Basic Savings Bank Accounts

  • No minimum balance requirement.
  • Simplified KYC norms. Recent Passport size photograph and putting signature / thumb impression in the presence of the bank officer. No other documents are required.
  • Total credits in such accounts should not exceed one lakh rupees in a year. Maximum balance in the account should not exceed fifty thousand rupees at any time. The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month.
  • When the balance reaches Rupees Forty Thousand (Rs. 40,000/-) or the total credit in a year reaches Rupees Eighty thousand ( Rs. 80,000/-) that appropriate documents for conducting the KYC must be submitted otherwise operations in the account will be stopped. If limit exceed in the year no further transactions will be permitted until the full KYC procedure is completed.
  • The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs receipt /credit of money through electronic payment channel or by means of deposit / collection of cheques drawn by Central / State Government agencies and departments.
  • While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals. Facility of ATM card or ATM-cum Debit Card.
  • No charge will be levied for non-operation /activation of in-operative ‘Basic Savings Bank Deposit Account.
  • Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in the bank. Personal accident insurance coverage of Rs. One Lacs.
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