In response to online no-frills accounts like Kotak 811 and Axis ASAP, State Bank of India has launched its own minimum KYC account called SBI Kiosk. The account is aimed at people who do not have formal identity documents. For SBI Kiosk, customers do not need to provide the usual KYC documents like Aadhaar Card or PAN Card. They only need to provide their self-attested photograph and signature/thumb impression. There is no minimum balance requirement for SBI Kiosk.
How to open
An SBI Kiosk account can only be opened physically at an SBI branch. It cannot be opened online. Joint accounts can also be opened under SBI Kiosk.
Any person above the age of 18 whether or not he/she has formal identity documents.
The interest rate on SBI Kiosk is the same as the rate on any other SBI savings account. The current interest rate on SBI savings accounts is 4%.
Customers of SBI Kiosk will be issued a basic RuPAY debit card.
There is no annual maintenance charge and no account closure charge. Transfers through NEFT/RTGS will be free. Deposit/Collection of cheques drawn by Central/State governments will be free.
The account has a validity of 12 months, after which the customer must complete full KYC with SBI. However the account holder can extend this account without full KYC for another 12 months if he can show proof that he has applied for government ID documents.
The account comes with certain restrictions. The balance in it cannot exceed Rs 50,000. Aggregate transfer to it and from it, in a month cannot exceed Rs 10,000. Aggregate credits to the account in a year cannot exceed Rs 1 lakh. If these conditions are breached, no further transactions will be allowed in the account until full KYC is completed. Only four withdrawals per month are allowed and foreign remittances to the account are not allowed.