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 regular monthly statement, free cheque book and a free ATM card.
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.
Features and benefits of Basic Savings Bank Deposit Account by Federal Bank
- The account does not require you to maintain a minimum balance.
- Four withdrawals are allowed per month, including cheque clearing, ATM withdrawals, and branch withdrawals.
- Free cheque collection services are provided for selective purposes.
- One free cheque book with 20 leaves is provided each year.
- If you do not opt for a pass book, you will get one statement free per month.
- You will be given one proprietary ATM card.
- You will also be given access to FedNet (Federal Bank’s Internet Banking facility) for account viewing.
- Certain Aadhaar-based credits such as government benefits and subsidies are not charged.
If you are an account holder of the Federal Bank Savings Bank Deposit Account, you are not permitted to have another savings bank deposit account with Federal Bank. In case, you already have another account, you are required to close it within 30 days from the BSBDA opening.
Eligibility for Basic Savings Bank Deposit Account by Federal Bank
- The applicant is required to be a resident of India.
- The account can be applied for on sole or joint basis.
- Minors can open and maintain the account with the help of a parent or guardian.
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 in the following manner:
|
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.
Fees and Charges for the Services Availed under 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 financial 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 photographs
- Driving License
- Aadhar Card
- NREGA’s job card, validated by a State Government Officer
- PAN (Permanent Account Number) Card
- Passport
- Voter’s ID
You can apply for the Federal Bank BSBDA online as well as offline.?You?can download the application online and fill it and submit it at a bank branch along with the mandatory documents.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.