Normal savings account holders, who want to avoid paying minimum balance non-maintaining charges, can convert their account to basic savings bank deposit accounts without any fee, SBI said.
For services like receipt/credit of money through NEFT/RTGS, deposit /collection of cheques drawn by Central/State Government, activation of inoperative accounts and account closure charges are nil in basic savings bank deposit account, SBI said.
Eligibility criteria to open the basic savings bank deposit account are same as it is there in case of regular savings bank account. However, the customer cannot have any other savings bank account if he/she has a basic savings bank deposit account, SBI said.
There are also some limitations in this account. Customers of these accounts are allowed to do only four free withdrawals in a month, including ATM withdrawals at own and other bank ATMs and transactions through other modes including RTGS/NEFT/Clearing/branch cash withdrawal/transfer/internet debits/standing instructions/EMIs debit etc. After the four free ATM withdrawals, customers of basic savings bank deposit account will be charged Rs. 50 plus tax for cash withdrawal at an SBI branch, Rs. 20 plus tax at other bank ATMs and Rs. 10 plus tax at SBI ATMs, SBI said.