• Federal Bank Basic Savings Bank Deposit Account (BSBDA)

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    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    Federal Bank’s BSBDA (Basic Savings Bank Deposit Account) is a zero balance savings account. It has been introduced to meet the basic banking needs of customers, along with some other features such as monthly statement, cheque book and a free ATM card.

    Bank Federal Bank
    Account Name Basic Savings Bank Deposit Account (BSBDA)
    Category Savings Account
    Eligibility Eligibility criteria:
    • Resident individual, either sole or joint is eligible to open this account.
    • Minors are not eligible to apply for this account independently.
    • Minors can apply jointly with a guardian such as the mother. The account is allowed to be operated only by the guardian.
    Average Monthly Balance No need to maintain any minimum balance
    Interest Interest is computed at the rate of 4% on a daily basis.
    Debit Card Not Available
    ATM Card Available (Proprietary)

    The account holder of the Federal Bank Savings Bank Deposit Account is not permitted to have another savings bank deposit account at the bank. In case, the applicant already has an account, it is required to be closed within 30 days from the BSBDA’s account opening.

    Services Offered by Basic Savings Bank Deposit Account

    The following services can be availed in this account:

    Internet Banking Available, only for viewing Account status
    Cheque Book/Leaves Available, 1 cheque book with 20 cheque leaves in each financial year
    Monthly Statement of Account Can be availed monthly, if passbook not availed
    Cash Withdrawal Limit 4 Withdrawals allowed monthly (Branch, ATM and cheque)
    Account Viewing Facility Via FedNet
    Cheque Collection Facility Available
    Other Benefits Government benefits or Aadhar based subsidy credit

    Charges for the Services Availed in the BSBDA Account

    The following charges and fees are levied on the account holders of the Basic Savings Bank Deposit Account:

    ATM Transactions at Federal Bank ATM Free (Both financial and non-financial transactions)
    Federal Bank Debit Card Transactions at other Bank ATMs Five transactions are provided free of charge per month. Post which, the following charges apply:
    • Financial transaction - Rs.20/transaction
    • Non-financial transaction – Rs.10/transaction
    Charges for not maintaining the Average Minimum Balance (Monthly) Rural & Senior citizens:
    • Upto 20% - Rs.27
    • Above 20% to 40% - Rs.54
    • Above 40% to 60% - Rs.81
    • Above 60% to 80% - Rs.108
    • Above 80% to 100% - Rs.135
    Other customers:
    • Upto 20% - Rs.30
    • Above 20% to 40% - Rs.60
    • Above 40% to 60% - Rs.90
    • Above 60% to 80% - Rs.120
    • Above 80% to 100% - Rs.150
    Cash Remittance at anywhere else other than home branch (Anywhere Banking Charges)
    • Rs.50 is charged per transaction or 50 paise per Rs.1000, whichever is higher.
    • First 4 remittances lower than Rs.10,000, is allowed for free.
    • If AMB is maintained at Rs.50,000 in the previous month, AWB charges are waived off.
    Cheque Book Charges Free – 1 per year
    Monthly Account Statement Free of charge
    Charges for Closing of Account
    • Within 6 months – Rs.100
    • After 6 and before 12 months
      • Rural – Rs.50
      • Senior Citizens – Rs.50
      • Other – Rs.100

    Documents Required for Federal Bank BSBDA

    When applying for Federal Bank BSBDA, any one of the following documents are required as identity proof and address proof:

    • Duly filled application form with two passport size photograph of the applicant
    • Driving License
    • Aadhar Card
    • NREGA’s job card, validated by a State Government Officer
    • PAN (Permanent Account Number) Card
    • Passport
    • Voter’s ID

    The Federal Bank BSBDA can be applied for, online as well as offline. Applicant can download the application online and fill it and submit it at a bank branch along with the mandatory documents.

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    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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