Have no money? Can’t afford fees and charges? And want to open a bank account for saving purposes or any other need? Relax, the State Bank of India is here for you. The bank has introduced Basic Savings Bank Deposit (BSBD) Account, which is a zero balance bank account and can be opened by any individual provided he/she has valid KYC documents, although the account is primarily meant for the poorer sections of society to encourage them to start saving without any burden of charges or fees. You can also apply for this account online.
So far as eligibility to open this bank account is concerned, it is the same as applicable to regular Savings Bank Account.
Here are some other important things to know about this account:
KYC requirement: The account will be KYC-compliant.
Mode of Operation: Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.
Available at: All SBI branches
Minimum balance amount: NIL
Maximum balance /amount: No upper limit
Rate of Interest: As applicable to Savings Bank Accounts
Operations in the Account:
# Using withdrawal forms at branches or through ATMs.
# Basic RuPayATM-cum-debit card will be issued
# Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
# Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
# Deposit/ collection of cheques drawn by Central/State Government will be free.
# No charge on activation of inoperative accounts.
# No account closure charges.
Most Important Terms & Conditions:
# Someone who opens a Basic Savings Bank Deposit Account cannot have any other Savings Bank Account. If he/she already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
# Maximum 4 withdrawals allowed in a month, including ATM withdrawals at own and other Bank’s ATMs and transactions through other mode, including RTGS/ NEFT/ Clearing/ Branch cash withdrawal/ transfer / internet debits/ standing instructions/EMI, etc. No further customer debits would be allowed during the month.