INSUBCONTINENT EXCLUSIVE:
SBI's small account with zero balance requirement can also be converted into savings account.State Bank of India (SBI), the largest
commercial lender of the country, offers a zero balance savings account, which can be opened even without valid know-your-customer (KYC)
Banks follow a strict KYC procedure before customers open their accounts
However, SBI's small account can be opened by anyone who does not have valid KYC documents, provided he/she is above 18 years of age, the
After the account holder submits the documents, the small account can be converted into a savings account upon submission of KYC
documents.(: How To Link PAN With State Bank Of India Account Online)Here are key things you should know about SBI's small
account:Requirements: In order to open SBI's small account, you need to submit a self-attested photograph and affix signature or thumb
impression before the officer of the bank who is authorized to approve opening of accounts, says SBI.Minimum, maximum balance: You can
maintain zero balance in SBI's small account but the maximum balance that can be maintained is Rs 50,000.Rate of interest: The rate of
interest that SBI pays on this account is the same as on savings accounts i.e
3.50 per cent per annum for balances up to Rs 1 crore and 4 per cent per annum for balances above Rs
1 crore, according to sbi.co.in.Service charges: SBI issues a basic RuPay ATM-cum-debit card for free to holders of the small account
No annual maintenance charge is applied on this account
The receipt/ credit of money through electronic payment channels like NEFT/RTGS, along with deposit/ collection of cheques drawn by
central/state government, is free
When you want to close the account, there are no closure charges.(: SBI's Multi-Option Deposit Scheme - Here Are 10 Things To
Know)Conditions under SBI's small account:1
The balance at any point of time should not exceed Rs 50,000 in this account, says SBI.2
The aggregate of all withdrawals and transfers in a month from the small account should not exceed Rs 10,000.3
The aggregate of all credits in a financial year should not exceed Rs
1 lakh, the lender said.4
If the balance exceeds Rs
50,000 or the 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, says SBI.5
A maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's ATMs and transactions through other modes
including RTGS/NEFT/clearing/branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc are allowed.(: Looking To Invest
In SBI Deposit Schemes Here are 10 Options For You)6
No further customer debits are allowed during the month.7
Foreign remittances are not allowed to be credited into SBI's small account unless the identity of the client is fully established through
the production of officially valid documents.8
SBI small account initially remains operational for a period of twelve months, and thereafter for a further period of twelve months if the
holder of the account provides evidence before the bank of having applied for any of the officially valid documents within twelve months of
The entire relaxation provisions are reviewed in respect of the said account after 24 months.(: Transaction Charges On ATM-Cum-Debit Cards
If KYC documents are not submitted to SBI within 24 months of opening of the account, no further transaction other than closure of the
account will be permitted.10
The conversion of small account into a regular savings bank account or basic savings bank deposit account (at the option of the customer) is
done by the home branch manually on full compliance with KYC requirement
After such conversion, the same account number continues, says SBI.For the latest News Live Updates on Election Results from each assembly
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