Pooja Chaudhuri Chaudhuri
The only fiction I enjoy is in books and movies.
In April, the State Bank of India (SBI) implemented changes that included maintaining a minimum balance of Rs 3,000 in city branches; the failure of which would result in a penalty. Similar rules were applied to metro city and semi-urban branches.
However, there is one SBI account which does not require customers to maintain any minimum balance.
This is a limited-services saving bank account aimed at encouraging savings without any burden of charges or fees. A person has the freedom to maintain zero balance in the account with no upper limit.
“This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees”, reads the SBI website.
Eligibility criteria to open the account are same as it is there in case of regular savings bank account. However, the customer cannot have any other savings bank account if he/she has a Basic Savings Bank Deposit Account, SBI said.
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