- 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:
|
| 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:
|
| Charges for not maintaining the Average Minimum Balance (Monthly) | Rural & Senior citizens:
|
| Cash Remittance at anywhere else other than home branch (Anywhere Banking Charges) |
|
| Cheque Book Charges | Free – 1 per year |
| Monthly Account Statement | Free of charge |
| Charges for Closing of Account |
|
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.
