State Bank of India (SBI), the leading public sector bank of India, has made some changes in its rules regarding zero balance accounts. SBI has now increased the facilities offered on such accounts. According to the Reserve Bank of India guidelines, customers have to fulfill KYC rules to avail new facilities. It is worth noting that zero balance accounts are called Basic Savings Bank Deposit Account. Prime Minister Narendra Modi in his last tenure introduced zero balance accounts to connect the poor people with the banking system.
According to the Reserve Bank of India guidelines, customers have to fulfill KYC rules to avail new facilities.
Such accounts can be opened in any government bank. Until now, debit card facility was available on zero balance accounts, but now SBI has increased these facilities. Now these account holders will get debit card as well as internet banking facility. There will also be a facility to withdraw cash from debit cards four times a month at no charge. There is no need for a zero balance account holder to keep minimum balance in their account for these facilities. It gets interest like other savings accounts.