If a person does not have KYC documents, he can open a bank account. SBI Basic Savings Bank deposit of such people provides the facility of small account. There is no charge or fee to be paid on this account.
If you do not have any KYC document, due to which you cannot open bank accounts, do not worry. State Bank of India (SBI – State Bank of India) provides a Basic Savings Deposit Small Account (SBI Basic Savings Deposit Small Account) for people above 18 years of age, in which the KYC document will not worry. This facility of SBI will be helpful for those who come from the poor section of the society and they do not have any document. Such people get the facility of bank account without any extra charge or fee so that they will be able to save some.
Due to the relaxation in KYC rules, there are many limitations on this account, which has to be taken care of. However, if you later submit the KYC documents, it will be converted into a regular Savings Account. Let’s know about this basic savings bank deposit small account of SBI …
If any person is eligible to open a bank account, then he can open his account by availing this facility of SBI. This account can be opened as a personal, joint bank account.
Where will this bank account open?
The option to open this bank account is available in all SBI branches. However, some specialized branches of SBI – such as Personal Banking Branches (PBBs) / Special Personal Banking (SPB) / Mid Corporate Group (MCG) / Corporate Account Group (CAG) branches do not get this facility.
According to SBI, the total balance in this account should not exceed Rs 50,000 at any given time. Also, the total withdrawal or transfer amount should not exceed Rs 10,000 in any one month. You also have to pay attention that the total credit amount should not exceed Rs 1 lakh in any one financial year.
If at any time the total balance in the account is more than Rs 50,000 or the total credit in a financial year is more than Rs 1 lakh, then no transaction will be allowed from this account. Yes, if you have made the KYC document available to the bank, then the services will start.
Money can be withdrawn only 4 times in a month through this bank account. There will also be money withdrawn from SBI or any other bank’s ATM. If any other means like RTGS / NEFT / Clearing / Branch Cash Withdrawal / Transfer / Internet Banking Debit / EMI etc. will also be included. After withdrawing 4 times in a month, then you will have to wait for the next month for the next withdrawal.