Any individual who is 18 years old or more is eligible to open a SBI Basics savings account. One of the prominent advantages for this account is that it can be opened with Zero minimum balance. The rate of interest on savings is 4%. Bank also issues debit card free of cost.
Fill the AOF, KYC documents as in AOF along with two coloured passport photographs. Provide information on KYC, the required type of savings account, Form 60/Pan Number and an optional Form DA-1.
This bank account can be opened free of cost in any SBI branch. The account holder cannot have any other savings bank account if he/she opens this account and all other SB accounts should be closed within 30 days of opening the basic savings account. It is a Know Your Customer (KYC) compliant account that can be operated as either a single or joint account. The account can be transferred between any S.B.I branches free of cost.
There is no upper limit of balance. The bank account can operated with cheque system where chequebook is given by the bank through which account holder can pay utility bills. Four ATM transactions in S.B.I. or any other bank is free in a month post, which they are charged a fee.
This account has no mobile banking facility and any extra facilities availed by customer are chargeable.
Collection or deposit of cheques drawn by state or central government, activation of inoperative accounts, and deposit of cash- are not charged. ATM cards issuing is charged as per the bank rules.