As the name suggests, a BSBD account is a basic savings account, and the opening procedure of this account is similar to the opening of regular savings bank accounts.
Basic Savings Bank Deposit (BSBD) accounts are offered by a large number of banks in India, including the State Bank of India (SBI) and HDFC Bank. As the name suggests, a BSBD account is a basic savings account that does not require customers to maintain any minimum or monthly average balance (MAB). With this account, banks offer basic minimum banking facility such as debit card, ATM facility, and internet banking facility, among others.
The BSBD account, thus, is a zero balance account which can be opened by any person provided she/he has valid KYC documents.
Here are 10 things to know if you are planning to open a BSBD account with the SBI:
# A BSBD account can be opened either singly or jointly. This account can be opened with valid KYC documents. Hence, one should be KYC-compliant. The opening procedure of this account is similar to the opening of regular savings bank accounts.
# Account holders do not need to maintain minimum monthly average balance or maximum limit on the balance of BSBD account. It is a zero balance account.
# Account holders can also avail Rupay ATM/ debit card for free.
# No annual service charges under the BSBD account is levied on customers.
# No service charge is added, in case of receipt or credit of money through electronic payment channels like NEFT/RTGS.
# Collection or deposit of cheques drawn by Central/State Government is also free of cost. Account holders also need not pay any account closure charges.
# Further, in the case of non-operative or non-active Basic Savings Bank Deposit account, no charges are added.
# Per month a maximum of four withdrawals is allowed per customer from bank branch or from ATMs.
# If you already have a savings account in a bank, you need to close your savings account within 30 days from the opening of an BSBD account.
# An account holder can only open one BSBD account in a bank. You cannot have more than one BSBD account in a bank.