State Bank of India or SBI offers a zero balance savings account—known as a basic savings bank deposit (BSBD) account. This account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.
Here are key things to know about SBI's basic savings bank deposit (BSBD) account:
This account can be opened by any individual provided he/she has valid KYC documents.
Mode of operation
This account can be operated singly, jointly, or with either or survivor, former or survivor, anyone or survivor, etc.
There is no minimum and maximum limit for these accounts.
Terms and conditions
The customer cannot have any other savings bank account if he/she has a BSBD Account. In case, the customer already has a savings account, the same will have to be closed within 30 days of opening a BSBD.
Maximum 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs, cash withdrawal at branch Channel, AEPS cash transactions are allowed. Thereafter, cash transaction is permitted with a levy of service charges Rs 15 + GST for every additional cash transaction.
Basic RuPay ATM-cum-debit card is issued free of cost and no annual maintenance charge is applied. Receipt/ credit of money through electronic payment channels like NEFT/RTGS is free. Deposit/ collection of cheques drawn by the central/state government is also free. There is no charge on the activation of inoperative accounts.
First Published: IST