SBI Savings Account: State Bank of India (SBI) savings account interest rates have been reduced much to the disappointment of many account holders. However, an alternative has been introduced. SBI has introduced SBI BSBD account, which is commonly known as Basic Savings Bank Deposit Account. In this SBI BSBD account, one will get the same interest rate that the SBI savings bank account holder gets, but he will have some benefits like not having to maintain minimum balance, get free ATM or debit card, etc. Most importantly, there is no upper limit or cap on maximum balance in the SBI BSBD account. one can open this SBI BSBD account through SBI net banking or using the SBI online services as well by fulfilling the SBI KYC requirements.
Detailing about SBI BSBD account features the SBI official website onlinesbi.com says that an SBI BSBD account holder will be issued basic RuPay ATM-cum-Debit card free of cost and there will be no annual maintenance charge. Receipt or credit of money through electronic or digital payment channels like NEFT or RTGS will be free as it is in the case of SBI savings account.
Here is the list of SBI BSBD account features that an SBI BSBD account holder will get:
1- Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied
2- Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
3- Deposit/ collection of cheques drawn by Central/State Government will be free.
4- No charge on activation of inoperative accounts.
5- No account closure charges; and
6- Maximum 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other Bank’s ATMs, Cash withdrawal at Branch Channel, AEPS cash transactions.
However, it has to be noted that SBI BSBD account holders can’t have savings account with the SBI as a person can avail either of the two SbI accounts as the official website of the SBI — onlinesbi.com — clearly mentins, “The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit (BSBD) Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a SBI BSBD Account.”
Eligibility to open SBI BSBD account
All individuals having valid KYC documents are eligible to open BSBD Account. Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility is also available for the SBI BSBD account holder.