BASIC SAVINGS BANK ACCOUNT

This account can be opened by any individual above 18 years old, 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.

Eligibility
  • As applicable to regular Savings Bank Account

KYC requirement
  • The account will be KYC compliant.

Mode of Operation
  • Singly, jointly, or with E or S, F or S, anyone or Survivor etc facility.

Available at
  • All branches

Minimum balance amount

NIL

Maximum balance /amount
  • No upper limit

Rate of Interest
  • As applicable to Savings Bank Accounts

Operations in the Account
  • Cheque book will be issued where Mobile No. of the account holder is recorded.

  • ATM-cum-debit card will be issued

Service Charges
  • 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

Charges for availing services other than those covered here
  • Regular charges will apply on services extended beyond those mentioned above

Restrictions
  • Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs. Thereafter service charges as per regular Savings Bank Account will apply.

  • Holders of Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank Account. In case, he/she already has an account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.

  • Only Basic ATM-cum-debit card will be issued. Variants of ATM cards can be issued on payment of stipulated charges.

  • Services like debit transactions beyond 4 in a month will be allowed after recovery of stipulated service charges

Most Important Terms & Conditions
  • 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.

  • Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Banks ATMs shall be allowed. Thereafter service charges as per regular Savings Bank Account will apply.

  • Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free