(Online Desk)

Worried about minimum balance requirements? State Bank of India (SBI) offers a special type of bank account which doesn’t allow the account holder to maintain any specific monthly average balance.

SBI’s Basic Savings Bank Deposit Account comes without any minimum balance requirement and offers the same rate of interest as applicable to Savings Bank Account, according to its website – sbi.co.in.

Currently, India’s largest bank SBI offers a rate of interest of 3.5 per cent per annum on deposits up to Rs. 1 crore in savings bank accounts, according to the bank’s website.

After a gap of six years, SBI had reintroduced the monthly average balance (MAB) charges on savings accounts from April 1, 2017.

While its Basic Savings Bank Account is free from the Monthly Average Balance or minimum balance requirement, the account can be opened singly, jointly “or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility”, according to the SBI website.