A key advantage of this account is that you don’t need to maintain a minimum balance, meaning there’s no penalty if your balance falls below a certain amount, unlike other bank accounts.
Additionally, you can keep as much money as you want in the account, offering greater flexibility.
Free Facilities and Withdrawals
This account provides several free services:
1) Basic Rupee ATM-cum-Debit Card
2) Mobile and Internet Banking
3) Free Electronic Transactions (such as NEFT/RTGS)
However, note that a cheque book is not provided for free, and there will be charges if you request one.
You can make up to 4 free withdrawals per month, including ATM withdrawals (from SBI and other banks), branch transactions, and APES cash withdrawals.
Additionally, there are no activation or reactivation charges for the account, and if you decide to close your account, no fees will apply.
Eligibility to Open the Account
To open this account, you need to meet the KYC (Know Your Customer) requirements.
Having documents like an Aadhar card and PAN card makes the process easy. Joint accounts are allowed as well, but all account holders must submit their documents.
Important Account Rules
One Savings Account Only: You can only have one Basic Savings Bank Deposit Account per person with the bank.
Account Closure: If you already have a regular savings account, you must close it within 30 days of opening a Basic Savings Bank Account.
