State Bank of IndiaSBI Small Account

Any individual who is 18 years old or more is eligible to open this 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 ATM cum debit card, cheque books and internet banking free of cost but does not provide the service of mobile banking.

The benefits of this type of account are that bank issues debit card which could be widely accessible. Account holder is offered a moderate earning and maintains minimum quarterly balance in his/her account. This scheme can be opened by an individual or jointly with someone and permits the holder to maintain balance up to Rs.50, 000.

The account can be transferred across any branch free of charge. No overdraft facility is available. No reward points are given.

Terms and conditions of SBI Small Account:
  • Up to four transactions of ATM are free of charge in S.B.I or any other bank ATM.
  • Rs.100 is charged for the issue of duplicate pass book and Statement with latest balance.
  • Out station cheques are collected with charges Rs 150 along with other charges applicable
  • Cheque book with up to 25 leaves is issued free of cost and when unpaid cheques are returned Rs.75 is charged along with other bank charges.
  • No charges are levied for the collection of central or state government cheque deposits.
  • No charges for the activation of dead accounts are levied.
  • Online transfer of funds for NEFT or RTGS is free of cost.

The amount of aggregate credits should not exceed one lakh in a financial year and the balance in the account should be up to Rs. 50,000 and with maximum monthly withdrawals of Rs. 10000. If the identity of a remitter is established through submission of valid documents, foreign remittance will be credited.

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