INSUBCONTINENT EXCLUSIVE:
SBI account interest rate: Deposit in a BSBD account fetches the same return as a regular savings accountState Bank of India (SBI), the
(BSBD) account does not restrict the account holder to maintain a specific average of daily balances in a month, according to the bank's
corporate website - sbi.co.in
Also a type of savings account, the Basic Savings Bank Account is different from a regular savings bank account the customer is required to
maintain a monthly average of Rs
1,000-3,000 to avoid any penalty charges, according to the bank's website.1
For savings deposits balance less than Rs 1 lakh, SBI offers an interest rate of 3.5 per cent per annum
1 lakh, it offers an interest rate of 3.25 per cent per annum.2
"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
Minimum/maximum balance allowed: There are no minimum and maximum balance requirements applicable to the State Bank of India BSBD account
This means the SBI account can be operated with any balance or even with nil balance.4
Mode of operation: The BSBD account can be operated in single, joint, either or survivor, former or survivor and anyone or survivor modes of
operation, according to SBI.5
Cash withdrawal: A BSBD account holder can either withdraw funds from using withdrawal forms at the bank's branches or through ATMs.7
ATM card: SBI's Basic Savings Bank Deposit account comes with a RuPay ATM-cum-debit card, which is issued free of cost
No annual maintenance charges are applicable to this ATM card, according to SBI.8
Account closure/maintenance charges: The BSBD zero balance account is also free of any charges for closure of account, or activation of an
inoperative account.Other SBI accounts that are free from minimum balance restrictions include financial inclusion accounts - such as the
