SBI Zero Balance Account: How To Open Zero Balance Account In SBI?

Savings accounts are an important financial product Indian banks offer to help users easily plan their finances. Like other banks, State Bank of India (SBI), the oldest and most trusted bank, also provides multiple facilities to its customers. Moreover, SBI offers its customers different types of savings accounts to choose from based on the needs and facilities people intend to enjoy. One such option is a zero-balance savings account. 

Continue reading this blog to gain detailed insights about the SBI zero balance account, its eligibility criteria, documents required, steps to follow to open an SBI zero balance account, and other related information. 

What Is a Zero Balance Account in SBI?

SBI zero balance account is a simple and easy-to-access account. In this type of account, users need not maintain any minimum balance after opening this account. They are allowed to deposit any amount according to their convenience. There is no bar set on the upper limit as well. Unlike other savings accounts, you can operate this account with a zero balance. 

SBI offers many zero-balance accounts where customers need not maintain a minimum balance. The Zero balance accounts offered by the SBI are as follows:

• SBI Insta Plus Savings Bank Account
• Basic Savings Bank Deposit Account
• SBI Savings Bank Account
• Basic Savings Bank Deposit Small Account
• Savings Plus Account
• Savings Account for Minors

Eligibility Criteria for  a Zero Balance Account in SBI

Here is a detailed overview of the eligibility criteria mandatory for individuals to meet to open a zero balance account in SBI:

• Should be an individual applicant
• Individuals can open singly or jointly
• Applicant must have an active mobile number
• Applicants should be 18 years and above
• Applicants must have valid KYC documents
• Minors should be above 10 years old to open a minor savings account 

Required Documents for  a Zero Balance Account in SBI

Opening a zero balance account in SBI is easy and hassle-free. Make sure to keep the following documents ready to complete the account opening process. Here are the documents required for a zero-balance account in SBI:

• One passport-size photograph
• Address Proof: Aadhaar card, Passport, Voter ID, ration card, bank statement, etc.
• ID Proof: Passport, Aadhaar card, PAN card, driving license, etc. 

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:

Step 1: Download the SBI YONO app.

Step 2: Open the app and click ‘Open Savings Account'. Then, select 'With Branch Visit'. 

Step 3: Click on ‘Apply Now’ and then on ‘Next’.

Step 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’.

Step 5: Enter your mobile number and click ‘Submit’. Enter the OTP received on your mobile number and PAN. 

Step 6: Enter your personal details, income details and educational details and click ‘Submit’.

Step 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:

Step 1: Visit your nearest SBI branch to open a zero-balance account. 

Step 2: Ask for an account opening form and fill out the form with all necessary details.

Step 3: Attach the required documents and review the details you have entered.

Step 4: Submit the form with the documents to the SBI officials.

Step 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 in SBI, there is no maximum balance limit for SBI customers. However, there are exceptions for the Basic Savings Bank Deposit Small account and Minors account. The maximum balance for a Savings Account For Minors is Rs.10,00,000 and the Basic Savings Bank Deposit Small Account is Rs.50,000.

SBI Zero Balance Account UPI Transaction Limit

The UPI transaction limit for zero balance accounts in SBI is the same as that for other savings accounts. Considering this, the UPI transaction limit in SBI is Rs.1,00,000. As an SBI customer, you cannot exceed this limit. 

Opening a zero-balance account with SBI is hassle-free and affordable. Following the minimum documentation process, all individuals can easily gain access to a zero-balance account. Moreover, following both online and offline methods, users can open an account as per their needs. 

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