State Bank of India (SBI) is the largest commercial bank in India, offering a wide range of banking products and services. One of the most popular products offered by SBI is the zero balance account. A zero balance account is a type of savings account that does not require a minimum balance to be maintained. This makes it a great option for people who are looking for a basic savings account without any additional charges.
Benefits of opening a zero balance account in SBI Bank:
- No minimum balance required
- Free ATM withdrawals
- Free internet banking and mobile banking
- Free SMS alerts
- Option to open an account online or at a branch
Eligibility criteria for opening a zero balance account in SBI Bank:
- Indian citizen
- Above the age of 18 years
- Valid KYC documents, such as Aadhaar card and PAN card
Steps to open a zero balance account in SBI Bank online:
- Go to the SBI website and click on the “Open an Account” tab.
- Select the “Zero Balance Account” option.
- Enter your personal details, such as your name, address, and contact information.
- Create a username and password for your SBI account.
- Review and submit your application.
- You will receive a confirmation email from SBI once your account has been opened.
Here is a more detailed step-by-step guide on how to open a zero balance account in SBI Bank online using the YONO SBI app:
- Download the YONO SBI app from the Google Play Store or the Apple App Store.
- Open the YONO SBI app and select “New to SBI” and then “Open a Savings Account.”
- Next, select the “Without Branch Visit” option.
- You will be redirected to a new page where you have to enter your PAN and Aadhaar details.
- Once you have entered your PAN and Aadhaar details, you will have to verify your mobile number using an OTP.
- Next, you will have to create a password for your YONO SBI app.
- Now, you will have to enter your FATCA declaration.
- Once you have completed all the steps, you will have to review your application and submit it.
- Once your application has been submitted, you will receive a confirmation message on your mobile number.
- Your SBI zero balance account will be activated within 24 hours.
Once your SBI zero balance account has been activated, you can start using it to deposit and withdraw money, transfer money to other accounts, and make online payments.
Here are some additional tips for opening and maintaining a zero balance account in SBI Bank:
- Make sure to keep your KYC documents updated.
- Use your account regularly to avoid dormancy charges.
- Be aware of the different types of transactions that are free and chargeable.
- Report any unauthorized transactions immediately to the bank.
Here are some of the common FAQs about zero balance accounts in SBI Bank:
Q: What is the minimum balance required to open a zero balance account in SBI Bank?
A: There is no minimum balance required to open a zero balance account in SBI Bank.
Q: What are the charges associated with a zero balance account in SBI Bank?
A: There are no monthly maintenance charges associated with a zero balance account in SBI Bank. However, there may be charges for certain transactions, such as ATM withdrawals, cash deposits, and fund transfers.
Q: How can I check my zero balance account balance in SBI Bank?
A: You can check your zero balance account balance in SBI Bank using any of the following methods:
- Internet banking
- Mobile banking
- SMS banking
- Branch visit
Q: What should I do if my zero balance account becomes dormant?
A: If your zero balance account becomes dormant, you will need to reactivate it by making a transaction or visiting a branch.
I hope this guide has been helpful. If you have any further questions, please feel free to leave a comment below.