Open Basic Savings Bank Deposit Account Online in India | SBI - Personal Banking

Features

The undermentioned facilities are offered free of charge in BSBD-Small, subject to restrictions listed at T & C below:

• Deposit of cash.
• Receipt of money through any electronic channel or deposit / collection of cheques.
• RuPay ATM-cum-Debit card, Basic (PMJDY) variant, will be issued free of cost and no annual maintenance charge will be applied on Basic Rupay Card variant
• Passbook.
• Issuance of a continuation passbook, on exhaustion of the pages in the previous passbook, does not attract any charge.
• Four cash withdrawals, through any mode (Branch, ATM, BC agent, etc.), in a month

Most Important Terms & Conditions

• Balance at any point of time should not exceed Rs 50,000/-. #
• Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.
• Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.#
• If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed and product converted to BSBDA/Regular savings account by branch.
• Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode.
• Foreign Remittances are not allowed to be credited into a Small Account without obtention of officially valid documents. Account to be converted to BSBDA/Regular savings account by branch.
• A Small Account shall remain operational initially for a period of twelve months only, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.
• If KYC documents are not submitted to the Bank within 24 months of opening of the account, no further transaction will be permitted.
• Conversion of Small account to BSBD account or regular Savings Bank account (at the option of the customer) would be done on full compliance with KYC requirement. After such conversion, the same account number will continue.

# Limit on Balance and aggregate credits is not considered if deposits come through Government grants, welfare benefits and payment against procurements.