Business

How to open SBI Basic Savings Account

SBI, Savings AccountDo you know India’s largest public sector bank State Bank of India (SBI) has an account which still does not require you to maintain any minimum balance at all! Yes, we are talking about SBI Basic Savings Account.

Here is all that you need to know about SBI Basic Savings Account:

1. Anyone aged 18 years and above, with valid Know Your Customer (KYC) documents can open a Basic Savings Account free of cost at any of its branches.

2. There is no minimum balance amount for Basic Savings Account.

3. The account can be handled individually or jointly.

4. The rate of interest is same as that offered in a normal SB, ie, 4%.

5. There is no upper limit for a balance amount.

6. Every Basic SB Account holder will be issued a cheque book

. There is no fee levied for account transfer between State Bank of India branches.

8. However, a Basic SB holder cannot open or hold any other State Bank of India accounts. All his/her existing SBI accounts will automatically be closed within 30 days of opening a State Bank of India Basic Savings Account.

9. NEFT/RTGS transactions can be done free of cost.

10. The Basic SB Account holder will also be given a basic Debit-Cum-ATM card. For variants of ATM/Debit cards, there are stipulated charges to be paid.

11. But there is no annual maintenance charge for the Debit-Cum-ATM card.

11. Mobile banking facility is not available against a Basic SB Account.

12. A maximum of four free ATM withdrawals are allowed every month from SBI and/or other bank ATMs. From the fifth ATM transaction, all withdrawals will be charged as per regular SB account service charges.

13. Customers can pay utility bills using their Basic SB Account.

14. For opening a Basic Savings Account, the documents required are as follows:

i. Filled-in Account Opening Form (AOF)
ii. Two colored passport-size photograph
iii. KYC documents as asked for in the AOF

15. You will also need to provide the following information:

i. KYC Information
ii.Type of Savings Account required
iii. Form 60 / PAN Number
iv. Form DA-1 for making a nomination (Optional)

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