Why SBI Zero Balance Account Is A Great Savings Bank Account Option?
When it comes to opening a savings bank account, most of us end up taking the first offer that the bank makes - the minimum account balance option. Under this, a monthly minimum balance needs to be maintained by customers. If not done, non-maintenance charges will be levied by the bank. If you are finding it extremely sweating to maintain the monthly balance and want to dodge these charges, the best way to do is apply for the SBI Zero Balance Account. Anyone can open a saving bank account by submitting their KYC documents. State Bank provides five different options of zero balance account to its customers. Adding more to the glory of the SBI zero balance account is the attractive interest rates it provides you on your savings.
What are some of the Attractive Features of the SBI Zero Balance Account?
No Minimum Balance Required: It is quite evident from the name of SBI zero balance account that it demands no minimum balance requirement. Thus, you are free from the charges that you would have paid otherwise on savings account with minimum balance.
Five Different Options: Where other banks just provide, only one single zero balance account option, SBI provides five different options - Basic Savings Bank Deposit, Pradhan Mantri Jan Dhan Yojna Accounts, Children’s Account, Salary Accounts and Pension Accounts. You can choose between any based on your need.
Attractive Interest Rates: Your savings lying in the SBI zero balance account can earn interest upto 4% per annum. The interest rate depends on the amount of funds in your account. In the case of some zero balance account by SBI, customers get interest of 3.5% per annum for money under INR 1 lakh and earn 2.5% internet from amount above INR 1 lakh.
ATM Card: With all the SBI zero balance accounts comes a Rupay ATM Debit Card absolutely free of cost. By using this car, you can withdraw money anywhere and anytime from your account.
Free Money Transfer: Any money transfer transaction that you want to undertake, whether NEFT or RTGS, you can do it absolutely free of cost by holding the State Bank zero balance account.
What are the Different Types of SBI Zero Balance Account?
Basic Savings Bank Deposit: This zero balance account initiative was launched to encourage people in the poor sections of the society to open a bank account absolutely free of cost. No joining fees will also be charged to avail this account. The only requirement it demands is the submission of KYC documents. Basic Savings Bank Deposit can be operated single or jointly.
PMJDY Accounts: Pradhan Mantri Jan Dhan Yojana (PMJDY) is an initiative by the government which aims to provide financial inclusion for everyone by making financial products readily accessible to everyone at affordable rates. So PMJDY accounts are also opened under the SBI zero balance account opening scheme. This account comes with free passbook, ATM card and free cheque books.Even, free accidental insurance is also provided.
Children's Accounts: State Bank also opens zero balance account for minors. ‘Pehla Kadam’ account is opened for children below 18 years of age and “Pehla Udaan” is opened for kid above 10 years of age. This helps children understand the importance of saving money. It’s like a big piggy bank for them.
Pension Accounts: No minimum balance is needed in the case of pension accounts opened with the State Bank of India. This automatically makes it the zero balance account.
Salary Accounts: SBI gives the provision of maintaining no minimum balance to the people working in the corporate sector. A platter of add-on services comes with the SBI zero balance salary account like free money transfer, unlimited ATM transactions, free SMS alerts and more so.
What are some of the Attractive Features of the SBI Zero Balance Account?
No Minimum Balance Required: It is quite evident from the name of SBI zero balance account that it demands no minimum balance requirement. Thus, you are free from the charges that you would have paid otherwise on savings account with minimum balance.
Five Different Options: Where other banks just provide, only one single zero balance account option, SBI provides five different options - Basic Savings Bank Deposit, Pradhan Mantri Jan Dhan Yojna Accounts, Children’s Account, Salary Accounts and Pension Accounts. You can choose between any based on your need.
Attractive Interest Rates: Your savings lying in the SBI zero balance account can earn interest upto 4% per annum. The interest rate depends on the amount of funds in your account. In the case of some zero balance account by SBI, customers get interest of 3.5% per annum for money under INR 1 lakh and earn 2.5% internet from amount above INR 1 lakh.
ATM Card: With all the SBI zero balance accounts comes a Rupay ATM Debit Card absolutely free of cost. By using this car, you can withdraw money anywhere and anytime from your account.
Free Money Transfer: Any money transfer transaction that you want to undertake, whether NEFT or RTGS, you can do it absolutely free of cost by holding the State Bank zero balance account.
What are the Different Types of SBI Zero Balance Account?
Basic Savings Bank Deposit: This zero balance account initiative was launched to encourage people in the poor sections of the society to open a bank account absolutely free of cost. No joining fees will also be charged to avail this account. The only requirement it demands is the submission of KYC documents. Basic Savings Bank Deposit can be operated single or jointly.
PMJDY Accounts: Pradhan Mantri Jan Dhan Yojana (PMJDY) is an initiative by the government which aims to provide financial inclusion for everyone by making financial products readily accessible to everyone at affordable rates. So PMJDY accounts are also opened under the SBI zero balance account opening scheme. This account comes with free passbook, ATM card and free cheque books.Even, free accidental insurance is also provided.
Children's Accounts: State Bank also opens zero balance account for minors. ‘Pehla Kadam’ account is opened for children below 18 years of age and “Pehla Udaan” is opened for kid above 10 years of age. This helps children understand the importance of saving money. It’s like a big piggy bank for them.
Pension Accounts: No minimum balance is needed in the case of pension accounts opened with the State Bank of India. This automatically makes it the zero balance account.
Salary Accounts: SBI gives the provision of maintaining no minimum balance to the people working in the corporate sector. A platter of add-on services comes with the SBI zero balance salary account like free money transfer, unlimited ATM transactions, free SMS alerts and more so.
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