Product Details
Bank Name
State Bank Of India
Account Name
SBI Basic Savings Bank Deposit Small 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 is NIL
Debit Card Charges
Nil
NEFT Charges
Nil
IMPS Charges
Nil
Fees and Charges
SBI Basic Savings Bank Deposit Small Account
Special Features
Eligibility Criteria
All individuals/Central/State Govt Departments (if eligible to open SB accounts) such as: Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Govt depts to open Savings Bank account. Development of Women and Children in Rural areas Self-help Groups, etc. Mode of Operation : Single/Jointly/Either or survivor/ Former or survivor, Later or survivor, etc
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Minimum balance amount is NIL.
Annual maintenance fee is nil.
Fee for most of the services is nil such as cash withdrawal, fund transfer (up to a limit).
The account can be opened even if the KYC document are not there.
Cons
Balance at any point of time should not exceed Rs 50,000/-.
Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.
Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.
Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc.
No further customer debits would be allowed during the month.
SBI Basic Savings Bank Deposit Small Account
The account has low interest rate, and offers minimal value add benefits. The account has been created by SBI for individuals from the disadvantageous section of the society who may not have KYC documents. The account comes with a lot of restrictions in relation to deposit and withdrawal of cash in order to prevent misuse of the 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?
The SBI Basic Savings Bank Deposit Small Account is designed to cater to the financial needs of individuals who may not have all the necessary KYC documents. Here's how you can open one:
Eligibility:
Individuals above 18 years of age.
Individuals who do not have Officially Valid Documents (OVDs) for full KYC compliance.
Documents Required:
Proof of Identity: Any one of the following:Aadhaar Card
Voter ID Card
Passport
Driving License
Proof of Residence: Any one of the following:Voter ID Card
Utility bills (not older than 2 months)
Ration card
Passport
Driving License
Steps to Open an SBI BSBD Small 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 Small Account will be activated.