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Product Details
| Product Name | Basic Saving Bank Deposit Account (BSBD) |
|---|---|
| Aim | The Basic Savings Bank Deposit (BSBD) Account is designed as a savings account to provide affordable banking facilities to the public at large. The bank shall offer a BSBD account which shall be considered a normal banking service available to all. |
| Eligibility | Any Individuals (Sole or Joint) or HUF provided HUF is not engaged in any business activity |
| Initial Deposit | There is no requirement of any initial deposit at the time of opening of account |
| Limits on Deposit | • Minimum balance / amount: Nil • Maximum Balance / amount: No upper limit |
| Rate of Interest | As applicable to Savings Bank Accounts |
| Facilities Offered & Salient Features | The bank shall offer the following basic minimum facilities in a BSBD account, free of charge, without any requirement of minimum balance to be maintained in such an account. 1. Deposit of cash 2. Receipt of money through any electronic channel or deposit / collection of cheques 3. No limit on number and value of deposits that can be made in a month 4. ATM Card or ATM-cum-Debit Card. Further, no charges shall be levied towards annual fee, either at the time of issuance or renewal. 5. Cheque book with minimum 25 cheque leaves per year. 6. Internet and mobile banking facility 7. Passbook or monthly statement of account in lieu of passbook, either in print or by email, as per request of the account holder. Further, issuance of a continuation passbook, on exhaustion of the pages in the previous passbook, shall not attract any charge. 8. Four free withdrawals, including transfers and ATM transactions (done either at the bank’s own ATM or another bank’s ATM), in a month. Digital payment transactions excluding ATM transactions, i.e., Point of Sale transfers, NEFT, RTGS, UPI, IMPS, etc., shall not be counted as withdrawals for this purpose. The charges on digital payment transactions shall be in accordance with guidelines issued by Department of Payment and Settlement Systems, Reserve Bank / National Payments Corporation of India / Government of India, as applicable. NOTE: • The facilities of ATM/ ATM-cum-Debit card or internet/mobile banking or cheque book shall be offered to a customer provided he/she requests for the same, whether at the time of opening the account or subsequently. Bank shall not insist that a customer necessarily avails these facilities while opening and/or operating the BSBD account. • In the case of existing BSBD accounts, a bank shall extend the newly introduced free facilities at clauses 5 to 7 above upon receipt of a request from the customer. The bank shall facilitate existing BSBD account holders to submit such requests through physical as well as digital channels. • Bank may provide additional facilities beyond the above minimum in a BSBD account, with or without charges, in a non-discretionary and non-discriminatory manner with transparent disclosure of such facilities, which the bank may offer from time to time to the customer. However, while doing so, the bank shall not require the customer to maintain a minimum balance in the BSBD account. The availment of such additional facilities shall be at the option of the customer. • A customer may convert his / her existing savings bank account to a BSBD account. The bank shall convert the existing savings bank account to BSBD account within seven days of receipt of request in writing from the customer for such conversion. Such an option shall also be provided to customers through digital channels. • The holder of a BSBD account shall not be eligible to open another BSBD account in the same bank or any other bank. Accordingly, before opening a new BSBD account or converting an existing savings bank account to a BSBD account, the bank shall obtain a declaration from the customer that he / she does not have a BSBD account in any bank. |
| Operation in the account | • Using withdrawal forms at Branches or through ATMs. • Issuance of Cheque Book as per request of the customer. • Digital Payment Transactions NOTE: • Opening and operation of BSBD accounts shall be subject to the instructions on Know Your Customer / Anti Money Laundering issued by the Reserve Bank vide ‘Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025’, as amended from time to time. • BSBD accounts opened by or operated on behalf of minors shall be subject to the instructions contained in the Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025’, as amended from time to time. |
| Minimum Balance Charges | The operations in the accounts shall be permitted without the requirement of maintaining minimum balance. No penalty shall be levied even in accounts with ZERO balance. |
| SMS Alert Facility | Free 5 Alerts per month. Following transactions will not be charged for SMS Alerts: • Debit / ATM Card at ATM/ POS. • Internet Banking / Mobile Banking / e-Commerce. • NEFT transactions once funds are credited to beneficiary account. |
| Transaction Limits | • For Deposits: No limit on number of deposits • For Withdrawals: Four withdrawals free in a month including transfers and ATM transactions (done either at the bank’s own ATM or another bank’s ATM). |
| Nomination Facility | The Account holder shall be encouraged to provide nomination details in the prescribed account opening form. |
| Other Features | • No charge on activation of inoperative accounts • No account closure charges. |
| Chargeable (as per extant Service Charges Schedule). | The following services may be offered to a customer (optional) on chargeable basis: • Withdrawals beyond the free stipulated 4 debit transactions including ATM withdrawals. • Cheque Book Facility (beyond 25 free cheque leaves per year) • SMS alert facility (over & above the free SMS’s) • Duplicate account statement. |
Eligibility
- Unemployed Youth, Students, Housewives, Small Shopkeepers, Vendors, Artisans etc.
Basic Saving Bank Deposit
- The holders of BSBD Account will not be eligible for opening any other savings bank deposit account in the Bank. If a customer has any other existing savings bank deposit account in the bank, he/she will be required to close it within 30 days from the date of opening a BSBD Account. Further, before opening a BSBD account, bank shall take a declaration from the customer that he/she is not having a BSBD account in any other bank.
Documentation
- Account Opening Form duly filled in.
- Latest passport size photographs (2) of applicant.
- Identity Proof.
- Proof of Address
