When it comes to savings bank account, it would not be wrong to say that many people are aware of the same, right? But what about BSBD Account? Well, in other words, we are talking about basic savings bank deposit account! If you don’t know what this account stands for and what all features it has, all you need to do is just read the article below.

Recently, the country’s largest lender, State Bank of India (SBI) has come out with a big announcement for the welfare of the people. Yes, this renowned and oldest bank has introduced a new basic savings bank account scheme, thoughtfully designed for the weaker section of the society. Moreover, the real purpose of this initiative is to motivate the unprivileged so as to open a savings account with no minimum balance. That’s Right! The lender allows people to open a savings account with no minimum as well as maximum deposit amount limit. And, you know what is the best thing about the same? Well, to ensure that a maximum number of people enroll in this savings scheme, the lender will not charge any fee or charges on the same.

However, not only this, the customers can also do the transactions by using the withdrawal forms at any branch of SBI or via basic RuPay ATM-cum-debit card, which will be issued free-of-cost without any annual maintenance charges. Wanna know more about this account type? Just go through the article below.

If an individual maintains an account balance of up to Rs.1 Crore, an interest of 3.50% per annum will be given.

If an individual maintains an account balance of Above Rs. 1 Crore, an interest of 4% per annum will be given.

Fees and Charges:

Now let’s look at another crucial aspect of this account, which is the fee and charges. Read the points below to know more about the same.

• No charges on issuance of Basic RuPay ATM-cum-Debit card
• No annual maintenance charges
• No fee for the deposit/collection of cheques drawn by Central/State Government
• No charge for activation of an inoperative account
• No charges on account closure
• No charges on the receipt of money via electronic channels like RTGS or NEFT
• No charges on four transactions in a month

Minimum Account Balance:

The customers can open the account with any amount as there is no minimum prescribed limit is there for the same. Well, which simply means the customers as per their convenience can any time deposit any amount according to their convenience, unlike other savings account. Here, the customers have the flexibility or you can say freedom to maintain a minimum balance and can easily operate the account with zero balance.

Account Opening Documents:

In order to open this account, you need certain documents ready at your side. Without the complete list of documents, you won’t be able to enjoy the plenty of benefits of this account type. So, take a look at the points below.

• Identity Proof- Aadhar Card/Voter ID Card/PAN Card/Driving License
• Address Proof- Aadhar Card/Voter ID Card/Driving License
• 2 passport size photos

Eligibility Criteria:

Need not to worry because just like SBI fixed deposit, the customers can easily open this savings bank account singly or jointly. Well, if a customer is having the BSBD Account, he/she cannot have any other savings bank account. However, once this basic account becomes operational, the existing savings bank account will have to be closed within 30 days.

Account Opening Form:

If you are willing to open this account, all you need is a form that has to be duly filled, being available at any bank branch of SBI.

Minimum Balance Penalty:

As there is no minimum balance requirement, there is no penalty either for non-maintenance of the same. Thus, the customer doesn’t need to pay any penalty for this account.