS, standing instructions, EMI, etc.
SBI Basic Saving Account Opening
The account can be opened by individuals either at SBI’s website or any of its branches. In either of the two, you need to fill your personal details before submitting the application form. The bank will check the details and may even send an executive to check the authenticity of your candidature. Only when the details are verified successfully does the bank open the basic saving account.
Target Audience for SBI Basic Saving Account
Even though most would like the flavour of zero balance, the target audience for this type of account would most probably be students, early earners, pensioners, and daily wage workers not having a salary account, etc. These set of people can bank without any worry of maintaining a balance in the account, which otherwise can be tough for them. If they keep something reasonable on to it, there are chances of earning in the form of interest. Over the years, the accumulation of interest can lead to a reasonably higher surplus that can help meet your day-to-day expenses.