State Bank of India (SBI) has launched an incredible offer for savings account holders. From now onwards the SBI allows the users without basic savings – there will not be any minimum monthly balance is required. Valid Know You Documents (KYC) is just needed to open the bank account.
State Bank of India has recently merged up with its associated 5 banks recently; State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) – and Bharatiya Mahila Bank with itself.
“There will be no hidden charges or ATM/debit card fee,” SBI stated in a tweet. Any individual above 18 years can open the account with valid KYC documents.
SBI Announces, ‘No Minimum Balance Required for Savings Account’
SBI has announced that no minimum balance is required for SBI Savings account. Check the eligibility criteria, charges, requirements, eligibility criteria, and restrictions from here below.
Eligibility criteria: Same as applicable to regular savings account
Details on balance: No minimum balance required and also there is no cap on maximum limit.
Account holders of the following types of accounts are exempt from requiring to maintain an average monthly balance: pic.twitter.com/61U8QNu7xR
— State Bank of India (@TheOfficialSBI) April 11, 2017
- ATM/debit card will be issued free of cost and no annual maintenance charge will be applied
- Deposit/collection of cheques drawn by central/state government will be free
- Receipt/credit of money through electronic payment channels like NEFT/RTGS will be free
- No charge on activation of inoperative accounts
- The only basic debit card will be issued. Different variations of ATM cards can be issued on payment of stipulated charges
- Max of 4 withdrawals is allowed in a month, including at SBI and other banks’ ATMs. From that point onward, benefit charges according to a regular savings account will apply.
- Basic investment account holders are not qualified for opening whatever another bank account. If the client as of now has a savings account, it should be closed within 30 days of opening a basic savings account.