What Options Do You Have For BSBD Accounts?

Basic Savings Bank Deposit account is a normal savings account with same functioning but here there is no minimum balance requirement for this bank account. Unlike a regular savings account, a borrower can open this and maintain it as well without having to keep some amount as minimum balance. Almost all banks including top banks such as SBI, ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank etc. offer BSBD accounts. The maximum deposit limit is however different.

SBI BSBD account is the most popular bank account and the reason is quite obvious. Be it any product, everyone wants to get it from this government bank because they believe their money is safe with SBI. Having earned this trust over time, even the bank makes sure customers get their requirements fulfilled.

If you have never opened a bank account with SBI, you might be thinking of starting it with basic deposit account. Or, if you have a regular savings account with SBI itself, you can also convert it to BSBD account. A person who has other savings account at SBI can only open it if the previous account is transferred.  

If you have no idea about the features of BSBD account, read them below:

Facilities of BSBD account

  • Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
  • Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free
  • Deposit/ collection of cheques drawn by Central/State Government will be free
  • No charge on activation of inoperative accounts
  • No account closure charges.

SBI BSBD Account

Below is the facility given by SBI BSBD account:

  • Regular savings account holders can not open this account.
  • No further debit allowed post the usage of 4 withdrawals in a month
  • Zero balance account with no charges involved
  • There are no charges on issuance of Basic RuPay ATM-cum-Debit card
  • You do not have to pay maintenance charges
  • There is also no fee charged on deposit/collection of cheques drawn by Central/State Government
  • If your account is deactivated, you can activate it without paying any fees.
  • The account holders do not have to pay any charge on the receipt of money via electronic channels like RTGS or NEFT
  • You can do four transactions in a month without paying any additional fee.

How can you open BSBD account?

You can either open this account online or offline. It depends on you that which way suits you. You only need to have the required documents – KYC and passport size photos to open this account. Anyone who is above the age of 18 can open this account. However, SBI has initiated this process to promote bank accounts in rural areas of India. The bank wants rural population of India to start having a bank account and get their subsidies in this account only. It will help them reach out to more facilities accessible to bank account holders.

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