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SBI Basic Savings Bank Account

Bank State Bank of India
Category SBI Basic Savings Account
Minimum Balance Amount NIL
Interest Rate 4%
Debit Card Offered Basic ATM-Debit Card
Eligibility Criteria Individuals who are 18 years old and above.
Features of a SBI Basic Savings Account
  • A SBI Basic Savings Account can be opened free of cost at any SBI branch.
  • This account is KYC compliant and can be operated as a single account or jointly.
  • There is no upper limit set for the balance amount held in the account.
  • The SBI Basic Account can be easily accessed and a cheque book will also be issued along with it.
  • Accounts can be transferred between SBI branches free of cost.
  • Customers cannot open any other SB account, if they hold a SBI Basic Savings Account. All other accounts have to be closed within 30 days of opening a SBI Basic Savings Account.
  • Four free ATM withdrawals are allowed every month from SBI or other bank ATMS. Any withdrawal after that would be charged.
  • Utility bill payments can be done using this account.
Services
Internet Banking NEFT/RTGS transactions can be done free of cost.
Debit Card A debit card is given free of cost with no annual maintenance charge
Mobile Banking Not Available
Other Services Any extra service availed will be charged as per the bank’s regulations.
Fees and Charges of SBI Basic Savings Account
Deposit or Collection of Cheques drawn by Central or State Government Nil
Deposit of Cash Nil
Activation of Inoperative Accounts Nil
Issuance of variants of ATM cards Charges as stipulated by the bank.
Documents Required
  • Filled-in Account Opening Form (AOF)
  • Colored passport-size photographs – 2
  • KYC documents as stated in the AOF
Information to be provided
  • KYC Information
  • Type of Savings Account required
  • Form 60 / PAN Number
  • Form DA-1 for making a nomination (Optional)

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

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