The State Bank of India (SBI) offers a Zero Balance Account, also known as the Basic Savings Bank Deposit (BSBD) account, which allows customers to maintain an account with zero or minimal balance requirements.
The Zero Balance Account is designed to promote financial inclusion and provide banking services to individuals who may not be able to maintain a minimum balance in their account due to financial constraints.
The Zero Balance Account can be opened by individuals, including salaried employees, self-employed individuals, students, and others, with simplified Know Your Customer (KYC) requirements.
Customers with a Zero Balance Account are not required to maintain a minimum balance in their account, unlike regular savings accounts which have minimum balance requirements.
The Zero Balance Account provides basic banking facilities, including a debit card, passbook, and access to online and mobile banking services.
Customers with a Zero Balance Account can make unlimited deposit and withdrawal transactions at the bank's home branch, as well as access to basic banking services at other branches.
The Zero Balance Account comes with certain restrictions, such as a limit on the number of monthly transactions and a cap on the maximum balance that can be maintained in the account.
The Zero Balance Account does not offer features such as overdraft facilities, checkbook facility, and sweep-in/sweep-out facility, which are available in regular savings accounts.
The Zero Balance Account may also come with certain charges for additional services, such as issuance of duplicate passbook, demand drafts, and certain types of transactions.
The Zero Balance Account is a useful option for individuals who are looking for a basic savings account without the requirement of maintaining a minimum balance, and it is aimed at providing banking services to individuals from all sections of society, including those with low-income levels.