SBI's Basic Savings Bank Deposit Account

State Bank of India (SBI) offers certain accounts where average monthly balance (AMB) rule is not applicable. SBI's basic savings bank deposit (BSBD) account is a type of zero balance savings accounts and does not require customers to maintain any particular minimum average balance. 

This account can be opened by any individual provided he/she has valid KYC (Know Your Customer) documents. 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.

Here are 5 things to know about SBI's basic savings bank deposit (BSBD) account:

1) SBI's basic savings bank deposit (BSBD) account offers the same rate of interest as applicable to savings bank account, according to SBI's website - sbi.co.in. SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to Rs 1 crore in savings bank accounts.

2) SBI's BSBD account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.

3) The customer cannot have any other savings bank account, if he/she has a basic savings bank deposit account, said SBI.  If the customer already has a savings bank account, the same will have to be closed within 30 days of opening a basic savings bank deposit account.

4) SBI's basic savings bank deposit (BSBD) account comes with a Basic RuPay ATM-cum-debit card, issued free of cost. The account holder can use this card at ATMs or use the withdrawal forms at branches to withdraw cash, as mentioned on SBI's portal.

5) Maximum of 4 withdrawals in a month is allowed in a BSBD account, which includes ATM withdrawals at own and other bank's ATMs and transactions through other mode including RTGS/NEFT/clearing/branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. 

Your Debit/Credit Card Won’t Work After December 31

RBI’s Notification On Existing Debit/Credit Cards

In 2015, RBI had issued a notification under 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), which covered all existing debit and credit card holders. As per the notification, RBI has stated that all debit and credit cards have to be chip based, which are called EMV Debit/Credit Card. Also known as ‘Chip n Pin’ cards.

Which Debit Cards/Credit Cards Needs To Be Changed?

Majority of debit and credit cards being used today are magnetic stripe only cards, which process greater security risks.

In case your existing debit and credit cards are magnetic stripe only cards, then they will be useless after December 31st.

Every magnetic stripe only credit/debit cards need to be changed to EMV Chip based cards before December 31st, 2018.

Has Banks Started Informing Users?

Yes. Since last few days, bank customers must have received SMS from their respective banks, suggesting them to replace their existing magnetic stripe only cards with EMV based cards.

Most of them must have deleted the SMS, assuming it to be spam. But this time, it’s not.

How Much Charge For Replacing The Cards?

Several banks have announced that they will replace the magnetic stripe cards with EMV based cards for free.

All you need to do is, visit your nearest bank branch, and request for the replacement.

What Is So Special About EMV Cards?

EMV or Europay-Mastercard-Visa cards are globally accepted as a standard for authenticating transactions using a chip, which holds the vital information related to your account.

In the current magnetic stripe based cards, the vital information is stored in the single magnetic stripe, which makes its cloning easier. Fraudsters can easily close the magnetic stripe, as the information is static.

However, EMV based cards are not only secured by chip which is dynamic information, but also a password which needs to be entered everytime for authenticating a transaction.

These two major features make EMV based based more secured, and this is the reason RBI wants every card to be EMV.

Earlier, September 1, 2015 was the deadline, which has been extended gradually to December 31, 2018 now.

Does baba Ramdev planning to enter in politics

Does baba Ramdev planning to enter in politics!? It is a big question which only time can give proper answer. 

However recently he told a leading new Chanel that "if geovernment lets me, and gives some relief in tax, I can give petrol diesel to India at Rs 35-40 per litre. Fuel needs to brought under GST and not the 28 per cent rate."

Rising prices of things can cost the Modi government very dearly. He will have to act.

Frustration is a huge problem for the youth. They think they have no opportunities. That's not true. I did not have any godfathers and yet I set this huge enterprise (Patanjali).

I don't run after money. Money runs after me.

People who criticise PM Modi - it is their fundamental right. But he has done good work. Launched the Clean India mission, not allowed any major scam. Yes, some political questions are being raised about the Rafale deal.

I have withdrawn myself politically. I am with all parties and I am with no parties.

I am a scientific sanyasi. We have more than 300 scientists at Patanjali. Put a very high premium on quality of our products.

People who are making the cow a religious animal are wrong. Cow has no religion.

I not saying at all that LGBTQ people should be beaten up with sticks but it is against the order of nature.

My mantra is don't fall sick. If you fall sick, your entire family suffers. Yoga helps your body's structure and character. A person who does yoga stays fit.

Passenger car boom in Indian market.

Cars in India are no longer a luxury as they were almost 10 years ago. A 22 years old person fresh into his/her first job can easily own a car.

He/she might not have the money to buy it outright but he/she has no dearth of financing options at his/her disposal. Therefore, it is no wonder that the Indian passenger vehicle market grew the most in 2017 as compared to any other country in the world.

While the USA market actually shrunk by 11%, Indian market registered a growth of 9.15% as it expanded to 2.98 million units in 2017-18 from 2.73 million units in 2016-17. With the four-wheeler market enjoying this boom, it is no wonder that there are so many car loan options for the customer today.

The processing time and loan disbursal time for these car loans have come down significantly in the recent years. Most of the banks in India take just about 24 to 48 hours to disburse the desired car loan amount. The quality of service has increased significantly too. These banks have also made it easy for customers to access loan information easily through the Internet.