State Bank of India, the largest bank in the country, offers a special type of deposit account from its customers. The name of this account is the SBI Basic Savings Bank Deposit Account (SBI BSBD). This savings account has many features. In this account, the customer gets the same interest at par with SBI's savings account, but at the same time, the customers get a number of special facilities that are not available to the general savings account holders. This account provides a number of facilities, including exemption from minimum balance to the customer, free ATM and debit card, and exemption from maximum balance limit.
Here are the advantages of SBI BSBD account:
1. There is no restriction on keeping a minimum balance in this account.
2. There is no limit on the maximum balance in this account.
3. This account provides free ATM and debit cards to the customer. There is also no annual maintenance fee.
4. RTGS/NEFT in this account Receipt or credit of money through is free.
5. The collection or deposit of central or state government cheques is free.
6. There is no charge on the inactive account.
7. There is also no charge for closing the count.
8. Cash withdrawal is free a maximum of four times a month.
These people can open accounts:
SBI BSBD account can be opened by meeting SBI KYC requirements through SBI Net Banking (SBI Net Banking) or SBI online services. Whoever has valid KYC documents can open this account. This account may be opened on a personal, joint, or successor basis. According to the State Bank of India website, interest is currently being paid at the rate of 2.75% per annum on a basic savings bank deposit account.
Should not have a second savings account:
State Bank of India says the SBI BSBD account holder should not already have any savings account. If the customer already has a savings account, he will have to close the account within 30 days of opening the SBI BSBD account.
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