The State Bank of India has finally come up with a Basic Saving Bank Deposit account that requires no minimum balance. The criteria for this account is the same as a regular savings account. But charges will be a bit different for transactions and withdrawals. The Basic Saving Bank Deposit account will allow only four free withdrawals after which Rs. 50 plus tax will be applied for withdrawing from SBI branch, Rs. 20 plus tax at other ATMs and Rs. 10 plus tax at SBI ATMs.
Features of the Basic Savings Bank Deposit Account:
1. The mode of operation can be single or joint.
2. The availability of this account will be at all branches.
3. The bank account has no minimum balance.
4. There is no maximum limit either.
5. A basic RuPayATM cum debit card will be issued for free.
6. There will be no account closure charges either.
7. The rate of interest will remain the same as other savings bank accounts.
