Five Zero Minimum Balance Accounts Of SBI You Should Know Of

State Bank of India (SBI), the largest lender of the country, offers many accounts that do not require you to maintain a minimum average balance or a monthly average balance. Such accounts, thus, can be maintained even if you do not have any balance in the account. SBI offers salary accounts, basic savings bank deposit or BSBD accounts, insta savings and digital savings accounts, none of which requires you to maintain a minimum balance. All these zero balance accounts are, in fact, SBI's savings bank accounts, and hence, offer the same interest rate as offered by the latter. 

Interest rates on State Bank of India (SBI) savings accounts

Given below are the features of SBI's zero minimum balance accounts:

1) Salary accounts of SBI
The salary package account is a special account offered to customers with regular salary credits to the account. SBI offers an entire range of salary accounts for varied sectors, such as central government, state government, defence forces, paramilitary forces, police forces, corporates/ institutions etc, according to sbi.co.in.

The salary package account of SBI offers a zero balance facility. It also offers a free ATM-cum-debit card, additional ATM Card for joint account holder, free internet banking, free core power (under which SBI offers banking at any of its 16000+ branches across India), free multicity cheques, savings plus (Auto Sweep Facility) on request, etc.

In case, the monthly salary is not credited to the salary package account for more than three consecutive months, the special features under the salary package account stand withdrawn. The account shall then be treated as a regular savings account, and all charges shall be levied thereafter as applicable to such accounts.

Interest rates on salary (zero minimum balance) accounts of SBI

Salary accounts are basically savings accounts only and the interest rates are the same.

2) Basic savings bank deposit (BSBD) account of SBI
This account can be opened by any individual provided he/she has valid KYC or Know-Your Customer documents. KYC helps banks verify their customers. A BSBD account is primarily meant for poor sections of society to encourage them to start saving without any burden of charges or fees.

A basic RuPay ATM-cum-debit card will be issued free of cost to BSBD account holders. No annual maintenance charge is applied. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free, said SBI. The deposit/ collection of cheques drawn by central/state government is free. There is no charge on activation of inoperative accounts and no account closure charges.

A customer cannot have any other savings bank account, if he/she has a basic savings bank deposit account. If the customer already has a savings bank account, the same will have to be closed within 30 days of opening a basic savings bank deposit account.

A maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc., are allowed. No further customer debits would be allowed during the month, said SBI.

Interest rates on basic savings bank deposit (zero minimum balance) account of SBI
On BSBD accounts, SBI offers an interest rate similar to that on savings bank accounts.

3) Small accounts of SBI
This account can be opened by any individual above 18 years old, who does not have officially valid KYC documents, said SBI. There are many restrictions in the operation of the account due to relaxed KYC. A small account can be converted into a regular savings account upon submission of KYC documents. It is also primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

While this also is a zero balance account, the maximum balance that can be maintained in small account of SBI is Rs 50,000.

A basic RuPay ATM-cum-debit card is issued free of cost and no annual maintenance charge will be applied under small accounts, said SBI. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free. The deposit/ collection of cheques drawn by central/state government is free.

There are no account closure charges on small accounts.

Conversion of small account to regular savings bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement.

Interest rates on small (zero minimum balance) accounts of SBI
Small accounts of SBI offer interest rates similar to those on savings accounts.

4) Digital Savings (Zero Minimum Balance Accounts) account of SBI
This account can be opened via the YONO app of SBI. Under a special offer this account requires no minimum balance till March 31, 2019, stated sbiyono.sbi. It requires a single branch visit. This account offers a personalized platinum debit card.

Interest rates on Digital Savings (zero minimum balance) accounts of SBI
Interest rates are the same as on savings accounts of SBI.

5) Insta Savings (Zero minimum balance) account of SBI
Under a special offer, this account does not require you to maintain minimum balance till March 31, 2019, said sbiyono.sbi. This account offers you the facility of instant account activation without a branch visit. It also offers a free Rupay debit card. KYC is done based on a one-time password for new customers having no existing relationship with SBI.

Interest rates on Insta Savings (zero minimum balance) accounts of SBI
Interest rates are the same as on savings accounts of SBI.