The minimum balance requirement to open a savings account with State Bank of India (SBI) varies based on factors such as the type of account and the location of the branch. Generally, SBI requires a minimum balance of ₹0 to ₹10,000 to open a savings account. For specific information on the minimum balance requirement, it’s best to check with your local SBI branch or customer care. Keep in mind that maintaining a minimum balance is mandatory to keep the account active and avoid penalties.
How Much Money Need to Open Account in SBI Bank
The amount required to open an account with the State Bank of India (SBI) varies depending on the type of account you want to open. For a savings account, the minimum balance requirement can range from Rs. 1000, Rs. 3000 to Rs. 10,000, depending on the type of savings account and the location of the branch.
For example, SBI’s Basic Savings Bank Deposit Account, also known as BSBDA, has a zero balance requirement, which means you do not need to maintain a minimum balance in the account. On the other hand, SBI’s Regular Savings Account has a minimum balance requirement of Rs. 1,000 for branches in metro cities and Rs. 500 for branches in other locations.
Similarly, the amount required to open a fixed deposit account with SBI also varies depending on the tenor and the amount of deposit. The minimum deposit amount for a fixed deposit account is usually Rs. 1,000, while the maximum deposit amount can go up to Rs. 1 crore.
It’s best to check with your nearest SBI branch or call the customer care for more information on the specific requirements to open an account with SBI, including the minimum balance requirements and the documents required to open the account.
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FAQ: How Much Money Need to Open Account in SBI Bank
Frequently Asked Questions about the Minimum Balance Requirements to Open an Account with State Bank of India (SBI):
The minimum balance required to open a savings account with SBI can vary depending on the type of account you choose and the location of the branch. In general, the minimum balance required can range from INR 500 to INR 10,000.
Yes, SBI requires a minimum balance of INR 50 in its BSBDA account. This account is designed for economically weaker sections of the society and provides basic banking services at a low cost.
SBI charges a penalty for not maintaining the minimum balance in a savings account. The exact amount of the penalty may vary depending on the type of account and the location of the branch. The penalty can range from INR 5 to INR 15 per month.
Yes, you can avoid the minimum balance requirement by keeping your account in credit.
You can contact your SBI branch or customer care to find out the minimum balance requirement for your account. You can also log in to your SBI net banking account or SBI YONO app to view the details of your account and the minimum balance requirement.
It’s important to regularly check the minimum balance requirement and ensure that you maintain the required balance in your account to avoid any penalties.