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This SBI Savings Account Doesn't Require You To Maintain Minimum Balance

There are also some limitations in this account. Customers of these account are allowed to do only four free withdrawals in a month.

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This SBI Savings Account Doesn't Require You To Maintain Minimum Balance

SBI's Basic Savings Bank Deposit Account is a limited service savings account.

State Bank of India or SBI offers a limited-services savings bank account known as SBI Basic Savings Bank Deposit Account, which does not require you to maintain any minimum balance. Aimed at encouraging savings without any burden of charges or fees, SBI's Basis Savings Bank Deposit Account is meant for the poorer sections of society, SBI's website said. Eligibility criteria to open the 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 account are allowed to do only four free withdrawals in a month, including ATM withdrawals at own and other bank's 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.

Here are the salient features of Basic Savings Bank Deposit Account:

Mode of Operation: Singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.

Available at: All branches

Minimum balance amount: NIL

Maximum balance /amount: No upper limit

Rate of Interest: As applicable to savings bank accounts

Operations in the Account: Using withdrawal forms at branches or through ATMs. Basic RuPayATM-cum-debit card will be issued.

Service Charges:

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

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