State Bank of India (SBI) has always been the most suitable banks for all kinds of banking services. The government bank has the trust of every individual living in this country and even abroad. The reason behind this faith is the way the bank has served its customers their desired products. Recently, SBI initiated a new type of account wherein those who can or do not want to maintain a minimum balance in their regular savings account can opt for this new account names BSBD account.
What is a BSBD account?
Basic Savings Bank Deposit Account (BSBD) is a type of account where there is no need to maintain a minimum or average monthly balance. At SBI, the minimum account balance required to maintain a regular savings account is Rs. 1000. But, for BSBD, the main attractive feature is no minimum or monthly average balance.
Who can open a BSBD account?
An individual having proper KYC documents can open this account. But, it is important that the same person has no other savings account at SBI. The account can be opened individually or jointly.
What is the minimum balance required for SBI BSBD Account?
As mentioned above, the minimum or maximum balance required to maintain SBI BSBD account.
What are the service charges applicable for SBI BSBD account
There are no charges that are applicable on a regular savings account. BSBD account holders can avail basic Rupay ATM cum Debit card at free of cost. Also, there are no charges for non-operative or non-active Basic Savings Bank Deposit account.
Facilities of BSBD account
- 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.
How to convert my SBI Savings account to BSBD Account SBI?
If you have a regular savings account at SBI and now that you have known the attractive features of BSBD account, you want to convert it. The procedure is quite simple. The existing account holders do not have to go for a new account opening procedure. You can simply convert it by filling up an application form. The form has to be submitted at the branch where there is existing account.
What are the benefits of BSBD account?
Unlike a normal bank account, a no minimum balance account gives you the chance to enjoy all facilities without being worried about maintaining a minimum balance in your account. Since anyone having proper KYC can have this account, it is not only beneficial for a student as well as a professional. Especially those who do not have a regular source of income can really have a smooth life with SBI BSBD account.
Thus, by looking at the features, fees and benefits of SBI BSBD account, you can also open an account for yourself or your dear ones.