SBI Zero Balance Account: A Complete Guide

When it comes to banking, having a zero balance account offers significant advantages. The State Bank of India (SBI) provides multiple zero balance accounts catering to different needs. Whether you want a basic savings account or an account linked to government schemes, SBI has an option for you. In this guide, we will explore the different SBI zero balance accounts, their features, and how you can open one.

Types of SBI Zero Balance Accounts

1. SBI Basic Savings Bank Deposit (BSBD) Account

The BSBD account is ideal for individuals who need a basic banking facility without worrying about maintaining a minimum balance.

Features:

• No minimum balance requirement
• Free ATM/Debit Card
• Four free withdrawals per month
• No charges for non-maintenance
• Available to all individuals

2. SBI Jan Dhan Account (PMJDY)

The Pradhan Mantri Jan Dhan Yojana (PMJDY) account is part of the Indian government’s financial inclusion initiative.

Features:

• No minimum balance required
• Free RuPay Debit Card with accident insurance cover of ₹2 lakh
• Overdraft facility up to ₹10,000 (after six months)
• Direct Benefit Transfer (DBT) for government schemes

3. SBI Insta Savings Account

For those who prefer online banking, the SBI Insta Savings Account is a great choice. It can be opened instantly through SBI YONO.

Features:

• Paperless account opening with Aadhaar and PAN
• No minimum balance required
• Free Virtual Debit Card
• Initial balance limit of ₹1 lakh (until full KYC)

4. SBI Small Savings Account

This account is for individuals who lack complete KYC documents but need banking services.

Features:

• No minimum balance requirement
• Maximum balance limit of ₹50,000
• Requires full KYC within 12 months for continued operation

How to Open a Zero Balance Account in SBI?

SBI offers a wide variety of zero-balance accounts to meet the needs of customers. To open a zero balance account in SBI, users can opt for both online and offline modes.

Online Mode

Here is a step-by-step guide on how to open a zero balance account in SBI online:

1. Download the SBI YONO app.
2. Open the app and click ‘Open Savings Account’. Then, select ‘With Branch Visit’.
3. Click on ‘Apply Now’ and then on ‘Next’.
4. When you have an Aadhaar card, select ‘Open with Aadhaar using e-KYC (Biometric Authentication)’ option. When you do not have an Aadhaar card, select ‘Open with Officially Valid Document (OVD)’ option and click ‘Next’.
5. Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN.
6. Enter your personal details, income details, and educational details and click ‘Submit’.
7. Enter the OTP and submit. Visit the nearest SBI bank branch to complete the document verification process. The officials will open the account after the verification process is completed.

Offline Mode

If you wish to open a zero-balance savings account in SBI through offline mode, you can follow these simple steps:

1. Visit your nearest SBI branch to open a zero-balance account.
2. Ask for an account opening form and fill out the form with all necessary details.
3. Attach the required documents and review the details you have entered.
4. Submit the form with the documents to the SBI officials.
5. The officials will verify the form and open the account once the verification process is done.

SBI Zero Balance Account Rules

To open a zero balance account in SBI, individuals must complete the KYC verification process. Apart from this, here are the rules SBI account holders must meet while they have a zero-balance account with the bank:

• Account holders cannot have any other savings bank account once they open the zero balance account with SBI.
• If the customer holds any other savings bank account already, it will be closed within 30 days of opening the zero balance account.
• SBI account users can withdraw cash 4 times a month free of cost. This includes withdrawals from its ATM along with other bank’s ATMs and cash withdrawals at the branch.

SBI Zero Balance Account Withdrawal Limit Per Day

There is no withdrawal limit per day for a zero balance account in SBI. However, account holders are allowed only 4 cash withdrawals in a month. This number, however, considers both UPI and cash withdrawals.

SBI Zero Balance Account Maximum Limit

Once you open a zero-balance account with SBI, there is no maximum balance limit for customers. However, there are exceptions for specific account types. For the Savings Account for Minors, the maximum balance is ₹10,00,000, while the Basic Savings Bank Deposit Small Account has a balance limit of ₹50,000.

SBI Zero Balance Account UPI Transaction Limit

The UPI transaction limit for SBI’s zero-balance accounts is the same as for other savings accounts, set at ₹1,00,000. SBI customers are not allowed to exceed this limit for UPI transactions.

If you’re planning to open an SBI zero balance account, follow the simple steps outlined above and enjoy hassle-free banking today!

• If you want a basic banking account, go for the BSBD account.
• If you need government benefits, choose the Jan Dhan Account.
• If you prefer instant digital banking, the Insta Savings Account is best.
• If you lack complete KYC, consider the Small Savings Account.

SBI zero balance accounts provide easy access to banking without financial stress. Whether you are a student, a salaried professional, or a beneficiary of government schemes, there is an option tailored for you. Most importantly, these accounts ensure financial inclusion, helping everyone manage money effortlessly.

FAQ

1. Who is eligible for an SBI zero balance account?

Anyone who meets the KYC requirements and does not hold another savings account with SBI can apply for a zero balance account.

2. Can I open an SBI zero balance account online?

Yes, you can open an SBI zero balance account online using the SBI YONO app by following the e-KYC verification process.

3. Is there a limit on the number of transactions in a zero balance account?

Yes, SBI zero balance accounts allow only four free withdrawals per month, including ATM, UPI, and branch transactions.

4. What happens if I deposit more than ₹50,000 in a Basic Savings Bank Deposit Small Account?

If your balance exceeds ₹50,000, you will need to complete full KYC verification to continue using the account.

5. Can I link my zero balance account with UPI?

Yes, SBI zero balance accounts support UPI transactions with a daily limit of ₹1,00,000.