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Unable to maintain minimum balance amount in SBI account? – Here’s the solution

Unable to maintain minimum balance amount in SBI account? – Here’s the solution

Mumbai: Are you unable to maintain minimum balance amount in SBI account? If this is your problem then the solution is SBI’s Basic Saving Bank Deposit Account.

According to the official website of State Bank of India, in this special type of bank account, customers do not need to maintain minimum balance amount.

In this type of bank account, there is no minimum balance amount and no upper limit. The customer can open this account both singly and jointly.

The current rate of interest provided by SBI is 3.5% per annum on deposits up to Re. 1 crore in Savings Bank Account. The same interest will be applicable to Basic Saving Bank Deposit Account.

It may be mentioned that SBI had re-imposed Monthly Average Balance (MAB) requirement on Savings Bank Accounts from 1st April 2017.

However, SBI’s Basic Saving Bank Deposit Account is one of the few types of bank accounts excluded from MAB requirement. Other accounts are Financial Inclusion Accounts, Salary Package Accounts and Small Accounts, Pehla Kadam and Pehli Udaan accounts, Minors up to the age of 18 and Pensioners.

The Basic Savings Bank Account can be opened at all the branches of SBI. The account holder will also get Basic RuPay ATM-cum-Debit Card free of cost.

It may be noted that customer who opens Basic Savings Bank Deposit Account (BSBD), must not hold any other Savings Bank Account. If a customer, who already has a Savings Bank Account, wants to open BSBD Account, he/she must close the existing Savings Bank Account within 30 days of opening a BSBD Account.