SBI Offers These Types Of Zero Balance Savings Accounts
State Bank of India (SBI) offers the option of opening a zero balance savings account in order to encourage people to make investments. Zero balance accounts are saving accounts where average monthly balance (AMB) rule is not applicable. Average monthly balance (AMB) is the minimum average of deposits required by the bank customers in their savings bank accounts. SBI's zero balance savings account does not require customers to maintain any particular minimum average balance, stated the country's largest lender on its website- sbi.co.in. Despite this, the bank provide the usual facilities that come with a regular savings account.
SBI's Average Monthly Balance (AMB) is not applicable to following categories:
1. PMJDY accounts: PMJDY (Pradhan Mantri Jan-Dhan Yojana) is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner, said SBI. Accounts opened under PMJDY are opened with zero balance.
2. Salary Package accounts: SBI offers a range of salary accounts, crafted to suit customer's needs. SBI's special salary account packages are available for varied sectors, such as central government, state government, defence forces, paramilitary forces, police forces, corporates/ institutions etc. These comprehensive packages can be opened with zero balance.
3. Basic Savings Bank Deposit (BSBD) accounts: This account can be opened by any individual provided he/she has valid KYC (Know Your Customer) documents. It is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees, said SBI.
4. Pehla kadam and Pehla Udaan accounts: Pehla Kadam and Pehli Udaan, are savings bank accounts specially for children that not only help minor learn the importance of saving money but also allow them to experiment with the 'buying power' of money. These accounts do not require customers to maintain any particular minimum average balance.
5. Pensioners all categories: SBI has not stipulated any minimum balance that has to be kept in the pension account maintained with the bank.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
