Product Details
Bank Name
State Bank Of India
Account Name
SBI Basic Savings Bank Deposit Account
Account Type
Savings
Interest Rate
Balances less than Rs. 10 Crore - 2.70% p.a.
Balances Rs. 10 Crore & Above - 3.00% p.a.
Free Debit Card
Basic Rupay ATM-cum-debit card will be issued.
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
Minimum balance amount Nil
Debit Card Charges
Nil
NEFT Charges
Nil
IMPS Charges
Nil
Fees and Charges
SBI Basic Savings Bank Deposit Account
Special Features
None.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Available at all branches. Minimum balance amount Nil. Maximum balance /amount No upper limit. Basic Rupay ATM-cum-debit card will be issued free of cost.
Cons
No Cheque Book facility available. Withdrawals only using withdrawal form at Branches or through ATMs.
SBI Basic Savings Bank Deposit Account
The account is a basic savings account offered in accordance with RBI directions. The account is for individuals from the disadvantageous section of the society. The account offers minimal value add features. Even the interest rate is very low. The only redeeming feature of the account is that it is a zero balance account.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Steps to Open an SBI BSBD Account:
Visit your nearest SBI branch: Collect the account opening form.
Fill out the form: Provide accurate information as requested.
Submit the form and required documents: The bank official will verify your documents.
Account Activation: Once your application is processed, your BSBD account will be activated.
Key Features of SBI BSBD Account:
No minimum balance requirement: You can maintain a zero balance.
Limited transactions: There are restrictions on the amount and frequency of transactions.
Convertible to Regular Savings Account: You can upgrade to a regular savings account by submitting the required KYC documents.
Important Notes:
The BSBD account is primarily meant for individuals from economically weaker sections of society.
The account is subject to certain restrictions to prevent misuse.
It's advisable to visit your nearest SBI branch for the most accurate and up-to-date information on the BSBD account.