SBI Update: There is no penalty for having zero balance in this savings account of SBI, know what are the other benefits..

Usually, when you open a savings account in a bank, you have to pay a penalty on it, but in SBI you also get the option of a Basic Savings Bank Deposit Account (BSBDA). Even if you have zero balance in this account, no penalty is taken from you. That is why this account is also called a balance account. Know who can open this account and what are its benefits.

No limit on the maximum balance

In other bank accounts, a penalty has to be paid for not maintaining a minimum balance, but in this account, you will not have to pay any kind of penalty. This is its biggest feature. Apart from this, you can keep any maximum amount in the account. There is no limit to this.

These facilities are available for free on the account.

In this, the account holder is given the facility of Bank Basic Rupee ATM-cum-Debit Card, Mobile, and Internet Banking. These facilities are absolutely free. There is no charge for cash transactions through electronic channels like NEFT/RTGS. However, the facility of the checkbook is not provided in this account, for this you have to pay charges in the bank.

4 cash withdrawals free in 1 month

A maximum of 4 cash withdrawals are free on this account in 1 month, which includes cash withdrawals from ATMs of SBI and other banks, cash withdrawals at the branch channel, and APES cash transactions.

No charge for activating a closed account

If you activate an inactive account, then you do not have to pay any charge for that too. On the other hand, if you close your zero balance account, then there is no charge for this either.

Who can open this account?

Any person who fulfills the conditions of KYC can open this zero balance account. If you have documents like an Aadhar card and PAN card, then you can easily get them opened. The facility of opening a joint account is also given in a zero balance account. In this, all the account holders have to submit their documents.

Know these rules too.
If a customer has a basic savings bank deposit account, then he cannot keep any other savings bank account in the bank. If a customer already has a savings bank account, then the old account has to be closed within 30 days of opening a basic savings bank account.

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