How to Open Zero Balance Account in SBI? Documents Required, Eligibility, etc.

SBI offers zero maintenance balance accounts that enable the account holder to not face penalties in case of zero balance in their accounts.

This not only removes any hesitation in the account holder to feel comfortable in opening the bank account but also adds to the overall financial inclusion of the poorer section.

The account holder of a zero balance account also gets a fully functional bank account with digital banking services like mobile banking, net banking, etc.

In this column, we will discuss How to Open a Zero Balance Account in SBI, documents required, eligibility, etc.

SBI Account offering Zero Maintenance Balance

The following are the different types of SBI account that offers zero maintenance balance-

• SBI Basic Savings Bank Deposit Small Account
• SBI Basic Savings Bank Deposit
• SBI PM Jan Dhan Yojana Account
• SBI Salary Account (some subcategory offers zero-balance account)
• SBI Saving Account for Minor
• SBI Savings Plus Account

Documents Required for Account Opening

The following are the documents required for opening a zero balance account in SBI-

• Address Proof- Aadhaar Card, Voter ID, Passport, Driving License, or Utility Bills (electricity, water, gas, mobile, and telephone)
• Identity Proof- Voter ID, PAN Card, Aadhaar Card, Passport, ID card issued by central/state government, Driving License

Prerequisites

• Passport size photograph
• Registered Mobile Number connected with Aadhaar Card
• Aadhaar Card and PAN Card linked
• It is also important to have the same name on both Aadhaar Card and PAN Card

How to Open Zero Balance Account In SBI?

The following are the step by step processes for opening zero balance account both online and offline in SBI-

Online

You can use both the Net banking website and mobile banking app to open a bank account online, which is as follows-

Using Net Banking

• Online account opening is the easiest way of opening a bank account, you can do that by visiting the official website of SBI
• Now, navigate to the accounts tab followed by clicking the type of bank account your want to create an account on
• You’ll be redirected to the dedicated page of the account with all the details, here, you’ve to click on the “Apply Now” button
• Now, you’ll be redirected to the SBI YONO application window where you have to provide the phone number and email
• An OTP will be sent on your mobile number and email ID which you’ll have to confirm by entering it on the given field
• After OTP is confirmed, you’ll have to provide your Aadhaar number and tick a few checkboxes followed by clicking on the Next button
• Now, an OTP will be sent on your mobile number connected with your Aadhaar card
• After verifying the OTP, you’ll have to enter the PAN card number followed by ticking the checkboxes for the FATCA declaration.
• Now, you’ve to provide the documents number that you want to provide as a KYC document
• After providing your KYC document, a form will appear with partially filled details and here you’ve to provide basic details like address, date of birth, place of birth, etc.
• In the next screen, you’ll be provided with the nomination or joint account option which you’ll have to select as per your requirement
• Now, preview the form and submit the form by clicking on the submit button
• After clicking on the submit button, a PDF account opening form with filled details will be downloaded on your computer
• You’ll have to take the printout of the application form and submit the form along with the attached KYC documents and submit it to the nearest SBI Bank branch
• After submitting the documents, your account opening form will be reviewed. After successful review, you’ll be notified about the account opening
• After the opening of the SBI account, SBI will send an account starter’s kit which includes debit card, mobile banking, net banking details using which you can fully use your account

Using Mobile Banking

• Download and install the SBI YONO app and open the app
• After opening the app, you’ll be prompted with the registration option of- existing customer or new to SBI
• Select new to SBI option and proceed with open Savings Account followed by selecting with branch visit or without branch (only Instant KYC digital Account) visit KYC activation
• After selecting the appropriate option, you’ll be redirected to an application form, here you have to provide your mobile number and email id (optional)
• After entering the mobile number and email ID an OTP will be sent on the number and email which you have to enter and confirm them
• After confirming the OTP, you’ll be prompted with FCRA compliance which checks for tax liability for foreign fund
• Now, you’ll have to enter the Aadhaar number followed by confirming the number by entering the OTP sent on the mobile number connected with your Aadhaar card
• After verifying the OTP, you’ll have to enter the PAN card number followed by a click on the submit button
• Now, you’ll have to provide proof of identity and proof of address details by entering the document ID number
• After providing the documents, a partially filled form will appear which you’ll have to completely fill by entering your date of birth, place of birth, and address details
• Now, provide the nomination and joint account details (if any) followed by clicking on the Next button
• Now, you’ll have to tick on the terms and conditions and preview your application followed by clicking on the submit button

Video KYC

• For Video KYC, you’ll have to provide a schedule timing and date to the system by entering the appropriate appointment timings
• Now, in the date and timing you specified, open the video KYC link and enable your mobile phone camera
• An SBI correspondent will be connected to you via webcam and you’ll have to provide your original PAN card, Aadhaar card by displaying them on the webcam
• There are other documents like your signature that you’ll have to do on white paper and show that on the camera
• After verification steps have been done, you’ll be notified about the successful activation of your bank account
• After the opening of your bank account, you’ll receive the SBI starter’s kit that includes debit cards, mobile banking, net banking login details, etc.

Normal KYC

• For normal KYC, you’ll have to visit the bank branch with the downloaded application form
• Make sure you’ve attached your PAN Card and Aadhaar card to the application form and submit it to the bank representative
• Now, your application form will be reviewed and you’ll be notified about the successful activation of your account
• After the opening of your bank account, you’ll receive the SBI starter’s kit that includes debit cards, mobile banking, net banking login details, etc.

Offline

• Visit the nearest SBI bank branch and ask the bank representative for an account opening form
• Now, fill the form with correct details like name, address, mobile number, etc.
• Make sure you have ticked the check box of mobile banking, net banking, phone, email, etc.
• Now, attach the documents mentioned above along with the filled application form and submit it to the bank representative
• He/she will review your application and forward it for further verification
• After successful verification, you’ll be notified about the successful account opening
• Now, you’ll receive your SBI starter’s kit via post which includes an SBI debit card, mobile banking, net banking password, cheque book, and bank passbook.