SBI Zero Balance Account is one of the best under SBI’s basic savings bank account. An individual above 18 years of age who has official valid KYC documents can open SBI zero balance account. You can deposit any amount based on your convenience without maintaining a minimum balance.
SBI zero balance account doesn’t require you to maintain a minimum balance, unlike traditional savings account. SBI zero balance account is perfect for students who can open and maintain it without falling short of required balance. To learn more about the features of SBI zero balance account, its benefits, and how to open it online, kindly continue reading further.
Table of contents
- What is a SBI Zero Balance Account?
- Type of SBI Zero Balance Account
- How To Open SBI Zero Balance Account Online?
- How To Open SBI Zero Balance Account Offline?
- Features of a SBI Zero Balance Account
- Benefits of SBI Zero Balance Account for Students
- Eligibility Criteria to Open SBI Zero Balance Account
- Documents Required to SBI Zero Balance Account Opening Online
- Fees & Charges on SBI Zero Balance Account Opening
- FAQs on SBI Zero Balance Account
What is a SBI Zero Balance Account?
SBI zero balance account is a type of student account in SBI where no minimum balance is required to open or maintain the bank account. SBI zero balance account is a KYC-compliant account. SBI Bank offers an SBI Zero Balance Account under its Basic Savings Account Category.
SBI zero balance account is mainly meant for the poorer sections of society to encourage them to save and leave the burden of fees and charges behind. A basic highlight of the SBI Zero Balance Account is provide in the table provided below:
| Account Name | SBI Zero Balance Account |
| 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 |
Type of SBI Zero Balance Account
The State Bank of India offers six distinct types of savings accounts. These SBI zero balance accounts are designed to promote financial inclusion, particularly for economically weaker sections of society through initiatives like the Pradhan Mantri Jan Dhan Yojana, enabling better financial management.
The 6 types of zero balance account 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
How To Open SBI Zero Balance Account Online?
Opening an SBI Zero Balance Account online is a simple and convenient process. An individual can also open the SBI Zero balance account online through the official website or via the SBI YONO app. Let us see the steps of opening zero balance account online in SBI via two methods.
SBI Zero Balance Account Opening Online through Website
- Step 1: Visit the official website of SBI Bank.
- Step 2: Navigate to the ‘Accounts’ section at the top left corner.
- Step 3: Click on ‘Savings Account’.
- Step 4: Scroll down and click on ‘Download Account Opening Form’.
- Step 5: Download and fill out the application form.
- Step 6: Attach the required documents and submit it at the nearest branch.
SBI Zero Balance Account Opening Online through SBI YONO App
- Step 1: Download the SBI YONO app.
- Step 2: Open the app, choose ‘Savings Account,’ and select ‘Branch Visit.’
- Step 3: Press ‘Next’ and then ‘Apply Now.’
- Step 4: If you have an Aadhaar card, select the ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. If not, choose ‘Open with Official Valid Document (OVD)’ and click on ‘Next.’
- Step 5: Enter your mobile number and hit the ‘Submit’ button.
- Step 6: Log in using the one-time password (OTP) sent to your registered mobile number and provide your PAN details.
- Step 7: Fill in your personal details, such as name, address, income, and educational information, then click ‘Submit.’
- Step 8: Enter the OTP again and submit your application.
- Step 9: Visit your nearest SBI branch to provide your signature for document verification.
- Step 10: The bank officials will authenticate your documents and complete the verification process to activate your account..
How To Open SBI Zero Balance Account Offline?
Opening SBI zero balance account offline can be little bit difficult than opening it online but is very convenient for elders. To open an account at SBI, visit the nearest branch, complete the account opening form with accurate details, and submit it along with the required documents. Basic steps to open zero balance account offline are:
- Step 1: Visit the nearest SBI service branch.
- Step 2: Fill out an account opening form, providing all the required details accurately.
- Step 3: Submit the completed application form along with the necessary documents to the SBI officials.
- Step 4: The officials will review the form and verify the details. Once the verification process is successfully completed, your account will be opened.
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Features of a SBI Zero Balance Account
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 SBI Zero Balance Account Opening Online
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 on SBI Zero Balance Account Opening
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.
To open an SBI Zero Balance Account online, download the SBI YONO app or visit the official SBI website. Fill out the application form, upload required documents, and complete the e-KYC verification process.To open an SBI Zero Balance Account online, download the SBI YONO app or visit the official SBI website. Fill out the application form, upload required documents, and complete the e-KYC verification process.
Yes, students can open an SBI Zero Balance Account online by providing valid identification, address proof, and a student ID or enrollment letter.
Aadhaar is preferred for e-KYC verification, but you can use other valid documents like a passport or voter ID if Aadhaar is unavailable.
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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