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No Minimum Balance Required for new SBI Basic Savings Accounts
April 17, 2017
The country’s largest bank SBI had recently merged with its five associate banks viz. State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), and Bharatiya Mahila Bank. One of the new changes this has resulted in is the elimination of the minimum balance requirement for opening a new savings account.
SBI has also mentioned in a tweet that there will be no hidden charges on the ATM/debit cards usage. Any individual who is 18 years old and above can open an account with the required KYC documents.
