SBIs Small Account: How It Works, Interest Rates, Other Details

SBI's small account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc facility by any individual who is above 18 years of age.
Unlike, SBI's savings bank account, one does not require to maintain an average minimum balance (AMB) in this kind of account.
Interest rates of SBI's small account are similar to that of regular savings bank accounts.
The maximum balance amount that can be maintained in small account is Rs.50,000.
If the balance exceeds Rs. 50,000 or total credit in the account exceeds Rs 1,00,000 in a year, no further transaction is permitted until the full KYC procedure is completed, according to bank's website.
Customers also get basic RuPay ATM-cum-debit card free of cost and no annual maintenance charge is to be paid for SBI's small account. Receipt/credit of money through electronic payment channels like NEFT/RTGS are free.
Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000, said SBI and the aggregate of all credits in a financial year is limited to Rs 1 lakh.
Account holders are allowed a maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's ATMs. One also doesn't need to pay account closure charges, according to bank's website.
If KYC documents are not submitted to the bank within 24 months of opening of the small account, no transaction other than for closure of account is permitted.
SBI's small account can be converted to regular savings account upon submission of KYC documents.

SBI's small account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc facility by any individual who is above 18 years of age.
Unlike, SBI's savings bank account, one does not require to maintain an average minimum balance (AMB) in this kind of account.
Interest rates of SBI's small account are similar to that of regular savings bank accounts.
The maximum balance amount that can be maintained in small account is Rs.50,000.
If the balance exceeds Rs. 50,000 or total credit in the account exceeds Rs 1,00,000 in a year, no further transaction is permitted until the full KYC procedure is completed, according to bank's website.
Customers also get basic RuPay ATM-cum-debit card free of cost and no annual maintenance charge is to be paid for SBI's small account. Receipt/credit of money through electronic payment channels like NEFT/RTGS are free.
Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000, said SBI and the aggregate of all credits in a financial year is limited to Rs 1 lakh.
Account holders are allowed a maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's ATMs. One also doesn't need to pay account closure charges, according to bank's website.
If KYC documents are not submitted to the bank within 24 months of opening of the small account, no transaction other than for closure of account is permitted.
SBI's small account can be converted to regular savings account upon submission of KYC documents.