In a path-breaking move, SBI has introduced savings bank accounts with zero balance. It is targeted at the bank’s customers, who fail to keep minimum balance in the account.


In this, the rule of fines, while the balance dips below the minimum balance, has been waived off, that means you won’t have to pay any charges for minimum balance in your account. Not only, this is available for the new account holders, but it also extends to the old customers as well.

State Bank of India 0 balance account

Let’s have a look to the Zero Balance Account of SBI bank details with features.

How does the concept of minimum balance work?

  •  As per the previous rule, a person had to keep a minimum balance of Rs 1000 for the savings bank account with cheque book facility. There are also certain accounts, where the minimum balance varies as low as Rs 50.
  • In the newly introduced norm, no quarterly calculation of fine would be collected for failure of not keeping minimum balance.
  • SBI has also refunded the fines collected from its customers in the last quarter, when the decision for the waiving was made.
  • This move is largely directed at collecting new customers for opening new accounts.
  • This is believed to be a major step towards making people with no bank accounts friendlier with a banking environment.
  • All the rules except the minimum balance for savings account will remain the same, while a person applies for opening an account.
  • It has to be noted that for opening an account with cheque facility, you need to have Rs 1000 in your account. This will continue to remain in force, while the provision for fine in case the minimum balance goes down Rs 1000 during transactions, has been done away with.
  • Similarly, for opening an account without chequebook, you need to have Rs 100 in your account. But no penalty will be applied if the balance becomes zero for sometime during transactions.
  • This was applicable earlier to salary accounts, which were opened in bulk by the companies and corporate and were free to be under the norms of minimum balance.

Please note that initially you will have to deposit a sum of Rs 1,000 in your SBI account to apply for zero balance account.