SBI Small Account: this account can be opened without any documents, know what is the process

In 2014, the Reserve Bank of India (RBI) made it clear through a circular that any person can open a "Small Bank Account" without any documentation. According to the Reserve Bank of India, anyone can apply for a Small Attached Photograph and Small Bank Account by giving a signature or thumb impression in front of a competent officer of the bank. The KYC rules have been relaxed to connect more and more people to the banking system of the country. The country's largest bank State Bank of India (SBI) also offers Small Bank Account for its customers. According to the bank's website, anyone over the age of 18 can open 'Basic Savings Bank Deposit Small Account' or 'SBI Small Account' of SBI.

Let's know some key things related to SBI Small Account:

• After opening SBI Small Account, you do not need to maintain any minimum balance.

• You can keep up to a maximum of Rs 50,000 in your account at one time. Transactions up to a maximum of Rs 1 lakh can be done through this bank account in a year. If the amount deposited in your account is more than Rs 50,000 or there is a transaction of more than one lakh rupees in a year, then you will not be able to do any transaction till the completion of the KYC process.

• People who have SBI Small Account can withdraw money up to four times in a month. These withdrawals can happen in any of four ways including RTGS, NEFT, online transfer. You cannot withdraw more than Rs 10,000 in a month.

• SBI provides basic RuPay ATM-cum-debit cards to its Small Account Holders at no charge.

• SBI also pays interest on Small Account at the rate offered on regular saving account.

• SBI Small Account opens for 12 months initially. After that, if the account holder provides proof that he has applied for any official document within 12 months of opening the account, then his account can remain active till next month. If a person does not submit any documents within 24 months of opening the account, then no transaction will be allowed.

• After submitting the KYC documents, you can get your small account converted into a regular savings account.