This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. The BSBDA holder will get an ATM cum Debit Card as a part of the account opening formalities. The holder will also get passbook services for free and not be charged for a non-operative account. The bank allows a certain number of deposits and withdrawals in the month that are free of cost.


Features of BSBD Account:

  • Facility of opening BSBD Account is available at all branches of banks.
  • No requirement of maintaining minimum balance.
  • Banks may provide other facilities such as a cheque book, email statements, Demand Drafts, cheque collection and other facilities either free of cost or at a nominal charge.
  • Banks offer the same rate of interest on these accounts as they do for a Regular Savings 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.
  • This account can be operating by Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.
  • The customer can open fixed and recurring deposits with the bank with the funds from the BSBDA Account.


Important Terms and Conditions:

  1. The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
  2. An upper monetary limit to the balance that can be maintained in this account i.e Rs. 50,000
  3. An upper monetary limit to the withdrawals made in a particular month i.e Rs. 10,000
  4. Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.


NOTE:

  • In case the account doesn’t satisfy above conditions, the bank can convert it to a Regular Savings Account as well.
  • In case a customer has a regular Savings Account, he will have to give an undertaking if he wants to convert it to a BSBDA Account. The regular Savings Account will get shut and a BSBDA Account will be opened.


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