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Basic Savings Bank Account

Basic Savings Bank Account

This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Features

  • Available at all branches
  • Minimum balance amount Nil
  • Maximum balance /amount No upper limit
  • No Cheque Book facility available.
  • Withdrawals only using withdrawal form at Branches or through ATMs.
  • Basic Rupay ATM-cum-debit card will be issued.

Eligibility

  • All individuals having valid KYC documents are eligible to open BSBD Account.
  • Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.

KYC requirement

  • The account will be KYC compliant

Most Important Terms & Conditions

  • The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
  • Maximum 6 cash withdrawals free of cost in a month, including ATM withdrawals at own and other Bank's ATMs, Cash withdrawal at Branch Channel, AEPS cash transactions.

The revised interest rates on Term Deposits will be as under: Revised Interest Rates w.e.f. 05.06.2025

Sl No. Period Deposit Rate Up to 1 Crore Deposit Rate Above 1 Crore
1 7 days to 14 days 3.50% 2.90%
2 15 days to 30 days 3.50% 3.00%
3 31 days to 60 days 3.75% 3.10%
4 61 days to 179 days 5.00% 5.75%
5 180 days to 270 days 6.05% 6.00%
6 271 days to 364 days 6.30% 6.00%
7 1 year to less than 2 years 7.15% 6.50%
8 2 year to less than 3 years 6.75% 6.50%
9 3 years to less than 5 years 6.75% 6.50%
10 5 year to 10 years 6.55% 6.50%
*Accordingly, it is proposed to reduce the interest rate on the “RD- Nethanna Podhupu” Special scheme- mandated for a 24 month term from 7.35 % to 6.75% for Normal Citizen.
1 Rate of interest for the term deposits of Rs.1.00 Crore (including split deposits) and above (including renewals) will be decided at Head Office on day to day basis as per the Bank's Requirement.
2 The above rates are applicable for NRE & NRO deposits also.
3 Staff will get an additional interest of 1.00% over card rate.
4 Senior citizens will get an additional interest rate of 0.50% over card rate for 1 year and above term deposits only.
5 For Super senior citizen of age 80 years and above, special rate is applicable for the special schemes only .
6 Our Bank's Retired Staff, on Superannuation, will get an additional interest rate of 1.00% p.a. on all deposits and also 0.50% p.a. as senior citizens.
7 Revised rates on deposit are applicable on new deposits and also for the existing deposits on their renewal.

Please Contact Your Branch for further details.

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