SBI Basic Savings Bank Account

SBI Basic Savings Bank Account
Minimum Balance Requirement Zero balance account
Interest Rate 2.70% per annum
Debit Card RuPay ATM-cum-debit card

SBI Basic Savings Bank Account (BSBD) is a zero-balance account. This type of account is primarily opened to meet the banking needs of the deprived section of the society who do not have enough money to keep in the account all the time to meet minimum balance requirements. Also, it has been mandated by the Indian Govt. to all the banks to penetrate rural India so that financial and banking services can be offered to every citizen under the Financial Inclusion scheme. The bank (SBI) has thus launched the scheme “SBI Basic Savings Bank Account” to provide basic banking facilities to even those individuals who do not afford to maintain a minimum balance in their savings accounts.

A Basic Saving Bank Deposit is a saving bank account that has a general feature of NIL minimum balance. Due to this, there are certain drawbacks of the same which include limited withdrawal (number as well amount) from the account and only the RuPay Debit Card option.

In this post, we will discuss State Bank of India Basic Savings Account features, eligibility criteria, documents required.

Features of SBI Basic Savings Bank Account

Here are the SBI Savings Account features for Basic Account:

  1. Minimum/Maximum Balance: The minimum balance requirements in this account are NIL however there is no upper ceiling in the balance.
  2. Restrictions:
    • No cheque book is allowed in this account.
    • Only a RuPay Debit Card is issued to this account.
    • There is a cap on monthly as well as yearly withdrawals in the account.
  3. Withdrawals are only possible through withdrawal forms available in branches and ATMs:
    • A total of only 4 cash transactions are only allowed to be performed by the bank in this account.
    • These transactions can be ATM withdrawals (both- within the bank or other bank ATM transactions), AEPS cash transactions, or cash withdrawal at the home branch.

SBI Basic Savings Bank Account Eligibility Criteria

Here are the SBI BSBD Account eligibility norms:

  • Every individual is eligible for this account. The only thing which needs to be furnished by the applicant is valid KYC documents (Aadhar and PAN card).
  • All individuals who have valid KYC documents can open a new SBI Basic Savings Bank Account.
  • The account can be operated in any of the following capacities- Singly, Jointly, Former or Survivor, Either or Survivor, or Anyone or Survivor.

Documents Required for SBI BSBD Account

The documents to open this State Bank of India Savings Account are:

  • One can furnish the basic KYC Documents i.e., Address proof and Identity proof.
  • Documents taken as valid for identity proof include PAN card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.
  • For address proof, the bank accepts Aadhar card, Ration card, DL, passport, voter card, etc.

SBI Basic Savings Bank Account Terms and Conditions

Following terms and conditions need to be fulfilled for opening an SBI BSBD Account:

  • If anyone has this account in his/ her name, he/ she becomes ineligible for any other saving bank account in SBI. In case you need to have a general saving bank account after opening this SBI Bank Account, the bank may proceed to convert the existing basic saving bank account to a general category saving account. Also, if you already have a general savings bank account in your name, you cannot get the Basic Savings Bank Account opened in your name.
  • If anyone has a savings bank account and now wants to open this State Bank of India Saving Account, the bank stipulates to get the previous account closed within 30 days of the opening of the Basic Savings Bank Account SBI.

SBI Basic Savings Bank Account Service Charges

Here are the charges applicable on using the State Bank of India BSBD Account:

  • The bank offers its customers a free-of-cost basic RuPay Debit cum ATM card for every SBI Basic Savings Bank Account with no annual charges in the ATM card throughout the validity of the card or currency of the account.
  • Free receipt/ credit of cash through electronic modes such as RTGS, IMPS, and NEFT. The bank charges NIL service charges for all electronic transactions for its SBI Basic Savings Bank Account customers.
  • The bank charges NIL fees for the collection and deposit of cheques drawn by the state as well as the Central Govt.
  • All inoperative accounts in this category shall be activated with NIL charges.

Frequently Asked Questions about SBI BSBD Account

Here are the SBI Basic Savings Account FAQs:

This product is available in all the branches of the bank throughout the country. This is done under the Financial Inclusion scheme of the Indian Government under which it has been decided to provide Banking and Financial services to every citizen of the country by penetrating into rural India.

No charges apply if anyone wants to close his/her State Bank of India Basic Savings Bank Account.

Anyone with a valid KYC can open this bank account and avail of basic banking facilities at no charges.

The bank does not charge an annual maintenance fee on this Debit Card. Also, it issues the card at no additional fee.

You can avail 4 free-of-cost cash withdrawals/transactions every month.

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