| Eligibility | The Saving Fund Account may be opened by an INDIVIDUAL singly or jointly, minors of the age of 10 years and above, minors under natural/legal guardianship. An illiterate or a visually impaired person is also eligible to open Saving Fund account under the scheme with usual safeguards. |
| Minimum Quarterly Average Balance Requirement | This account shall not have the requirement of any minimum balance. For these accounts, minimum balance/initial balance requirement would be ZERO. |
| KYC Compliance | The account would be subjected to RBI instructions on Know Your Customer (KYC)/Anti Money Laundering (AML) for opening of bank accounts issued from time to time. However, it is reported that the customers who have opened their BASIC SAVING BANK DEPOSIT ACCOUNT (BSBDA) after complying KYC norms, are asked to submit KYC documents again like customers of Small Accounts. It not only creates inconvenience to the customers but also affects the customer service. As such, BSBDA customers should not be put into inconvenience by asking KYC document again after opening of account. |
| Nomination | Allowed |
| Issuance of Cheque Book | A cheque book of 10 leaves may be issued (at the discretion of the branch incumbent) free of cost in a year. Thereafter, normal cheque book charges would be applicable. |
| Extent of transactions/ Operation permitted and facilities associated with the BSBD account, free of charge, without any requirement of minimum balance | ➔ The deposit of cash at Bank Branch as well as ATMs / CDMs Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments. ➔ No limit on number and value of deposits that can be made in a month. ➔ Minimum of six withdrawals in a month, including ATM withdrawals. {The minimum free withdrawals available to the BSBD Account holders can be made at all ATMs (own-bank/other bank ATMs). |
| Debit Card/ATM Card | ➔ Facility of ATM Card or ATM-cum-Debit Card shall be available without any charge. ➔ The customers of BSBDA will be able to withdraw the amount through ATM as per existing ATM guidelines i.e. free at PNB ATM and charges at other Bank’s ATM over and above free monthly ATM transactions permitted. However, annual maintenance charge shall be recovered. |
| Other Terms & Conditions | ➔ The BSBD Account shall be considered a normal banking service available to all. ➔ Holder of Basic Saving Bank Deposit Account will not be eligible for opening any other saving bank deposit account in the same bank. ➔ BSBDA holder will be required to close all existing saving fund account in our Bank within 30 days from the date of opening of the account. ➔ The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs, receipt/ credit of money through electronic payment channel or by means of deposit/ collection of cheques drawn by Central/State Government agencies and department. ➔ No charge will be levied for non-operation/activation of in-operative of Basic Saving Bank Deposit Account. ➔ The existing basic banking ‘no frill’ accounts will be converted to Basic Savings Bank Deposit Account (PNB Zero Balance Account) after completing KYC norms. |