INSUBCONTINENT EXCLUSIVE:
SBI BSBD account does not require customers to maintain any monthly average balance.
Basic Savings Bank Deposit (BSBD) account, which has a zero minimum balance requirement, can be
opened by people who do not want to be bothered with maintaining any minimum balance
A BSBD account does not require customers to maintain any monthly average balance
Among other banks, the largest lender of the country, State Bank of India (SBI) offers the option of opening a BSBD account
"This account can be opened by any individual provided he/she has valid KYC documents," SBI said on its website, sbi.co.in.Since BSBD is a
type of savings account, the eligibility of a customer to open this account and interest rates offered by it are the same as savings bank
accounts, according to SBI's website
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
There is no charge on activation of inoperative BSBD accounts and no account closure charges.In normal savings account, SBI customers are
required to maintain a minimum balance of Rs 1,000 to Rs 3,000, depending on the type of branch - urban, semi-urban, rural, and metro
SBI's Insta Savings account, which is opened via app YONO, also does not require any minimum balance till August 2018.Here are 10 key things
to know about State Bank of India (SBI)'s Basic Savings Bank Deposit (BSBD) account:1) SBI requires BSBD customers to be compliant with KYC
or Know Your customer rules
KYC rules help verify the identity of a customer.2) BSBD accounts at SBI can be operated singly, jointly, or with Either or Survivor, Former
or Survivor, anyone or Survivor etc
facility.3) There is no upper limit on the maximum balance that can be maintained in BSBD accounts of SBI
The minimum balance and average monthly balance requirements, however, are nil, said SBI.4) BSBD accounts can be opened at all banks of
1 crore.3.50% p.aSaving Deposits Balance above Rs
1 crore.4.00% p.a6) Money can be withdrawn from BSBD accounts of SBI using withdrawal forms available at all branches or through ATMs.7) A
basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied on BSBD accounts of SBI.8) The
receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.9) Deposit/ collection of cheques drawn by
central/state Government will be free in BSBD accounts of SBI.10) A maximum of four 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 also offers the option of opening fixed deposit accounts
The bank reported its biggest ever loss of Rs 7,718 crore in the quarter ended March 31, 2018.
