A zero balance account is an account in which you are not required to maintain balance or average balance in the account. This means that even if there is not even a single penny balance in that account, no penalty will be deducted. This account has been created with the aim of connecting more and more people to the banking services. But, with a zero balance account, certain limits on withdrawal, deposit and transfer of money also apply. In this article we will know that
How to open zero balance account in SBI? What are the qualifications required for this and what documents are required? How to open zero balance account in SBI
Documents required for zero balance account
Any Indian citizen who has completed 18 years of age can open SBI digital savings account. To open it, the following documents are required-
- Aadhar card
- Pan card
- Passport size photograph
If you do not have Aadhar card: In case of non-availability of Aadhar card, you can use any other valid ID proof and address proof document.
Full article at a glance
How to open SBI zero balance account
Zero balance account can be opened in SBI in two ways-
- With the help of YONO APP on mobile (Online method)
- By visiting the bank branch and filling the account opening form
Below, we are explaining different ways to open a zero balance account in both the ways-
How to open zero balance account with yono app?
First of all install YONO SBI mobile app on your smartphone. You can complete the installation process by searching in the Google Play Store. Open it.
- Click on the New to SBI option.
- Click on Open Saving Account.
There are two types of account opening options in front of you-
- Digital Saving Account: In this, you need to visit the bank branch once to get the account finally activated. However, there is no limit or restriction on the maximum transaction limit. We will tell later how to open this account.
- Insta Saving Account: In this account, your account gets activated immediately, but there are some restrictions attached to it. For example, balance cannot be more than Rs 1 lakh at any one time. In a year, a total transaction of more than Rs 2 lakh cannot be done. Within 1 year of opening this account, it will have to be converted into a Full KYC account by visiting your bank branch (Home Branch). Otherwise your account will be closed.
- Here, we are explaining the process of opening an Insta Savings Account. Because, it opens instantly, and you don’t need to go to the bank and submit any documents. Then you click on Insta Saving Account button present under Apply Now.
- In the next step you have to click on Start a New Application. Here the option of Resume Application is also visible, leave it. This happens for those who had earlier started the application form filling process and left it in the middle.
- In front of you SBI Insta Saving Account read them and tick the Consent box at the bottom and click on Next button. Note: Keep my Aadhar card and PAN card number with you. These will be needed in the process of opening an Insta Savings Account.
- On entering my mobile number on OTP, the number will be sent. If yes, then enter that e-mail id, otherwise you can leave. If you enter the email id, then a different OTP number will come on that also. Then click on submit button below.
- Your mobile number and email id (if entered) will come as separate OTP numbers. See them and put them in the OTP box. Then, click on the submit button below.
- Now you will get one you have to set password for your application. Password must be at least 8 characters, and include at least one uppercase letter (ABCD…), at least one lowercase letter (abcd…), and at least one special character (@#$%) .
- Now you have to set one question and its answer from the given Sequirity Question. In case of forgetting the password later, the password can be created again by answering this question. Finally, click on the button below Next.
- A message will appear on your mobile screen that within next 15 days complete this application form saving account opening process. Otherwise this form will be automatically deleted. Click the OK button at the bottom of the message.
- A FATCA/CRS declaration on the screen in which you have to declare that you are liable to pay tax in India only. Not in any other country or region. Check the blank box before this declaration.
- Now you will be asked for some information for the account opening form (personal details), this information has to be filled in 5 steps. The details of what will be filled in five stages are as follows-
- In the beginning, first you have to give consent that your Aadhaar number and other personal details can be used to open an account with State Bank of India. Also, in case of discrepancy between the details entered in the Aadhar card and PAN card, the bank will have the right to close or stop the account.
- After that you will have to enter your Aadhaar number, if you do not want to show your Aadhaar number, then you can also use Virtual Aadhaar ID. You can use this link on UIDAI website- https://resident.uidai.gov.in/vid-generation to generate Virtual ID. After entering your Aadhaar number or Virtual ID, an OTP number will be sent to your mobile. Submit it by entering the below OTP.
- Now you need to enter your city of birth, country, citizenship and nationality. Your address will already be shown in the form, but you will need to provide some information, such as the name of the state, district and city. now click next.
- Now you have to enter your PAN number and click on Next. Now you will see that your photo (which was in the base) is already lying there. Verify it Click Next.
- You have to enter into the education you have taken. Married or not.
- In the next page you have to enter the name of your father, mother and spouse (spouse).
- On the next page you have to enter Annual Income (Annual Income)
- Now you have to tell what kind of profession (salary/occupation etc) you are in.
- Now you have to enter your account nominee’s name, relationship, date of birth, age etc. The nominee has the right to withdraw money only in the event of death or total disability of the account holder.
- Now you have to select that branch of SBI, in which you will submit KYC documents later.
- Finally, OTP number will be sent to your mobile number. Enter it and submit it.
- Now you have to enter the name which appears on your ATM card. It will reach your address within 15 days.
- The message to open your Saving Account appears on the screen. In this your bank account number, CIF number and bank branch code will also be entered. Temporary User ID will be sent to your phone through SMS. With the help of that temporary user ID and password, you can register for Internet Banking. After that online deposit and withdrawal process can also be started.
Zero balance account can also be opened by visiting bank branch or Bankmitra.
- Go to the bank with the required documents for SBI bank account. Such as- photo, identity proof, photocopy and original copy of address proof
- Ask the employee for the form to open a zero balance account in the bank branch. And, fill the information asked in the application form carefully beforehand.
- Attach photocopies of photographs and KYC documents (identity and address proof) with the application form. And submit it to the bank officer.
- Bank officials will check and verify your form and accompanying documents. After this your zero balance account will be opened.
Like a bank branch, you can also open a zero balance account with the help of SBI’s Bank Mitra (Business Correspondents).
Ordinary savings account can also be converted into zero balance account
If you already have a regular savings account with State Bank, then you can also convert it into a zero balance account (BSBD account). For this, you have to write an application and go to the nearest branch of SBI. In which, a request has to be made to close your regular savings account. The bank will follow the necessary procedure on the same and close your normal savings account. Thereafter, the bank will open your zero balance account (BSBD account).
Applicable Terms and Transaction Limits with Zero Balance Savings Account
- In a zero balance account at any one point of time, a balance cannot exceed Rs 50,000. If ever more money reaches your account, then it will have to be converted into a regular savings account by doing full KYC. Otherwise, you will not be able to do any further transactions.
- You cannot withdraw or transfer more than Rs 10,000 in any one month.
- You cannot even withdraw more than 4 times from a bank or ATM in a month.
- During any one financial year, the total credit cannot exceed Rs 1 lakh. If during any financial year, the total credit in your account exceeds Rs 1 lakh, then it will have to be converted into a regular savings account by doing full KYC. Otherwise, no further transactions will not be able.
- Money cannot be called from abroad in a zero balance account.
- Zero balance account. After one year, KYC documents have to be submitted and converted to normal savings account. If you do not do so within 24 months, your account will be closed.