SBI Zero Balance Account: How To Open Zero Balance Account In SBI? (2024)

Table of Contents

What Is a Zero Balance Account in SBI? Eligibility Criteria for a Zero Balance Account in SBI Required Documents for a Zero Balance Account in SBI How to Open a Zero Balance Account in SBI? Online Mode Offline Mode SBI Zero Balance Account Rules SBI Zero Balance Account Withdrawal Limit Per Day SBI Zero Balance Account Maximum Limit SBI Zero Balance Account UPI Transaction Limit FAQs References

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, usersneed 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 canoperate 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’.

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, individualsmust 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 areallowed only 4 cash withdrawalsin 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 isno 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, theUPI transaction limit in SBI isRs.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.

Related Articles:
1. HDFC Zero Balance Account Opening Online
2. Bank of Baroda Zero Balance Account
3. ICICI Bank Zero Balance Account Opening Online
4. Kotak Bank Zero Balance Account Opening Online
5. Axis Bank Zero Balance Account Opening Online
6. IDFC Bank Zero Balance Account Opening Online

Related SBI Articles:
1. How to Apply for SBI ATM Card Online and Offline?
2. SBI Bank Balance Check Number
3. SBI Mobile Banking - How to Register and Log In on the YONO/YONO Lite app?
4. How To Activate SBI Net Banking?
5. SBI Annuity Deposit Scheme
6. SBI Debit Card Charges
7. How to Withdraw Cash From SBI Credit Card?
8. How to Know Your SBI Account Number?
9. SBI NEFT Charges
10. SBI UPI Limit
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12. SBI Debit Card - How To Activate SBI Debit Card Online/Offline?
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14. Unblock SBI Credit Card - How To Unblock SBI Credit Card?
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16. SBI FD Interest Rates

FAQs

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

Required documents include a photograph, address proof like Aadhaar card, and ID proof like PAN card. Opening the account can be done online via the SBI YONO app or offline at the nearest SBI branch.

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How can I open a zero balance account in SBI? ›

Anyone with valid KYC documents can open this savings account at the nearest SBI branch. The documents required to open an account are as follows: Identity Proof- Aadhaar Card/Voter ID Card/PAN Card/Driving License. Address Proof- Aadhaar Card/Voter ID Card/Driving License.

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What is the difference between a zero balance account and a minimum balance account? ›

The idea is simple - you can open a Savings Account, but you don't have to maintain a minimum balance in it. As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance.

What is the difference between zero balance account and normal account in SBI? ›

The primary point of difference between these two kinds of savings accounts is the minimum balance requirement, of course. In a regular savings account, you will have to maintain the minimum sum needed. However, if you opt for a zero balance account, you can have a nil balance without facing any repercussions.

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How much does it cost to open a zero-balance account? ›

Balance Requirement and Charges for opening AMAZE Zero Balance Savings Account

Initial Funding	₹ 10,000
Average Balance Requirement	NIL
Debit Card Joining/Annual Fees	NIL
Plan Charges	Monthly - ₹ 200/month (6 months minimum) Annual - ₹ 2200/year
Debit Card ATM Withdrawal	E-Debit Card - NA Online Rewards Card- ₹50,000

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What are the disadvantages of zero-balance account in SBI? ›

Some of the disadvantages of a zero balance account include limited features, lower interest rates, higher transaction fees, limited customer support, and difficulty in receiving payments. Grow your business with Marg ERP! Easy GST invoices and filing.

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What are the disadvantages of zero account? ›

Disadvantages of Zero Balance Savings Accounts

This may include a limited number of free chequebooks, fewer online banking facilities or a cap on the number of free transactions per month. 2. Potential for mismanagement: The absence of a minimum balance requirement could lead to less disciplined financial management.

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Which bank is best for a zero balance account? ›

Below are the features of the top zero balance savings account.

HDFC Bank BSBDA.
Kotak Mahindra Bank 811 Digital Savings Account.
AU Digital Savings Account.
IndusInd Bank Indus Delite savings account.
Utkarsh Bank BSBDA.
RBL Basic Savings Account.
ICICI Bank BSBDA.
Axis Bank Basic Savings Account.

More items...

Jul 3, 2024

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What are the restrictions on a zero balance account? ›

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.

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Can I convert my SBI account to a zero balance account? ›

SBI customers can convert an existing account into a zero balance BSBD account and continue with the same account number. There are absolutely no fees for conversion of the account.

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How do I know if my SBI account is a zero balance account? ›

You can download SBI m-banking app. If you have ATM card go to the ATM. If you have registered your number in your account give a miss call to the SBI's balance alert service. And you can anytime visit the branch with your passbook to know your account balance.

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Is it necessary to close zero balance account? ›

The short answer is that it depends on the bank's policies and procedures. Some banks may close a current account if it has been inactive for a certain period of time, such as six months or a year, regardless of the balance.

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How much money can be deposited in a zero-balance account? ›

‍As per regulations, most zero-balance savings accounts in India have deposit limits. It means you can only deposit cash up to a specific limit (usually ₹1 lakh), after which you must change your bank account type to a regular savings account with a minimum balance requirement.

What is the minimum balance for SBI bank account? ›

There is no minimum balance required to open this account. However, the maximum balance for this account is Rs.50,000. Any Indian resident above 18 years old can open this account even without valid KYC documents by sending a self-attested photograph and signature to the SBI bank officials.

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How to open a NRI account in SBI? ›

You can open an SBI NRI account online, but the process is not completely online. You will need to self-attest and then get your application and documents attested by a notary public, an Indian embassy/high commission, an overseas branch of an Indian bank, or a foreign bank with an Indian presence.

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How do I get a bank zero account? ›

If you are aged 16 and above, you will need to register your own account with Bank Zero. For that you need proof of ID (ID smart card, ID book, Passport or Driving Licence if over 18), a cell number and proof of address (typically that of your parent or legal guardian with an affidavit that you live with them).

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