State Bank of India has made it mandatory to have minimum balance in the savings accounts. If you do not maintain minimum balance then the bank would deduct charge for it. But SBI also has some such accounts in which you do not have to keep the minimum balance. This means that even if you keep zero balance in these accounts, you will not have to pay any kind of charge.
The best part is that if you currently have a normal savings account, you can also convert it to one of these accounts. For this you have to apply for this change by visiting SBI branch. In this way you can avoid the condition of keeping the minimum balance. You do not have to keep the minimum balance in these three accounts given below.
1) Basic Savings Deposit Account: You can take advantage of all the features of SBI’s Basic Savings Deposit Account, just like a normal Savings Account. With this you get a Rupee Debit Card, on which you do not have to pay any kind of Annual Charges. You can open this account in any branch of SBI. With this, you will get the same interest as other Savings Account.
2) Jandhan account: The second is Jandhan account. You do not have to keep the minimum balance in this too. According to the information given on the SBI website, you get an insurance cover of 1 lakh rupees along with it. You also get Rupee Debit Card along with the Jandhan account.
3) Small account: If you do not have the necessary KYC to open a savings account, then SBI’s small account is for you. Here you get an opportunity to open an account with minimal documents. You do not even need to have minimum balance in this. However, you can not balance more than 50 thousand rupees.
4) SBI Salary Account: There is no condition to keep minimum balance in the SBI Salary Account. However, these accounts are open by most of the companies for their employees. But if you have SBI’s salary account, then you do not have to worry about keeping the minimum balance.