One of the main advantages of this account is that there is no penalty for not maintaining a minimum balance. You won’t be charged for falling below the required balance, which is different from other bank accounts.
Additionally, there is no limit on the maximum amount you can keep in the account, offering more flexibility.
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Free Facilities and Benefits
This account comes with several free features:
Basic Rupee ATM-cum-Debit Card
Mobile and Internet Banking
Free Electronic Transactions (like NEFT/RTGS)
However, the account does not provide a cheque book, and there will be charges if you need one.
Free Withdrawals and No Activation Charges
You can make up to 4 cash withdrawals per month for free, including ATM withdrawals (from SBI and other banks), branch transactions, and APES cash withdrawals.
There are also no charges for activating or reactivating an inactive account. Similarly, if you choose to close your zero balance account, no charges will apply.
Eligibility to Open the Account
Any person who meets the KYC (Know Your Customer) requirements can open this account. If you have documents like an Aadhar card and PAN card, opening the account is easy. Joint accounts are also allowed, but all account holders must submit their documents.
Important Rules to Keep in Mind
One Savings Account Only: If you have a Basic Savings Bank Deposit Account, you cannot hold another savings bank account in the same bank.
Account Closure: If you already have a regular savings account, you must close it within 30 days after opening a Basic Savings Bank Account.