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How to Open a SBI Account Without Valid KYC? Research Team | Posted On Saturday, January 04,2020, 03:31 PM

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How to Open a SBI Account Without Valid KYC?



Opening a bank account was nearly impossible without a valid address proof. With the introduction of Jan Dhan accounts the economically backward sections of the society were able to enroll and open bank accounts. However, a lot of Indian still faces the same problem every day due to the lack of proper documents and hopes for a simpler documentation process.

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The SBI has taken a step ahead and simplified the KYC norms to make the account opening process easier. The SBI is now allowing customers to open zero balance savings accounts (also known as a small accounts) without submitting KYC documents. Individuals above 18 years of age take advantage of this facility and open small bank accounts. The bank has established certain guidelines over the operation of these accounts due to the relaxed KYC policy. The main aim of the scheme is the financial inclusion of the poorer sections of society. 

Who Can Open the Small Bank Account?

The SBI offers the opportunity to migrant workers or economically backward sections of the society to open zero balance accounts without submitting KYC documents. Such individuals can operate the account for a year and can convert it into a regular savings account by submitting KYC or proof of identity within one year. Individuals above 18 years of age are eligible to open a zero balance account in a single name or under joint names.

See Also: What is a Savings Bank Account?

What are the Requirements for Opening These Accounts?

To open the zero balance account you have to visit your nearest SBI branch and contact the bank executive. You can open the bank account by submitting a self-attested photograph and an application with a simple declaration of their residential address.

The customer must put his thumb impression on the application in the presence of the bank executive. Once the process is completed, a small bank account will be opened in the customer’s name.

Rules for the Operation of Such Bank Accounts:

  • The new rules state that the balance in these small accounts should not exceed Rs. 50,000. Also, the total money transfer and withdrawals of these accounts must not exceed Rs. 10,000 per month.
  • The account must not exceed transactions above is. 1 Lakh a year.
  • A limit has been specified for carrying out transactions from these accounts. Account-holders cannot exceed this limit (total transactions of Rs. 1 lakh per year. if the account holder reaches the limit then the further transaction will be allowed until they submit their KYC or address proofs.
  • The maximum number of withdrawals is capped at 4 per month. This includes ATM transactions from own bank and other banks, transactions through other modes like NEFT/RTGS/Clearing/Branch cash withdrawal/transfer/Internet debt etc.
  • The bank guidelines further state that remittances from a foreign account cannot be credited into these zero balance accounts unless the accountholder furnishes all their documents.
  • The account holders can visit the bank branch directly to convert the small bank accounts into regular savings accounts. The customer must contact the bank executive and manually submit all KYC documents. Once the verification is conducted and the details are uploaded, the account will be converted into a regular savings account.

See Also: Small and Payment Banks for Financial Inclusion

How Long the Account Remains Operational?

The zero balance accounts are mandated to remain operational for the initial 1 year, within which the account holder must submit KYC documents to the bank. if the accountholder submit the KYC documents then the account will be further extended to another 12 months,

If the account holder fails to abide by the guidelines and does not submit the KYC details within or at the end of 12 months from opening zero balance account then the account will not get an extension of another 12 months.

Also, if the account holder fails to submit documents within 24 months of opening the small account, then the bank will not allow further transactions. The bank will only allow transactions required for closing the account.

Charges to Hold These Accounts:

Usually, these zero balance accounts do not require the individual to pay maintenance charges or keep a minimum balance. Given below are complete details of charges associated with these accounts:

  • The bank will dispense a basic RuPay ATM-cum-debit card to the account holder free of cost
  • The account holder do not need to pay annual maintenance fee
  • Money transactions through credit channels NEFT/RTGS will be completely free of cost for these accounts
  • The deposit and collection of cheques will also be free
  • The accounts also do not contain any account closure charges.

See Also: Features of an SB account

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