State Bank of India, the country's largest lender, informed about the benefits of a basic savings bank deposit account on microblogging website -- Twitter. A basic savings bank deposit or BSBD account is a type of zero balance savings account and does not require customers to maintain any particular minimum average balance. Key banks like State Bank of India (SBI), HDFC Bank, ICICI Bank offer the facility of zero balance account. BSBD account holders also get free ATM debit card and can withdraw money four times in a month from their account.
Anyone can open an account with SBI, irrespective of their background or economic standing! Avail a host of benefits by opening a Basic Savings Basic Deposit account. To know more, visit: https://t.co/T0Da6iCWZ8pic.twitter.com/517PiZowHl— State Bank of India (@TheOfficialSBI) November 29, 2018
Here are key things to know about SBI's BSBD or zero balance savings account:
1. A BSBD account can be operated singly, jointly, or with either or survivor, etc, said SBI on its website - bank.sbi.
2. The interest rates on SBI's BSBD account is similar to that of regular savings bank accounts. SBI offers an interest rate of 3.50 per cent p.a. on upto Rs 1 crore and 4.00 per cent p.a. on more than Rs. 1 crore.
3. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank, said RBI on its official website - rbi.org.in.
4. Holders of BSBD account will not be eligible for opening any other savings bank account in that bank. If a customer has any other existing savings bank account in that bank, he/she will have to to close it within 30 days from the date of opening a BSBD account.
5. However, one can have term/fixed deposit, recurring deposit etc, accounts in the bank where one holds a BSBD account.
6. The free services available in a BSBD account includes deposit and withdrawal of cash; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques at bank branches as well as ATMs. `
7. However, balance enquiry through ATMs will not be counted in the four withdrawals allowed free of charge at ATMs.
8. Basic RuPay ATM-cum-Debit card will be issued to BSBD customers free of cost and no annual maintenance charge will be applied, said SBI.
9. BSBD account holders also get passbook facility free of charge.
10. Such account does not attract any charge on activation of inoperative accounts and one does not need to pay any amount on closure of the account.
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