SBI zero balance account is a type of savings account offered by State Bank of India (SBI) where customers can open and maintain an account without the need to maintain a minimum balance.
This type of account is particularly useful for customers who may not be able to maintain a minimum balance in their account due to various reasons such as low income or irregular earnings.
The SBI zero balance account also comes with certain restrictions and limitations, such as the number of transactions that can be made in a month and the maximum amount that can be deposited or withdrawn. These restrictions may vary depending on the specific type of zero balance account offered by SBI.
Overall, the SBI zero balance account is a convenient option for customers who want to open a savings account with a reputed bank but may not be able to fulfill the minimum balance requirements.
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The benefits of opening a Zero Balance Bank Account Online
No Minimum Average Balance: One of the main advantages of opening a zero balance bank account online is that there is no requirement to maintain a monthly average balance.
This can be particularly beneficial for those with irregular incomes or low earnings who may find it challenging to meet this requirement.
Paperless Account Opening:
The process of opening a zero balance account online is simple and convenient. You can complete the entire process within minutes from anywhere at any time, without the need for physical paperwork.
Additional Benefits:
Along with the advantage of not needing to maintain a minimum balance, zero balance accounts also come with additional benefits, such as a free virtual debit card and the ability to deposit cash and cheques at the bank’s branch.
Digital Payments:
With a zero balance account, you can easily make digital payments using NEFT, UPI, and Scan & Pay, making it a convenient option for those who prefer to make cashless transactions.
The Eligiblity of Opening a Zero Balance Account Online?
Any resident of India with a valid Aadhaar and PAN card is eligible to open a zero balance account online.
Banks are permitted to open savings accounts online through Aadhaar OTP verification under the regulations of the Reserve Bank of India.
How to Open a Bank Account Online?
You can easily open an online bank account in a few minutes by visiting the sbi website or downloading the Instant Savings Account Opening App.
After entering some basic information, your details will be validated at the bank’s end. Then you can complete your KYC process either online or offline by booking an appointment with a bank official for a video KYC process or by visiting the nearest branch to submit KYC documents.
SBI Zero Balance Account Online
The SBI zero balance account can be opened by any individual above 18 years old who does not have Officially Valid KYC documents.
This account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. However, there are several restrictions due to the relaxed KYC. The account can be converted to a regular savings account upon submission of KYC documents.
Features of SBI Online Zero Balance A/c
- Withdrawal from branch or through ATM
- Basic RuPay ATM-cum-debit card will be issued
- Minimum balance amount is NIL
- Maximum balance of Rs. 50,000/-
Eligibility for Opening Online Account
- As applicable to regular Savings Bank Account
- Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility
KYC Requirement for Opening Online Account
- Online KYC required, such as online aadhar card or pan card verification infront of camara. Address proof verification through aadhar OTP etc
Other Features of SBI Online Zero Balance A/c
- Balance at any point of time should not exceed Rs. 50,000/-
- Aggregate of all withdrawals and transfers in a month should not exceed Rs. 10,000/-
- Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac
- If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed
- Maximum 4 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. No further customer debits would be allowed during the month.
- Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.
- A Small Account shall remain operational initially for a period of twelve months and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of the account,
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