State Bank of India offers four types of accounts where customers aren’t required to maintain a minimum monthly balance.
Do you hold a savings bank account with India’s largest bank? Then you should be aware that SBI or State Bank of India requires you to maintain a certain minimum balance in your account every month. However, SBI also offers some types of bank account where you are free from this obligation. It means you can use as much money as you want from available funds in your account every month. State Bank of India, which completed 62 years of operations earlier this month, offers at least four types of accounts where customers aren’t required to maintain what is known as ‘monthly average balance’. This is the average of daily balances in the account during a month.
The four types of accounts are small savings bank accounts, basic savings bank accounts, corporate salary accounts and Jan Dhan accounts, which are opened under the government’s financial inclusion scheme Pradhan Mantri Jan-Dhan Yojana (PMJDY).
Besides Jan Dhan accounts, explained below are the other three types of accounts offered by SBI where you don’t have to comply with minimum balance rules:
Small savings bank account
SBI’s small savings bank account has a maximum balance limit of Rs. 50,000 and offers a rate of interest applicable to savings bank accounts. Account holders get an ATM-cum-Debit card, issued free of cost and without any annual maintenance charge, as per the SBI website. All credits in a financial year should not aggregate to more than Rs. 1 lakh and Rs. 10,000 in case of withdrawals and transfers.
Basic savings account
SBI’s basic savings account has no minimum balance or maximum balance limits. Holders of this account type “will not be eligible to open any other Savings Bank Account” at the bank. Such an account – in case the customer already holds one – will have to be closed within 30 days of opening the basic savings bank deposit account.
Corporate salary package
SBI’s salary accounts under corporate salary package offer many benefits to the employer and the employee alike. This account type reduces employer’s paperwork and salary administration cost. Employees get free internet banking and mobile banking services, among other features, as per the SBI website.
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