Best Online Bank Account Opening With Zero Balance in SBI: Pehla Kadam or Pehla Udaan is a Zero Balance account for minors. This was offered by SBI to promote Zero Balance accounts for people who are below the age of 18 years old.
Usually, when a person creates their account, they need to maintain a particular amount in their account every month. Here, the user does not have to maintain any Monthly Average Balance (MAB) in their account.
The zero-balance account was introduced to encourage the weaker section of society to save money. These types of accounts do not require any balance to be maintained so the user can keep as much as they want. This is a new facility provided by the State Bank of India in 2023 that offers a variety of services.
Zero Balance Accounts are not at all expensive so anyone can create this account if they have an Adhar number. The desired people can visit the nearest SBI Bank and can create their own accounts. So, if you want to create an account you need to carry your Identities and visit the SBI bank.
What are the Facilities one can get by creating Zero Balance Account in SBI?
- There are no minimum balance criteria for such accounts.
- The Interest rate is the same as the regular savings bank account.
- The maximum limit amount is Rs. 50,000
- Users will get their usual ATM card and payment facilities.
- There is no annual maintenance charge in Zero Balance Account.
- The monthly withdrawal limit is set to 10,000 rupees only.
- Users are only allowed to withdraw four times a month.
- Foreign Remittances are not accepted for such accounts.
Criteria of Online Bank account opening with zero balance in SBI
There are certain criteria for creating a zero-balance account, thus you need to be prepared with your personal Identities. The applicant is required to apply for creating their account through SBI online platform.
They also need to enter each of the details that are necessary. Once you have been registered, you can enjoy the facilities of your account with time.
You can also use online platforms to create a zero-balance account without visiting the bank. The forms and the application system are available online thus, it becomes easier for people to create an account without traveling any distance.
The minimum criteria are as follows:
- They have to be a resident of India, which is the most important criterion.
- The applicant should be 18 or above 18 years of age.
- A user of an SBI savings account cannot create a zero-balance account.
- They are required to have an Adhar card as identity proof.
- The applicant has to be a person who has not opened a savings account through Adhar OTP.
Here are some required documents that they need they need:
- A valid Adhar Card Number.
- Registered PAN Card
- In addition, you can also carry your driving license or Voter ID,
- The mobile number that has been registered is the same as the Adhar number.
- Two passport-size photos of the person.
Online Bank account opening with Zero Balance in SBI
Anyone can open a Zero balance account in SBI through the online portals. Here are some steps that one needs to follow –
- You need to open the SBI portal through the site https://www.onlinesbi.sbi/
- https://www.onlinesbi.com/ will directly take you to the required page.
- You are required to click on the customer information section on the menu.
- Now, here you need to enter the required informative details.
- Different sections of the application form will be visible on the screen. You need to feel section A, where your name and details are asked.
- Carefully fill in the necessary details and save the form.
- The system will send you a customer reference number SCRN.
- You need to save or copy the number and use it on the account opening form when required.
- Now, you need to fill up the information section properly and carefully.
- According to your given information, the portal will generate your account with the Customer reference number. The one that you saved earlier.
- This number will help in printing the required form.
- After completely filling in the form, the system will send the applicant an SMS. They will also receive a SARN number via the mobile number.
- Once the account starts working, the account holder can request SBI net banking facilities.
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YONO SBI Account Opening Online
While creating a YONO account in SBI, you need to follow the steps –
- First, the applicant should download the YONO app on their mobile.
- Open the app on your device and click on the option “new SBI”.
- Select the option relating to the opening of an SBI digital savings account.
- Now, you need to select on the insta saving account and click on the “apply now” option present on the screen.
- You need to accept the terms and conditions of the app before you start opening a new account.
- The person willing to create their account needs to enter his or her valid mobile number.
- Later, the SBI will communicate about the number.
- An OTP will be sent to your mobile number to check its validity.
- you have to create a password that is strong and easy to remember.
- Enter the FATCA declaration, which shows the information about your citizenship.
- In addition, you also need to enter your Adhaar Number and the key in the OTP received.
- Now, you need to enter your personal valid details along with your address and PAN number.
- The YONO app’s system will show the Adhaar card picture.
- You need to click on the process and then click next.
- Now, you need to enter your educational details and relationship status.
- Enter your mother’s and father’s name.
- Next, you also need to add your annual income, occupation, and your religion.
- Type the nominee’s information name and residing location.
- Selecting your home branch, name, and your locality.
- And then you need to agree to the terms and conditions.
- Lastly, you need to enter your OTP.
- Now, the page will request a name that you want on your debit card.
- And then your account will be registered, and you can access your account number and your bank branch.
Advantages of opening an Online Bank account with zero Balance in SBI
There are numerous facilities one can get if one opens a zero-balance account. These accounts are primarily for those people who are willing to save money and have a bank account without any payment. Any person can apply for such accounts in SBI and can enjoy its advantages.
- A zero-balance account is helpful for everyone who wants to create an account. They do not have to maintain any minimum balance every month.
- You get equal facilities which include a debit card and Online banking.
- The user can also withdraw amounts like other bank holders.
- You also get the facility to withdraw 4 times a month.
- There are no charges for maintaining the amount.
- Bank holders get the same interest on their zero-balance account as any other users.
- The user gets an interest of 2.70 percent per annum for an amount of more than Rs. 1 lakh.
- Bank holder also gets a free checkbook for which no separate payment is required.
- The customer can also apply for overdraft services after a time span of 6 months.
Disadvantages Opening Online Bank Account with zero Balance in SBI
Like advantages, any banking service has its disadvantages which should be known by any bank holder. The disadvantages might not be a huge issue but at times these might become a problem. Some of such disadvantages are as mentioned below briefly:
- As it is the State Bank of India, only the citizens of India have the advantage of creating a bank account. People other than Indians are not permitted to open a Zero balance account. Thus, these types of accounts are not accessible to people outside India.
- No account other than a Zero balance account has a maximum limitation of Rs. 1 lakh. Such restrictions cannot be removed until you have applied for the KYC process.
- The foreign transactions and contributions are not for such accounts. Thus, the zero balance account fails to provide you with this facility.
- The Bank holder cannot withdraw more than 10,000 in a single month.
SBI Basic Savings Bank Account Interest Rate
- If the account balance is up to Rs. 1 crore, then the rate of interest is 3.50% per annum,
- When the user’s account balance is above Rs. 1 crore, then the interest rate will be 4% per annum.
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The Zero balance savings account can be a good option for those who want to save. These accounts are introduced in order to encourage people to save a small amount without investing or paying. Even though there are several disadvantages, SBI is the best choice for any middle-class bank holder.
You do not have to worry about maintaining a minimum balance or paying for the bank maintenance cost. Without any payment, the bank holder enjoys the ATM as well as the card faculties. In addition, you can also get online banking facilities.
It’s a perfect account for those who do not want or cannot maintain a particular amount. The online banking system makes it easy for quick payment from any distance. In this account, you can also use the online payment mode without any extra charges. Thus, people prefer SBI more than any other Indian bank.