A ‘basic savings bank deposit’ (BSBD) account as the name suggest is the account which does not require customers to maintain any minimum or monthly average balance. Big banks like State Bank of India (SBI) offers this service to the customers. A BSBD account 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.
Who can open BSBD account in SBI?
The account can be opened by any individual provided he/she has valid KYC documents.
What is the eligibility to open BSBD account in SBI?
According to SBI website, the eligibility criteria is ‘as applicable to regular Savings Bank Account’.
What are the KYC requirement for BSBD account in SBI?
The account will be KYC compliant.
What are the modes of operation under BSBD account in SBI?
Customers can open single, joint BSBD account in SBI.
What is the maximum and minimum limit for BSBD account in SBI?
There is no maximum or minimum limit for BSBD account in SBI.
What are the service charges under BSBD account in SBI?
– 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.
– There are no account closure charges for customers.
However, customers need to know that they cannot have any other saving account, if he/she has a BSBD account in SBI bank. Also, maximum of four withdrawals are allowed per month.
What are the operations in the BSBD account in SBI?
– Customers will be able to use withdrawal forms at branches or through ATMs.
– Customers will be issued basic RuPayATM-cum-debit card will be issued.