What is the difference between saving account and basic saving account?

The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance. Banks offer the same rate of interest on these accounts as they do for a Regular Savings Account. interest on these accounts as they do for a Regular Savings Account.

What is a basic savings account?

Basic savings accounts pay a nominal interest rate, but offers the most flexibility and has a low minimum balance requirement. They are one of the most “liquid” options, meaning you can withdraw your money at any time without limit or waiting.

What is basic savings account in IPPB?

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

How can I convert my SBI account to zero balance?

SBI gives its customers the option to convert their existing savings accounts to BSBD account, free of cost. 3) There is no minimum balance requirement nor any upper limit. 4) This SBI zero-balance account can be opened by any individual provided he/she has valid KYC documents.

How can I convert my saving account to Jan Dhan?

To convert Jan Dhan account to a Savings account, you have to close your Jan Dhan account. If you are opening your Savings Account in the same branch, then CIF transfer will have to be done. So you have to write the application to close the account or to get the CIF transfer done.

Can we convert saving account to joint account?

As per the provision in RuIe 8 of GSPR 2018, an account opened as a Single Account cannot be subsequently converted into a Joint Account or vice versa. Further there is no provision in GSPR 2018 for change of any of the depositors in any Joint account.

How to convert savings account to basic savings account in SBI?

For converting the account you just need to fill in the application form available at the branch. If you have already opened an Savings account in SBI then you don’t need a open new account in SBI. Just Convert the Savings account to Basic Savings Account in SBI. Write a Written application to your SBI Manager to convert to Basic Savings Account.

How can I convert my savings bank account to salary account?

If they have agreement then the process is same as aforementioned take a letter from your employer containing employee number and salary account number. Submit this to your home branch and your Savings Bank Account will get converted to a Salary Account. Hope this answers your question!!!

How can I convert my savings bank account to BSBD account?

You can convert your normal savings bank account to a BSBD account at any time through a simple request in writing to the branch manager of that bank branch. You need not maintain minimum balance requirement. You have to get your cheque book surrendered.

How can I open a salary account in SBI?

A2A. You need to check if your company is approved by SBI for opening salary account. If yes, you need to give a request along with relevant letter from your HR to convert savings account into salary account. If not, your company would need to bank with SBI.