How to Open SBI Zero Balance Account
This article lists all the information about SBI Zero Balance Account. How to open SBI zero balance account online and offline, What are the documents required to open an account, Things we must know about a zero balance account
SBI [State Bank Of India]
State Bank of India (SBI) is an Indian multinational bank. It is a public sector bank and financial services legal entity headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and is ranked 22nd in the Fortune Global 500. State Bank of India is the largest bank in India with a market share of 23% by assets and a total share of 25% Credit and investment market. The bank is the 5th largest employer in India with approximately 250,000 employees.SBI has a total of 24000 branches in India.
SBI now offers zero balance accounts to an individual account holder. A zero balance account does not require maintaining a certain bank balance. Your bank account can sometimes become zero balance, so you won’t be penalized for not meeting the minimum balance limit.
What is a Zero Balance Account
A zero balance account is an account with no penalty even if the balance is $0. A company funds the account only when things need to be paid for, and any cash left over after deposits is often swept up at the end of the night. A zero balance account relies on a master account to sweep the money.
Benefits of Zero Balance Account
A zero balance account is a penalty-free account. Funds are automatically swept from a master account to pay liabilities or unused funds are swept into a master account. The account is intended to increase efficiency in how money is used, limit risks, and fraud, and streamline the banking process.
SBI Zero Balance Account Online, Documents Required, Eligibility Criteria.
State Bank of India (SBI) offers several types of bank accounts that do not require a minimum balance for the customer every month. All of them are listed below, in which the account holder need not worry about the minimum balance rules of the bank because even if the minimum balance is not maintained, the penalty charges will not be charged by your account.
SBI offers Insta Savings Account, which is also a zero balance account. No need to maintain an average balance in months. SBI, the country’s largest bank, announced this through the microblogging site Twitter. SBI informed that users can open and use an InstaSavings account without maintaining a fixed monthly average balance.
Zero balance accounts are offered by SBI.
There are different types of Zero accounts. The types of accounts that offer zero maintenance balance are as follows :
- SBI Insta Savings Account
- Basic Savings Bank Deposit Small Account
- Basic Savings Bank Deposit
- PM Jan Dhan Yojana Account
- Salary Account (some subcategories offer zero-balance accounts)
- Saving Account For Minor
- Savings Plus Account
These 5 things must know about SBI’s zero balance savings account:
- A zero balance account can be opened by any individual with valid KYC documents. Customers also get many facilities like debit and ATM cards and internet banking with a BSBD account.
- The interest rate of a zero balance savings account is the same as the regular savings bank account. According to SBI, customers with Rs 1 lakh or more in their accounts will get 3.25 percent interest.
- SBI allows customers to open zero balance accounts under the PMJDY (Pradhan Mantri Jan-Dhan Yojana) scheme. According to SBI’s website, PMJDY is a national mission for financial inclusion to ensure affordable access to financial services, banking/savings, deposit accounts, remittances, credit, insurance, and pension.
- SBI’s zero balance account for children is: Pehla Kadam, Pehli Udan Savings Bank Account
- SBI has special salary account packages that can be opened with zero balance in various sectors like Central Government, State Government, Defense Forces, Paramilitary Forces, Police Forces, Corporates/ Institutions, etc.
How to Open SBI Zero Balance Account Online
You can open an SBI Zero Balance account online and offline. Follow these steps to create your account online:
- Visit the SBI official website: https://www.onlinesbi.com/
- Now, navigate to the “Apply SB/Current Account” tab and select the type of account you wish to apply
- The application process is identical for all accounts, however, the document requirement and specifications of the account may different
- After selecting the account type, now a form will appear which is divided into two separate parts. Let’s call one part A and the other part B
- In Part A: After clicking on the ‘Customer Information section’ button, a new form will appear where you need to enter your details
- Now you fill out the form, fill in your name, father’s name, address, and other related information
- After filling, click on the submit button
- Now you will be given an SCRN number, make sure you keep this number safe
- Click the save and proceed button and state yes or no to add another applicant (for a joint account) and click on proceed button
- After clicking on proceed button i.e. will redirect to account information form Par-B
- Now, a form will appear, where you need to enter your SCRN number, then enter the mobile number and account holder’s name.
- Now use the branch code. For that, you can use https://www.askbankifsccode.com/ search
- Now, click on the Get Branch Name button and then answer the yes or no option for the services you need from the bank like Credit Card, Debit Card, etc and click to proceed
- A New SARN number will be generated which you should save for future use
- Now you have successfully submitted the account opening form online.
How to Open SBI Zero Balance Account Offline
- You can open a Zero balance account Offline it is a traditional method. First of all Collect the documents for opening i.e, Address proof, Aadhaar card, and identity proof or PAN Card.
- Visit your nearest SBI bank branch and request the account opening form from the bank representative
- Fill out the form properly and attach photocopies of your documents
- After attaching the document, submit the form to the bank representative
- The bank representative will then review your form and further process the account
- Once your form is processed you will be notified about the account opening. You will also get an SBI Account Starter Kit, including SBI Debit Card, Check Book, Passbook, etc.
Documents Required for Opening SBI Zero Balance Account
Documents required for opening a zero balance account with SBI are listed below:
A copy of any of the following identification documents:
- Aadhaar Card
- Voter ID
- PAN Card
- Driving License
- ID card issued by central/state government
2. Address Proof
A copy of any of the following identification documents
- Aadhaar Card
- Voter ID
- Driving License
- Utility Bills (electricity, water, gas, mobile, and telephone)
- 2 Passport size photographs
- The registered mobile number linked with the Aadhaar card
- Copy of Linking of Aadhaar Card and PAN Card
- The name should be the same on the Aadhaar card and PAN card