SBI launched no minimum balance savings account
Posted on: 22/Nov/2017 10:42:06 AM
The State Bank of India has introduced the facility to open a new savings account where there will be no penalties for failure to keep the minimum balance.
Several people have been affected by the penalties imposed for failure to keep the minimum balance in the bank savings account.
In this situation, SBI has introduced the opening of a savings account without any penalty for not keeping the minimum balance.
The new savings account is known as a basic savings account of SBI. In this, there is no need to keep the minimum balance amount.
The State Bank of India had decided to start this type of savings account mainly with the view that the economically most backward section of the public should not be unduly burdened by such restrictions as a minimum balance.
Any single individual can open this new bank savings account with SBI by submitting all the required documents and details.
Some pertinent questions and answers regarding this new savings account
Will ATM card be given?
Yes! ATM/Debit card will be given without any charges. No annual maintenance fee will be charged.
Interest rate/ratio?
The interest rate will remain as the same as charged for all other types of accounts.
Minimum balance?
No requirement to keep any minimum balance.
Service charges?
- No charges for cashless transactions through NEFT or RDGS.
- No service charges for the cheques given by the central and state governments and the direct amount remaining in the account.
- No charges for opening or closing this account.
- Only one rule for opening a savings account
- For the person interested in opening a new basic savings account, he/she should not have any savings account in any branch of SBI. In case, it is there, the person closes it before opening this new basic savings account.
- This account holder can withdraw money from ATMs only 4 times in a month.
Who are qualified to open this account?
All persons eligible to open a savings account can do so.
How many types of accounts are there?
2 - Individual and two-persons joint account
Which SBI branches have this facility?
All branches.
