I recently opted to open an account and observed the officials are charging Rs 2,000 but for some it is Rs 1,000. In fact if someone is telling them that they want to open a student account, then also their charge is getting lowered to Rs 1,500 or even Rs 1,000. My father was with me so he told the officials that we want to have a Basic Savings Bank Deposit Account or BSBDA small account. I could not know about it vividly there so when he came home, I asked him about it and got to know several details that I hope will be helpful for you all as well. Let me share them here.
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What is Small Saving Account?
The BSBDA is a savings account that does not have a minimum balance but has a maximum account balance that has to be maintained. The account holder will get an ATM card as a part of the opening formalities as well.
What is the small account limit?
Total credits in such an account shall not exceed Rs 1 Lakh in a year and the maximum balance in the account must not exceed Rs 50,000 at any time.
What are the small account features (in points)?
The features of this account are:
18 years of age is required to open such an account
Minimum balance can be any amount
Maximum balance can be Rs 50,000 or total credit should be within Rs 1,00,000
No annual charges
Interest rate is 3.50% pa
These are based on SBI small accounts. It will be better to ask the respective bank you want to open the account in and then proceed.
This is all I got to tell you about the BSBDA small account.
Read More:What is Basic Savings Bank Deposit Account?
What is Interest and Interest Rate?
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Authors Of The Question
What Is Small Saving Account?
Srikanta
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1 Answers
2 Year
2022-08-31T15:10:39+00:00 2022-08-31T15:10:41+00:00Comment
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