SBI Basic Savings Bank Account
What is SBI Basic Savings Bank Account?
The SBI Basic Savings Bank Account is a no-frills account designed for individuals with limited banking needs. It allows for basic banking transactions like deposits and withdrawals while offering features like a basic ATM-cum-debit card and limited free transactions.
Bank | State Bank of India |
Category | SBI Basic Savings Account |
Minimum Balance Amount | NIL |
Interest Rate | 4% |
Debit Card Offered | Basic ATM-Debit Card |
Eligibility Criteria | Individuals who are 18 years old and above. |
Features of an SBI Basic Savings Account
- A SBI Basic Savings Account can be opened free of cost at any SBI branch.
- This account is KYC compliant and can be operated as a single account or jointly.
- There is no upper limit set for the balance amount held in the account.
- The SBI Basic Account can be easily accessed and a cheque book will also be issued along with it.
- Accounts can be transferred between SBI branches free of cost.
- Customers cannot open any other SB account, if they hold a SBI Basic Savings Account. All other accounts have to be closed within 30 days of opening a SBI Basic Savings Account.
- Four free ATM withdrawals are allowed every month from SBI or other bank ATMS. Any withdrawal after that would be charged.
- Utility bill payments can be done using this account.
Services Offered under SBI Basic Savings Account
Internet Banking | NEFT/RTGS transactions can be done free of cost. |
Debit Card | A debit card is given free of cost with no annual maintenance charge |
Mobile Banking | Not Available |
Other Services | Any extra service availed will be charged as per the bank's regulations. |
Fees and Charges of SBI Basic Savings Account:
Deposit or Collection of Cheques drawn by Central or State Government | Nil |
Deposit of Cash | Nil |
Activation of Inoperative Accounts | Nil |
Issuance of variants of ATM cards | Charges as stipulated by the bank. |
Documents Required:
- Filled-in Account Opening Form (AOF)
- Colored passport-size photographs - 2
- KYC documents as stated in the AOF
Details Required to Open an SBI Basic Savings Account
- KYC Information
- Type of Savings Account required
- Form 60 / PAN Number
- Form DA-1 for making a nomination (Optional)
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on SBI Basic Savings Bank Account
- What is an SBI Basic Savings Bank Account?
It’s a no-frills account for basic banking needs, offering deposit and withdrawal facilities with a free basic ATM-cum-debit card.
- Is there a minimum balance requirement?
No, the SBI Basic Savings Bank Account has zero minimum balance.
- How many free ATM withdrawals are allowed?
Four free withdrawals per month from SBI or other bank ATMs; extra withdrawals are chargeable.
- Can I hold another SBI savings account along with this one?
No, all other SBI savings accounts must be closed within 30 days of opening this account.
- What services are available with this account?
Free NEFT/RTGS transfers, cheque book, and debit card; utility bill payments can also be made.
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