Imagine a bank account that does not require you to maintain any minimum or monthly average balance? Well, we are talking about one other than SBI BSBD Account! That’s Right! State Bank of India brings to you the basic savings bank deposit account that allows customers not to maintain a minimum/monthly average balance.
With zero minimum balance requirement, it would not be wrong to say that this bank account can easily be opened by one and all. However, one thing that needs to be mentioned here is the fact that it is apt for the people who do not want to be bothered with the thought of maintaining any sort of balance.
Moreover, there are plenty of banks that offer this facility to all the customers. But today, in this article, we are going to talk about country’s largest lender,i.e. SBI, who is allowing to open this basic savings bank account to all the citizens of India. Don’t you think, it would be better to know the insights in the article below? So, let’s get started…
Who can open this bank account?
It can be opened by any Indian citizen who has valid KYC documents.
What is the eligibility to open the same?
According to the website of State Bank of India, the eligibility criteria is as same as a regular savings bank account.
What is the KYC requirement for opening this account?
The account will be KYC complaint.
What are the modes of operation under basic savings bank deposit account?
Customers can open a single or joint account.
What is the minimum or maximum limit for this account type?
There is no minimum or maximum limit.
What are the service charges under basic savings bank deposit account?
- 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 this account type?
- 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.
However, one thing that needs to be mentioned here is the fact that the customer cannot have any other savings bank account, if he/she wants to open this basic savings bank deposit account. The prior has to be closed within 30 days of opening the SBI BSBD Account. One thing that needs to be mentioned here is the fact that there is no charge on activation of inoperative and no account closure charges.
Well, if we talk in general, the interest rates offered by the State Bank of India for a general saving deposits balance upto ₹1 crore is 3.50% per annum and for balance above ₹1 crore is 4% per annum respectively.
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