Open Basic Savings Bank Deposit Account Online in India | SBI - Personal Banking

Eligibility

• As applicable to regular Savings Bank Account
• Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility.

KYC requirement

• Liberalised (Submission of self-attested photograph and affixation of signature or thumb impression before the officer of the Bank who is authorized to approve opening of accounts)

Most Important Terms & Conditions

• Balance at any point of time should not exceed Rs 50,000/-.
• Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.
• Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.
• If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed
• Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.
• Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.
• A Small Account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.
• If KYC documents are not submitted to the Bank within 24 months of opening of the account, no further transaction other than for closure of account will be permitted.
• Conversion of Small account to regular Savings Bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement. After such conversion, the same account number will continue.

Service Charges

• Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
• Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
• Deposit/ collection of cheques drawn by Central/State Government will be free.
• No Account closure charges.