The State Bank of India (SBI) offers a zero balance savings account, which is a type of savings account that does not require the account holder to maintain a minimum balance. This means that customers can open and maintain an SBI savings account without having to worry about maintaining a specific minimum balance amount in their account at all times. The zero balance savings account offered by SBI provides an accessible banking option for those who may not be able to maintain a minimum balance due to various reasons, such as financial constraints or irregular income. SBI’s zero balance savings account comes with a range of features and benefits, making it a convenient and inclusive banking option for customers.
Features and Benefits of SBI Zero Balance Savings Account
The zero balance savings account offered by the State Bank of India (SBI) comes with several features and benefits, which make it an attractive banking option for customers:
- No Minimum Balance Requirement: One of the key features of SBI’s zero balance savings account is that it does not require the account holder to maintain any minimum balance. This means that customers can open and operate the account without the need to maintain a specific minimum balance amount at all times, making it accessible to those with limited financial resources or irregular income.
- Free ATM/Debit Card: SBI provides a free ATM/debit card to zero balance savings account holders, allowing them to withdraw cash from SBI and other bank ATMs across the country without any additional charges. The debit card can also be used for making purchases at Point of Sale (POS) terminals and online transactions.
- Digital Banking Facilities: SBI’s zero balance savings account is equipped with digital banking facilities such as internet banking, mobile banking, and SMS alerts, which provide convenient and secure access to banking services anytime, anywhere. Customers can check their account balance, view transaction history, transfer funds, pay bills, and more, using SBI’s digital banking platforms.
- Interest on Savings: Zero balance savings account holders are eligible to earn interest on their account balance as per the prevailing rates of SBI. This allows customers to earn a return on their savings, even if they are maintaining a zero or low balance in their account.
- Nomination Facility: SBI allows zero balance savings account holders to nominate a person who would receive the account’s balance in the event of the account holder’s unfortunate demise. This provides an added layer of financial security and ensures that the account holder’s savings are passed on to the intended beneficiary.
- Overdraft Facility: SBI’s zero balance savings account also offers an overdraft facility to eligible customers, which allows them to avail of short-term credit up to a certain limit against their savings account balance. This can be helpful during emergencies or unforeseen expenses, providing a financial backup to the account holder.
- Access to Other Banking Products and Services: Zero balance savings account holders with SBI can also avail of other banking products and services, such as fixed deposits, loans, insurance, and more, as per their eligibility and requirements. This makes SBI’s zero balance savings account a gateway to a wide range of banking solutions.
Eligibility Criteria SBI Zero Balance Savings Account
The eligibility criteria for opening a zero balance savings account with the State Bank of India (SBI) may vary slightly based on the specific requirements and guidelines set by the bank. However, in general, the following eligibility criteria may apply:
- Resident Indian Individual: The zero balance savings account with SBI is typically available to resident Indian individuals who are citizens of India.
- Age Requirement: The applicant should be of legal age, i.e., 18 years or above. In the case of minors, the account can be opened jointly with a parent or guardian.
- KYC (Know Your Customer) Compliance: The applicant must comply with the bank’s KYC norms, which may include providing valid identity proof (such as Aadhaar card, PAN card, passport, etc.), address proof (such as utility bills, driving license, etc.), and recent passport-sized photographs.
- No Existing Savings Account: The applicant should not have an existing savings account with SBI. The zero balance savings account is typically meant for those who do not have a savings account or wish to open a new savings account with SBI without the requirement of maintaining a minimum balance.
Document for SBI Zero Balance Savings Account
To open a zero balance savings account with the State Bank of India (SBI), you may typically need to provide the following documents:
Identity Proof: You will need to submit a valid identity proof document, such as:
- Aadhaar card
- PAN card
- Passport
- Voter ID card
- Driving license
Address Proof: You will also need to provide a valid address proof document, such as:
- Aadhaar card
- Utility bills (electricity bill, water bill, gas bill, etc.)
- Bank account statement with address
- Passport
- Rent agreement
- Voter ID card
- Driving license
Passport-sized Photographs: You will need to provide recent passport-sized photographs, usually two or three in number, as per the bank’s requirements.
Account Opening Form: You will need to fill up the account opening form, which will be provided by the bank. This form will require you to provide personal information, contact details, and other relevant information as per the bank’s requirements.
How to apply for SBI Zero Balance Savings Account?
To apply for a zero balance savings account with the State Bank of India (SBI), you can follow the steps mentioned below:
- Visit the official website of SBI or visit your nearest SBI branch: You can apply for a zero balance savings account with SBI either online through the official website of SBI or by visiting the nearest SBI branch in person.
- Check the eligibility criteria: Ensure that you meet the eligibility criteria for opening a zero balance savings account with SBI, which may include factors such as being a resident Indian individual, meeting the age requirement, complying with KYC norms, and not having an existing savings account with SBI.
- Gather the required documents: As mentioned earlier, you will need to gather the necessary documents, including identity proof, address proof, passport-sized photographs, and any other documents as per the bank’s requirements.
- Fill up the account opening form: If you are applying in person at the branch, you will need to fill up the account opening form provided by SBI. If you are applying online, you may need to fill up an online application form on the official website of SBI.
- Submit the documents: Submit the duly filled account opening form along with the required documents to the bank. If you are applying online, you may need to upload scanned copies of the documents as per the online application process.
- Complete the verification process: The bank may conduct verification of the submitted documents and may contact you for any additional information or clarification, if required.
- Review and sign the account opening documents: Once the verification is complete, the bank will provide you with the account opening documents, which may include terms and conditions, account rules, and other related documents. Review the documents carefully, ask any questions if you have, and sign the documents as required.
- Activate the account: After completing the necessary documentation and signing the account opening documents, the bank will activate your zero balance savings account, and you will be provided with the account number and other relevant details.
SBI Zero Balance Savings Account Customer Care
- Phone: SBI has a dedicated customer care helpline that operates 24×7. You can call the SBI customer care toll-free number 1800 11 2211 or 1800 425 3800 from your registered mobile number or any other phone number, and speak to a customer care representative regarding your queries or concerns.
- Email: You can also send an email to SBI customer care at [email protected] to seek assistance with your queries or concerns. Make sure to provide complete details and contact information in your email for a prompt response.
- Branch Visit: You can visit your nearest SBI branch in person and speak to the customer service desk or the bank officials to seek assistance with your queries or concerns.
FAQ
A: A zero balance savings account with SBI is a type of savings account that allows customers to maintain their account without any minimum balance requirement.
A: Resident Indian individuals who meet the age requirement and comply with the KYC norms of SBI are eligible to open a zero balance savings account.
A: The required documents may include identity proof, address proof, passport-sized photographs, and any other documents as per SBI’s requirements.
A: You can apply for a zero balance savings account with SBI online through their official website or by visiting the nearest SBI branch in person and submitting the required documents.
A: Benefits of SBI zero balance savings account include no minimum balance requirement, free ATM card, internet banking, mobile banking, and access to SBI’s extensive branch and ATM network.
A: You can contact SBI customer care through their toll-free numbers 1800 11 2211 or 1800 425 3800, email at [email protected], branch visit, online chat on their website, or through their official social media handles for assistance with your queries or concerns.
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