India’s largest bank by assets and customers State Bank of India has been offering the facility of basic savings bank deposit account in which no minimum balance is required. According to SBI, the account can be opened by any individual subject to valid KYC documents. This account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees, SBI said.
The facility of opening a basic savings bank deposit account is available at all the branches of State Bank of India. The customers of basic savings bank deposit account can withdraw money using withdrawal forms at State Bank of India branches or through SBI ATMs. To all the customers, a basic Rupay ATM-cum-Debit card will be issued upon successful fulfillment of KYC formalities.