How to Open a BSBD Account Online and Offline?

Savings play a crucial role in everyone's life. However, few people do not want to open a savings account as it requires maintaining a certain minimum balance in the account. Therefore, in November 2005, RBI introduced a BSBD account, whose main objective was to provide banking services to account holders with zero or very low minimum balances.

Scroll down to learn more about the purpose of this account, its application process, eligibility, documentation, benefits, and more.

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What Is a BSBD Account?

A Basic Savings Bank Deposit Account or BSBD account is a type of savings account that does not require a minimum balance to maintain. This account is specially designed for the deprived section of society who cannot meet the minimum balance requirement of the bank.

It offers maximum facilities with minimum requirements, that too free of charge. For example, holders receive a free ATM card, monthly statement, and cheque book. Additionally, besides depositing cash, you can make fund transfers via net banking and access free mobile banking without having to pay for the same.

Who Is Eligible to Apply for a BSBD Account?

To open a Basic Savings Bank Deposit Account, an individual has to meet the following criteria:

The individual or the joint holder has to be an Indian resident.
An individual should not hold any other savings account with the same bank.
The customer should not have a BSBD account in any other bank.
The customer should apply based on his or her capacity and not in the capacity of the head of HUF (Hindu Undivided Family)

How to Open a BSBD Account?

You can open a BSBD account using both online and offline processes.

Online Process

Step 1: For opening a BSBDA account online, visit the bank portal.

Step 2: You must fill in an application form providing your details, including identity and address proof. Further, if you want, you can also add another application.

Step 3: After submitting the details, you have to visit the branch with your KYC document for the bank executives to verify your details.

Step 4: After completing the verification process, your account will be opened within a few days.

Offline Process

Step 1: To apply offline, visit your nearest bank branch.

Step 2: You need to fill out an application form.

Step 3: Provide all the necessary KYC documents to the bank executives. Moreover, you also need to submit your passport-size photographs.

Another method of opening this account is by calling on the bank's customer care number where you want to apply.

What Are the Documents Needed to Open a BSBD Account?

The following are the documents you are required to present for opening a BSBD Account:

1. Identity Proof

Passport
Driving Licence
Voter Identity Card
Aadhaar Card
PAN Card
Job card by NREGA (containing the signature of a State Government officer)

2. Address Proof

Passport
Driving Licence
Voter Identity Card
Aadhaar Card
Ration Card
Utility Bills
Job card by NREGA (containing the signature of a State Government officer)
The letter provided by the National Population Register addresses your name and location.

Along with all these documents, you have to provide two passport-size photographs of yours.

What Are the Benefits of a BSBD Account?

The following is a list of benefits you can enjoy by having a BSBD account:

There is no requirement to maintain a minimum balance in this account.
You can get a debit card free of cost, via which you can withdraw cash from ATMs or make purchases.
Most of the banks provide the same interest to the individuals on their basic savings bank deposit account as on the savings account.
You can get a cheque book for opening this account at no extra fee.
You can also avail a passbook facility free of cost on opening a basic savings deposit account, and no charge will be imposed if your account is non-operational.

In summary, opening a BSBD account is a perfect option for those who cannot maintain a minimum balance in their account. It is a normal banking service available to all individuals and not just restricted to only the poor section of society. Further, before opening this account, you must submit a declaration to the bank stating that you do not have a BSBD account in any other bank.

FAQs About BSBD Account

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What are the restrictions of the BSBD account?

You cannot open two or more BSBD accounts in a bank. However, if you already have a savings account in the bank, you have to close that account within 30 days of opening this account.

Can you have other deposit accounts while having a BSBD account?

Yes, you can have multiple deposit accounts by having a BSBD account. You can have a fixed or term deposit account, a recurring deposit account, and many other types of deposit accounts.

Is there net banking or mobile banking facility available in the BSBD account?

Yes. Net banking and mobile banking facility is available in the BSBD account. It is also free of charge.