What is the SBI Zero Balance Account Transaction Limit (2024)

FAQs

What is the SBI Zero Balance Account Transaction Limit? ›

You are allowed to make a maximum of four cash withdrawals free of charge monthly from your SBI zero balance account. This number includes both cash and UPI withdrawals or transactions.

SBI Zero Balance Account UPI Transaction Limit

The UPI transaction limit for zero balance accounts in SBI is the same as that for other savings accounts. Considering this, the UPI transaction limit in SBI is Rs.1,00,000. As an SBI customer, you cannot exceed this limit.

Restricted transactions

Zero-balance accounts have a limit on the number of transactions you can make per month. Usually, banks allow only four monthly withdrawals. If you do make more than the permitted number of withdrawals, the bank will convert your zero-balance account into a regular Savings Account.

Per Transaction Limit: As of February 1st, 2024, SBI has set a standard per-transaction limit of ₹1,00,000. This means you can send or receive up to ₹1 lakh using any UPI app linked to your SBI account. Monthly Limit: Thankfully, SBI does not impose a specific monthly transaction limit for UPI transactions.

Yes, you can keep zero balance in most types of SBI savings accounts except the SBI Resident Foreign Currency Domestic Account, which has a specific minimum balance requirement.

You have to follow the steps mentioned below to transfer funds quickly without adding a beneficiary in SBI account: Log in to the SBI internet banking account and select “Quick Transfer (Without Adding Beneficiary)” in the “Payments/Transfers” drop-down menu.

Usually, there is a deposit limit of Rs.1 lakh in a year, and the balance at any particular time should not exceed Rs.50,000. Otherwise, you can convert your zero balance account to a regular savings account and deposit as much money as you want without any hassle.

Disadvantages of Zero Balance Savings Accounts

This may include a limited number of free chequebooks, fewer online banking facilities or a cap on the number of free transactions per month. 2. Potential for mismanagement: The absence of a minimum balance requirement could lead to less disciplined financial management.

You could have any pending transactions that may be affecting the current balance. There can be deposits, transfers and more which might be pending. Check all the recent transactions from your account to see if there are no unauthorised transactions.

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The primary point of difference between these two kinds of savings accounts is the minimum balance requirement, of course. In a regular savings account, you will have to maintain the minimum sum needed. However, if you opt for a zero balance account, you can have a nil balance without facing any repercussions.

What is the maximum amount to keep in SBI account? ›

Furthermore, with the exception of the small savings account and the kids' account, there is no maximum balance in an SBI savings account. Furthermore, the maximum amount for minors accounts is INR 10 lakhs. The maximum balance for the small savings account, on the other hand, is INR 50,000.

Example: If a beneficiary is activated by Internet Banking system on Monday, till Friday, you will be able to transfer a total amount of Rs. 5,00,000 to this beneficiary. From Saturday onwards, you will be able to transfer up to Rs. 10 lakh to this beneficiary per day.

The customer can deposit any amount as per his/her convenience. Also, there is no cap on the upper limit. Unlike other savings account, the customer does not have to maintain a minimum balance and can operate the account at zero balance.

‍As per regulations, most zero-balance savings accounts in India have deposit limits. It means you can only deposit cash up to a specific limit (usually ₹1 lakh), after which you must change your bank account type to a regular savings account with a minimum balance requirement.

In a regular savings account, a penalty charge gets levied by the bank if you have no balance in your savings account. But that is not the case for a zero balance account. In a zero-balance account, no penalty gets levied if you have zero balance in your account, as you do not need to maintain a minimum balance there.

A zero balance account (ZBA) is exactly what it sounds like: a checking account in which a balance of $0 is maintained. When funds are needed in the ZBA, the exact amount of money required is automatically transferred from a central or master account. Similarly, deposits are swept into the master account daily.

In a regular savings account, a penalty charge gets levied by the bank if you have no balance in your savings account. But that is not the case for a zero balance account. In a zero-balance account, no penalty gets levied if you have zero balance in your account, as you do not need to maintain a minimum balance there.

During the first 4 days after activation, you may not transfer more than Rs. 5,00,000 in the aggregate to the beneficiary added by you. Thereafter, the full per day limit, as set by you, subject to maximum of Rs. 10 lakh, will become available.