Basic Savings Bank Deposit Account

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Basic Savings Bank Deposit Account
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This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Features

  • Available at all branches
  • Minimum balance amount Nil
  • Maximum balance /amount No upper limit
  • No Cheque Book facility available.
  • Withdrawals only using withdrawal form at Branches or through ATMs.
  • Basic Rupay ATM-cum-debit card will be issued.

Eligibility

  • All individuals having valid KYC documents are eligible to open BSBD Account.
  • Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.

KYC requirement

  • The account will be KYC compliant.

Most Important Terms & Conditions

  • The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer 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 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. Thereafter, cash transaction is permitted with a levy of service charges Rs.15/- + GST for every additional cash transaction

Service Charges

  • 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.

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Interest Rates

2.70% p.a.

Upto 1 lakh(w.e.f. 31.05.2020)

2.70% p.a.

Above 1 lakh (w.e.f. 31.05.2020)

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