SBI Zero Balance Account is one of the best savings account under its Basic Savings Bank Account. It doesn’t require you to maintain a minimum balance, unlike traditional savings account. This type of account is perfect for students who can open and maintain it without falling short of required balance. An individual above 18 years of age who has official valid KYC documents can open this account. To learn more about its features, benefits, and how to open it, continue reading further.
Table of contents
Overview of SBI Zero Balance Account
This is a type of student account in SBI which is a KYC-compliant account. SBI Bank offers an SBI Zero Balance Account under its Basic Savings Account Category. This means that there is no minimum balance requirement. This account is mainly meant for the poorer sections of society to encourage them to save and leave the burden of fees and charges behind.
You can deposit any amount based on your convenience without maintaining a minimum balance. Some of the zero balance accounts offered by SBI are-
- SBI Insta Plus Savings Bank Account
- Basic Savings Bank Deposit Account
- SBI Savings Bank Account
- Basic Savings Bank Deposit Small Account
- Savings Plus Account
- Savings Account for Minors
| Category | SBI Basic Savings Account |
| Interest Rate | 4% |
| Minimum Balance Amount | NIL |
| Maximum Balance Amount | INR 50,000 |
| Eligibility Criteria | An individual who is 18 years and above |
How To Open SBI Zero Balance Account?
To apply for an SBI Zero Balance account offline, students can visit the nearest bank branch and fill out the application form. An individual can also open the SBI Zero balance account online through the SBI YONO app. Check out these steps to find out the same-
Open Account Online (Open Account through Website)
- Visit the Official website of SBI Bank.
- Navigate to the ‘Accounts’ Section at the top left corner.
- Click on ‘Savings Account’.
- Scroll down and click on ‘Download Account Opening Form’.
- Download and fill out the application form.
- Attach the required documents and submit it at the nearest branch.
Open Account Online (Open Account through SBI YONO App)
- Download the SBI YONO ap p.
- Tap the app and choose ‘Savings Account’ and select ‘Branch Visit’.
- Press ‘Next ‘ and then ‘Apply Now’.
- When having an Aadhaar card. go for ‘Open with Aadhaar using e-KYC (Biometric Authentication) option’ right here. If you do not have an Aadhaar card, selecy ‘Open with Official Valid Document (OVD) and click on ‘Next’.
- Enter your mobile number, and hit the ‘Submit’ button.
- Login via one time password (OTP) received on your registered mobile number with PAN.
- Put your information details (eg. name, address, income, educational details), and click ‘Submit’.
- Now type the OTP and go to submit. Obtain the signature from your branch of SBI bank to complete document verification. The officials will authenticate the account and start the procedure only after an approved verification is accomplished.
Open Account Offline
- Visit the nearest SBI service branch.
- Fill out an account opening form and state all of the required details that must be contained in it.
- Handover the application forms along with documents to SBI officials.
- Check the form and the completeness thereof after which the account will be opened once the verification process is done.
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Features
One of the basic features is that customers can open this account at all branches except some specialised branches (e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches). Let’s take you through more features of the SBI Zero Balance account-
- An individual above 18 years of age can open this account (who has official KYC documents)
- The minimum balance requirement is NIL
- A maximum balance of INR 50,000 is allowed
- Basic RuPay ATM cum debit card is issued on opening of this account
- If an individual opens an SBI zero balance account, then they are not permitted to open any other SBI Account. All other accounts must be closed within 30 days of SBI zero balance.
- Payments of utility bills can be done
Benefits of SBI Zero Balance Account for Students
Students who open an SBI Zero account can avail of certain benefits. The most beneficial one is that there are no restrictions on maintaining the minimum balance, unlike other savings accounts. Here are some more benefits that the SBI zero balance account for students offers-
- A basic RuPay ATM cum debit card can be used to make hassle-free transactions. It is issued free of cost and no annual maintenance charges are applicable.
- Every month four free ATM withdrawals are allowed from SBI or any other bank’s ATMs. More than four transactions made will be charged.
- There are no charges on activation of an inoperative account. Also, there are no closure charges applicable.
- Foreign Remittances can be credited into the SBI zero balance account upon submitting official valid KYC documents to the bank.
Eligibility Criteria to Open SBI Zero Balance Account
An individual is permitted to open an SBI zero balance account subject to fulfilment of eligibility criteria. The eligibility to open this account is simple and similar to what applies to regular Savings Bank accounts. Here are some other eligibility criteria that they must fulfil-
- Applicant must be an Indian resident
- An individual who is 18 years and above
- Applicant must not have any other SBI account
- Account can be opened singly or jointly by the individual
- Applicant must have an active mobile number
- Should have KYC-compliant documents
Documents Required
To open any kind of account with the SBI, the person is required to submit documents to the bank. Opening of account happens on successful verification of those documents. The documents that you must submit to open an SBI zero balance account are-
- Filled-in Account Opening Form (AOF)
- Coloured passport-size photographs – 2
- KYC documents as stated in the AOF
- Adhaar Card
- PAN Card
- Adhaar registered mobile number
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Fees & Charges
As mentioned above, one of the purposes of this account is to promote savings among poorer sections of society without the burden of fees. Thus there are no charges. However, if an individual makes more than four transactions in a month, that will be charged.
| Service | Charges |
| Issuance of Debit Card | No charges |
| Annual maintenance of Debit Card | No charges |
| Deposit/ Collection of cheques | No charges |
| Account Closure | No charges |
| More than 4 monthly transactions | Charges applicable |
FAQs on SBI Zero Balance Account
Yes, the State Bank of India provides a zero balance account under its Basic Savings Accounts to encourage people with more savings. It is meant for poorer sections of society and to help them start saving without the burden of charges.
There is no minimum balance amount requirement and a maximum balance of up to INR 50,000 is permitted in the SBI Zero Balance Account.
SBI Banks offers the same interest rate on zero balance accounts as in regular savings bank accounts which is 4%.
A person who is an Indian resident and 18 years or above can apply for an SBI zero balance account.
To apply for an SBI Zero Balance account offline, students can visit the nearest bank branch and fill out the application form. To apply online, you can navigate to the ‘Savings Account’ bar and download the application form. After completion, submit the same at the nearest bank branch.
This was all about the SBI zero balance account. This can allow students to focus on savings and manage their funds more efficiently without worrying about the fees and charges.
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