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What is difference between Bsbda and savings account?

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What is difference between Bsbda and savings account?

The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance. In contrast, a BSBDA has a maximum account balance that has to be maintained. The BSBDA holder will get an ATM cum Debit Card as a part of the account opening formalities.

What are the different types of savings account in SBI?

Types Of SBI Savings Account

  • Basic Savings Bank Deposit Account.
  • Basic Savings Bank Deposit Small Account.
  • Savings Bank Account.
  • Savings Account for Minors.
  • Savings Plus Account.
  • Motor Accidents Claim Account (MACT)
  • Resident Foreign Currency Domestic Account.

Which account is best for savings in SBI?

SBI’s BSBD account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees, said SBI. SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to ₹ 1 crore in savings bank accounts.

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What is a BSBD account?

A BSBD account is meant to speed up the efforts of the government towards financial inclusion. It is an effort to bring banking services to many who were earlier unbanked. With zero balance feature, one can easily operate the account without having to maintain a specific balance.

What is BSBD account in SBI?

Known as zero balance savings account of State Bank of India (SBI), the Basic Savings Bank Deposit (BSBD) account is designed as a savings account that offers certain minimum facilities, free of charge, to the account holders.

Which SBI account is best for students?

SBI Zero Balance Savings Accounts

  • SBI, too offers a zero balance account, which is designed to nurture the needs of students.
  • To open an SBI students account, students need basic KYC documents like an aadhaar card, a photograph, etc.
  • A free debit card is issued to the account holder.

Can we open two SBI account?

Yes. You may open an account jointly, with up to three applicants. 3. Will KYC documents be required for all account holders?

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What is SBI BSBD account?

Known as zero balance savings account of State Bank of India (SBI), the Basic Savings Bank Deposit (BSBD) account is designed as a savings account that offers certain minimum facilities, free of charge, to the account holders. For non-operation or activation of an inoperative account, the bank cannot levy charges.