There is also an account in SBI in which even if you have zero balance, no penalty is charged from you. This type of account is called Basic Savings Bank Deposit Account (BSBDA) in banking language.
Zero Balance Account: Everyone has a bank account today. Most banks have a requirement to maintain a minimum balance in the account. If you do not do this, the bank charges a penalty for it. But there is an account in SBI in which even if there is a zero balance, no penalty is charged from you. This type of account is called Basic Savings Bank Deposit Account (BSBDA) in banking language. While in common language people call it a zero balance account. Know here what are the benefits of this account.
These are the 5 big benefits
– Penalty has to be paid for not maintaining minimum balance in other bank accounts, but you will not have to pay any kind of penalty in this account. This is its biggest feature.
– You can keep any maximum amount in the account. There is no limit for this.
– In this, the account holder is given the facility of bank passbook, basic Rupee ATM-cum-debit card, mobile and internet banking. However, free cheque book is not given.
– On opening a zero balance account, you can withdraw and transfer money with the help of Aadhar card like a normal savings account, along with this, the facility of withdrawing or transferring money with the help of UPI app is also included in it.
– In this, there is no charge on cash transactions through electronic channels like NEFT/RTGS. Also, if you open a closed account, then you do not have to pay any charge for that too. On the other hand, if you close your zero balance account, then there is no charge for this either.
Who can open this account
Any person who fulfills the KYC conditions can open this zero balance account. If you have documents like Aadhar card and PAN card, then you can easily open it. The facility of opening a joint account is also given in zero balance account. In this, all the account holders have to submit their documents.
It is also important to know this condition
You can open a zero balance account in the bank only if you do not have any other savings account in that bank. According to the official website of the bank, if you already have a savings account and you have also opened a zero balance savings account, then the earlier account will have to be closed within 30 days. Zero balance savings account holders can make 4 withdrawals in a month for free from the ATM or branch channel of the bank or other bank.
