BSBD Account

The Basic Savings Bank Deposit (BSBD) Account from SBM Bank India is designed to make banking simple, accessible, and affordable for everyone. With zero minimum balance requirement and essential banking features, it’s the ideal account for individuals looking for a safe and convenient way to manage their money without incurring charges. If you’re just starting your financial journey or prefer a no-frills banking option, this account gives you all the essentials you need.

Please note: As per regulatory guidelines, a customer can hold only one BSBD Account across all banks. Before opening or converting an account into a BSBD Account, customers are required to provide a declaration confirming that they do not hold another BSBD Account with any bank. (Customer Declaration format provided below in Annexure I)

FREE BENEFITS of BSBD Account in SBM Bank India

Deposit of cash with No limit on number and value of deposits that can be made in a month

Receipt of money through any electronic channel or deposit / collection of cheques

ATM Card or ATM-cum-Debit Card, with no charges levied towards annual fee, at the time of issuance or renewal

Cheque book with minimum 25 cheque leaves per year

Internet and mobile banking facility to bank online comfortably from anywhere

Passbook or monthly statement of account in lieu of passbook (print or email), as per request. Free issuance of a continuation passbook, on exhaustion of pages in previous passbook

Four free withdrawals per month, including transfers and ATM transactions (at any bank’s ATM). Digital payment transactions excluding ATM transactions, i.e., Point of Sale transfers, NEFT, RTGS, UPI, IMPS, etc., shall not be counted as withdrawals for this purpose

The charges on digital payment transactions will be in accordance with guidelines issued by Department of Payment and Settlement Systems, Reserve Bank / National Payments Corporation of India / Government of India, as applicable

Addon Benefits

SBM bank may provide additional facilities beyond the above minimum in a BSBD account, with or without charges, in a non-discretionary and non-discriminatory manner with transparent disclosure to the customer. However, while doing so, bank shall not require the customer to maintain a minimum balance in the BSBD account. The availment of such additional facilities shall be at the option of the customer.

Difference between BSBD Account and Regular Savings Accounts

Criteria	BSBDA	Regular Savings Account
Average Monthly Balance (AMB) requirement	Not applicable	Required to be maintained as per account variant
AMB Non-Maintenance Charges per month	Not applicable	Charged based on the shortfall between AMB maintained and AMB required for the scheme
Cash Deposit Charges (on amount deposited)	Nil	Charged above the cash limit specified in account variant
Cash Deposit Charges (on number of deposits)	Nil	Charged above the cash limit specified in account variant
Debit Card Issuance Charges	Nil for Mastercard Platinum card issued with BSBDA	Charged based on the card variant issued
Debit Card Annual Fee	Nil for Mastercard Platinum card issued with BSBDA	Charged based on the card variant issued
Withdrawal charges (including transfers and ATM transactions, done at any bank’s ATM, in a month)	4 withdrawal transactions free per month. Beyond that, charges apply.	Charged based on the account variant

Apply for BSBD Account in SBM Bank India

Visit nearest branch to apply

BSBD Account Interest Rates

You can check the complete schedule of BSBD Account interest rates here. Interest rates are subject to change per the bank’s sole discretion

FAQs

A BSBD Account is a zero balance savings account designed to give customers essential banking services without mandatory minimum balance requirements.

You can hold only one BSBD Account across all banks. If you already have one, you cannot open another.

Any individual can open a Basic Savings Bank Deposit (BSBD) Account. There are no restrictions based on age, income, or category—it is open to all as part of financial inclusion efforts

No. If you open a BSBD Account, you must close your existing savings account with the same bank within the stipulated period (typically 30 days)

BSBD Accounts follow standard KYC norms, meaning customers must provide the usual identity and address proof documents.

NEVER SHARE your Card Number, CVV, PIN, OTP, Internet Banking User ID, Password, or URN with anyone, as it can lead to unauthorised access to your account. | DIAL 1930 FOR ONLINE FINANCIAL FRAUD. REPORT ANY CYBERCRIME AT | Dear Customer, in line with RBI regulation, if there are any changes/updates in the KYC documents you previously submitted with the Bank, please provide the updated documents within 30 days of such changes.

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