State Bank of India (SBI) has launched an incredible offer for savings account holders. From now onwards the SBI allows the users without basic savings – there will not be any minimum monthly balance is required. Valid Know You Documents (KYC) is just needed to open the bank account.
If you want to open a basic savings account with State Bank of India (SBI), there will be no minimum monthly balance requirement. Customers can open the account with valid Know Your Customer (KYC) documents.
SBI Announces No Minimum Balance Required for Savings Account
The country’s largest lender has recently merged five of its associate banks – State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) – and Bharatiya Mahila Bank with itself.
“There will be no hidden charges or ATM/debit card fee,” SBI stated in a tweet. Any individual above 18 years can open the account with valid KYC documents.
Eligibility criteria: Same as applicable to regular savings account
Details on balance: No minimum balance required and also there is no cap on maximum limit
— State Bank of India (@TheOfficialSBI) April 12, 2017
-ATM/debit card will be issued free of cost and no annual maintenance charge will be applied
-Receipt/credit of money through electronic payment channels like NEFT/RTGS will be free
-Deposit/collection of cheques drawn by central/state government will be free
-No charge on activation of inoperative accounts
-Maximum four withdrawals allowed in a month, including at SBI and other banks’ ATMs. After that, service charges as per regular savings account will apply
-Basic savings account holders are not eligible for opening any other savings account. If the customer already has a savings account, it will have to be closed within 30 days of opening a basic savings account
-Only basic ATM/debit card will be issued. Other variants of ATM cards can be issued on payment of stipulated charges.