If you want to open a basic savings account with State Bank of India (SBI), there will be no minimum monthly balance requirement. Customers can open the account with valid Know Your Customer (KYC) documents. The country's largest lender has recently merged five of its associate banks - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) - and Bharatiya Mahila Bank with itself.
"There will be no hidden charges or ATM/debit card fee," SBI stated in a tweet. Any individual above 18 years can open the account with valid KYC documents.
You can now open a Basic Savings Account with valid KYC documents! Click here to know more: https://t.co/ILPYyMPWLG pic.twitter.com/9jPnsX5NxO— State Bank of India (@TheOfficialSBI) April 12, 2017
Eligibility criteria: Same as applicable to regular savings account
Details on balance: No minimum balance required and also there is no cap on maximum limit
Service charge:
-ATM/debit card will be issued free of cost and no annual maintenance charge will be applied
-Receipt/credit of money through electronic payment channels like NEFT/RTGS will be free
-Deposit/collection of cheques drawn by central/state government will be free
-No charge on activation of inoperative accounts
Restrictions:
-Maximum four withdrawals allowed in a month, including at SBI and other banks' ATMs. After that, service charges as per regular savings account will apply
-Basic savings account holders are not eligible for opening any other savings account. If the customer already has a savings account, it will have to be closed within 30 days of opening a basic savings account
-Only basic ATM/debit card will be issued. Other variants of ATM cards can be issued on payment of stipulated chargesEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
