Closing SBI account? Here is what State Bank of India charges you for it

By: | Published: July 25, 2018 4:08 PM

The State Bank of India is the largest lender and probably the most popular among both rural and urban population of the country. But are you looking to close your SBI account?

The State Bank of India is the largest lender and probably the most popular among both rural and urban population of the country. (PTI)

The State Bank of India is the largest lender and probably the most popular among both rural and urban population of the country. But are you looking to close your SBI account? Well, if that is the thought running through your mind, then let us run through the charges that you are required to pay to the bank. A customer needs to pay a fee of Rs 500 plus GST under certain conditions which are mentioned in the table below.

The conditions mentioned above are as per the SBI corporate website – sbi.co.in. Interestingly, there are no charges for those who place the request within 14 days of opening the account.

Period Charges
Up to 14 days of opening – Free look period NIL(As per BCSBI Code)
After 14 days up to 1 year of opening of account Rs. 500+GST
Beyond 1 year of opening of account NIL
Accounts closed on settlement of accounts of deceased depositors NIL
Closure of Regular SB account by BSBD account holders NIL

What happens if you choose to close SBI account after one year?

According to SBI, for those who choose to close their account after a year, no fee is charged. Similarly, there are no charges for the closure of a regular savings bank account by a customer holding a BSBD or Basic Savings Bank Deposit account with the bank, the website stated.

The public-lender provides various types of savings accounts and one such type is Basic Savings Bank Deposit (BSBD) account. Customers who subscribe to this account are provided with certain special privileges from the bank. For example, a BSBD account holder is not required to maintain a minimum balance according to the bank’s monthly average balance (MAB) rules. The BSBD account offers the same interest rate on deposits as do the regular savings bank accounts.

What is Basic Savings Bank Deposit (BSBD) account?

A ‘basic savings bank deposit’ (BSBD) account, as the name suggests, is an account which does not require customers to maintain any minimum or monthly average balance. A BSBD account also does not require any minimum or maximum limit on the amount. Banks also offer debit cards on this account, and ATM facility, among other services.

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