Recently, various banks in the country have made changes to the savings account. These banks have decided to limit the minimum balance in the savings account. After all this, there is a great news that India's largest public sector bank State Bank of India (SBI) has recently started a new savings account. Under this service launched recently, customers will be able to get rid of Minimal Balance scandal.
According to the conversation with the SBI's higher officer, no minimum balance applies to the Basic Savings Bank Deposit Account (BSBD).
SBI's BSBD account can be opened easily, just like any other account. However, it is necessary to follow the KYC rules to open this account. This account can be opened single or joint. Basic Savings Bank Deposit Account This account can be opened in any branch located in the country of SBI.
It is worth mentioning that under this new account, account holders are entitled to all the facilities that are available on other savings account. The annual interest on this account will be the same as that found in the State Bank's second savings account. This account also offers facility like debit card and net banking. However, one main condition to open this account is that the customer should not have any other savings account. If the customer has another savings account, it is mandatory to close it within 4 weeks with immediate effect.
According to the conversation with the SBI's higher officer, no minimum balance applies to the Basic Savings Bank Deposit Account (BSBD).
SBI's BSBD account can be opened easily, just like any other account. However, it is necessary to follow the KYC rules to open this account. This account can be opened single or joint. Basic Savings Bank Deposit Account This account can be opened in any branch located in the country of SBI.
It is worth mentioning that under this new account, account holders are entitled to all the facilities that are available on other savings account. The annual interest on this account will be the same as that found in the State Bank's second savings account. This account also offers facility like debit card and net banking. However, one main condition to open this account is that the customer should not have any other savings account. If the customer has another savings account, it is mandatory to close it within 4 weeks with immediate effect.
