SBI bank account holder? Get up to to 3.50% interest on this account
SBI has been promoting its BSBD account, asking customers to shift to this investment portal. At SBI, the charm of having a BSBD account is that, they offer you same interest rate which you get on regular saving bank account.
One of the major specialties of having a bank saving bank deposit (BSBD) account is that, they are more flexible and different than compared to traditional savings bank account. In BSBD account, there are no average minimum balance and charges for not maintaining them. Thereby, largest lender SBI has been promoting its BSBD account, asking customers to shift to this investment portal. At SBI, the charm of having a BSBD account is that, they offer you same interest rate which you get on regular saving bank account. This account can be opened by any individual 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.
SBI via its Twitter account said, “A Basic Savings Bank Deposit (BSBD) Account does not have any Average Monthly Balance requirement and offers the same rate of interest as a Regular Savings Bank Account!”
A Basic Savings Bank Deposit (BSBD) Account does not have any Average Monthly Balance requirement and offers the same rate of interest as a Regular Savings Bank Account! Visit: https://t.co/T0Da6iCWZ8 pic.twitter.com/4I0SGCq1JF
— State Bank of India (@TheOfficialSBI) March 14, 2019
One can open this SBI BSBD account either singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. Opening of this account can be done at any SBI branches.
There is no upper limit for the amount of investment you can make in BSBD account, interestingly, there is also no minimum balance maintenance criteria as well. Simply put, it is an account which can be operated at zero-balance as well. However, to earn the interest you keep your investment in this BSBD account.
At SBI, the interest rate is given similarly to what is given in saving bank account. This means SBI offers saving deposit balance up to Rs 1 lakh at an interest rate of 3.50% per annum. However, recently, the bank has linked its saving bank deposit account with policy repo rate, effective rate being 3.50% on deposits made over Rs 1 lakh.
Are there any service charges at SBI's BSBD account?
- Basic RuPay 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.
- No account closure charges.
Before opening this SBI BSBD account, you must note that, 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 Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.
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