Basic Savings Account
If you want to open a bank account where you are not required to maintain a minimum balance every month, you can open a basic savings account. Introduced to encourage more financial inclusion, in other words, have more people become part of the banking system, a basic savings account offers basic features like deposit and withdrawal, a debit card and internet banking facility. But there is no minimum balance requirement. There are some other features of a basic savings account that vary slightly from bank to bank.
Benefits of a basic savings account
No charges for not maintaining minimum balance
The major benefit of a basic savings account is that unlike other savings accounts, you will not be fined for not maintaining minimum balance.
The deposit account holder will receive a 15 leaves cheque book while opening this account for no extra cost. The account holder will receive 30 cheque leaves free in a financial year.
You will also get a Rupay Classic debit card free of cost that can be used to withdraw cash from ATMs or at points of sale when you make purchases.
The passbook facility is also available to you for free on opening a basic savings deposit account.
No charges for dormancy
You will not be charged for a dormant or non-operational account.
Free registration for standing instructions
Basic savings deposit account holders will get a free registration for standing instructions and execution from the same branch. They will have to pay charges for any other branch within the same bank or other bank.
Features of a basic savings account
Anyone can open it
Anyone can open a basic savings deposit account after furnishing all the documents to complete KYC (Know Your Customer) norms. But please note, that if you open a basic banking deposit account and you already have regular savings accounts with the bank, you will have to close the regular Savings accounts within 30 days of opening the basic savings deposit account. You will also have to submit a declaration to the Bank stating that you are not maintaining any BSBD account with our/ any other Bank.
Zero balance account
Basic savings account is a zero balance account where you are not penalized for not maintaining a specified account balance, like the regular savings accounts.
A Bank of Baroda basic savings deposit account has the following features-
- 30 cheque leaves in a year for free.
- Debit cum ATM card at no cost however, annual fee will be applicable from second year onwards.
- Internet banking facility
- Four withdrawals allowed in a month for free (including ATM withdrawals from own/ other Bank’s network)
- Account holders can provide standing instructions to the bank
- Interest rate, tenure, application of interest is the same as regular savings accounts
- No charges for dormant account or inoperative accounts.
- Regular KYC norms will apply for basic schemes as well.