State Bank of India (SBI) basic savings bank deposit account can be opened and maintained even with a zero balance, said country’s largest lender in a tweet on its official handle. According to SBI, users can open a new savings bank account with no minimum balance via mobile app YONO till August 31, 2018 under a limited-period offer. SBI launched YONO or ‘You Need Only One’, an unified integrated app, last year. YONO offers all kinds of financial and lifestyle products of SBI.
All you need to know about SBI’s savings bank account with zero balance:
1. Only Indian residents over 18 years of age with the capacity to contract in accordance with applicable laws in India, without any tax liability outside the country, are eligible for opening an SBI digital savings account with zero balance.
2. In order to open SBI’s savings bank account with zero balance via YONO app, the customer must have a valid Aadhaar number – the 12-digit personal identification number issued by the UIDAI or Unique Identification Authority of India – and valid Permanent Account Number (PAN. In case customer’s name as reflected in Aadhaar is different from that as reflected on the PAN card, the details as per Aadhaar will be taken on record.
3. The user must have a valid and active local mobile number registered in his/her name, a smartphone and an active email address in order to avail this facility.
4. SBI savings bank account with zero balance account is KYC (Know your customer)-complaint.
5. Such an account can be operated singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc.
6. The minimum balance amount requirement is zero for opening SBI’s savings bank account with zero balance.
7. There is no upper limit on maximum balance requirement.
8. The rate of interest applicable to SBI savings bank account with zero balance is same as that of SBI’s savings bank accounts.