State bank of India (SBI), has offered zero balance saving bank account to its customers. No it is not a new saving account scheme launched by SBI, rather SBI has removed the minimum balance condition from its saving bank accounts. Which means now customers can keep any amount in there saving bank account at SBI ranging from zero to n without worrying about penalty.
SBI also had a minimum balance condition which demands its customers to maintain atleast 1000 as average minimum balance failing which attracted penalty on customers. But now SBI have waived of the minimum balance criteria from saving bank accounts. This move will attract more customers to SBI and will also help retain existing customers as this facility is available to both existing and new customers of SBI.
- Zero Balance Account
- No minimum balance criteria on normal saving bank account.
- This facility is for both new and existing customers
Now SBI saving account holder can maintain as low as Rs 0 in there bank account without any charges. On the other hand private banks imposes penalty of Rs 100 to Rs 250 on non maintenance of minimum monthly average balance prescribed by the bank.
Usually banks lies up with companies and offers zero balance accounts to salaried employees in which the salary of the employees gets credited every month. This type of saving accounts are called as corporate salary accounts. Other than that some banks also offer zero balance account to there women customers.
Apart from salary account and women’s account few banks also allow zero balance saving account attached with a recurring deposit account. Like in case of ICICI bank, they allow you to maintain zero balance account with a running recurring deposit account in there bank. The minimum duration for the recurring deposit account at ICICI is 6 months.