| Bank | State Bank of India |
| Category | SBI Basic Savings Account |
| Minimum Balance Amount | NIL |
| Interest Rate | 4% |
| Debit Card Offered | Basic ATM-Debit Card |
| Eligibility Criteria | Individuals who are 18 years old and above. |
- A SBI Basic Savings Account can be opened free of cost at any SBI branch.
- This account is KYC compliant and can be operated as a single account or jointly.
- There is no upper limit set for the balance amount held in the account.
- The SBI Basic Account can be easily accessed and a cheque book will also be issued along with it.
- Accounts can be transferred between SBI branches free of cost.
- Customers cannot open any other SB account, if they hold a SBI Basic Savings Account. All other accounts have to be closed within 30 days of opening a SBI Basic Savings Account.
- Four free ATM withdrawals are allowed every month from SBI or other bank ATMS. Any withdrawal after that would be charged.
- Utility bill payments can be done using this account.
| Internet Banking | NEFT/RTGS transactions can be done free of cost. |
| Debit Card | A debit card is given free of cost with no annual maintenance charge |
| Mobile Banking | Not Available |
| Other Services | Any extra service availed will be charged as per the bank’s regulations. |
| Deposit or Collection of Cheques drawn by Central or State Government | Nil |
| Deposit of Cash | Nil |
| Activation of Inoperative Accounts | Nil |
| Issuance of variants of ATM cards | Charges as stipulated by the bank. |
- Filled-in Account Opening Form (AOF)
- Colored passport-size photographs – 2
- KYC documents as stated in the AOF
- KYC Information
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- Form 60 / PAN Number
- Form DA-1 for making a nomination (Optional)
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
