Basic Savings Bank Deposit Account (Small)

This product is for customers belonging to Lower strata of society, who do not have proper KYC documents. With a Zero average balance requirement, it is targeted towards bringing unbanked population under banking segment.

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Benefits
Fees And Charges
FAQs

Zero Balance Savings Account

Free RuPay Card facility to access your account.

Every account holder is given the Passbook facility.

You can benefit from our Four Free transaction per month at all branches.

Added benefits include a shopping limit of 10,000 per month. And, a withdrawal limit of 10,000 per month from any ATM.

Schedule of Charges: Basic Savings Bank Account - Small

AQB Requirements

AQB Non-Maintenance Charges

Nill

(The balance at any point of time should not exceed 50,000/-)

Nill

Debit Card	Rupay Card- Classic
Card Fees	Issuance Fee (Primary Holder): Free Annual Fee (Primary Holder): Free
Withdrawal Limit	ATM 10,000/- per day
Per Transaction Limits	10,000/- (own Bank ATM) 10,000/- (other Bank ATM)
Shopping Limit	POS 10,000/- per day
Per Transaction Limits	POS 10,000/-
ATM Transactions	Unlimited Free transactions
Other ATM Card Charges	PIN Regeneration Charges – NIL (Green Pin) Card Replacement Charges - 150/-

Service Type

Free limit

Charges Beyond Free Limit

Cash Deposit Transactions

Upto 50,000/- 4 Transactions (whichever is earlier);

The aggregate of all withdrawals and transfers in a month should not exceed 10,000/-.The aggregate of all credits in a financial year should not exceed 1 Lakh.

Not Applicable

Chequebook

Not Applicable

DD/PO transactions

Demand Drafts Payable on own Bank locations:
Upto 2,000/- 20/-
Above 2,001/- upto 10,000/- 50/-

Payable at corresponding bank locations:

1/- per thousand, min 25/- DD + Correspondent Bank charges
Revalidation - Free

Duplicate DD:

Upto 2,000/- 20/-

Above 2,001/- upto 10,000/- 50/-
Cancellation: 100/-

For complete details on Fees and Charges, please click here

How many Basic Savings Bank Deposit Account can an individual have?
An individual can have only one Basic Savings Bank Deposit Accounts in one bank at a time.

Can an individual have any other Savings Account along with the Basic Savings Bank Deposit Account?
The customer is not eligible to hold any other type of Savings Account along with the Basic Savings Bank Deposit Account. The customer is required to close the account prior to applying for the Basic Savings Bank Deposit Account.

Are only weaker sections of the society considered for the Basic Savings Bank Deposit Account?
The Basic Savings Bank Deposit Account should be considered as any other banking service and is available to all sections of society.

Can an individual have other deposit accounts where he/she already holds a Basic Savings Bank Deposit Account?
Yes, an individual is eligible to hold a Fixed Term Deposit, Recurring Deposit, etc. where one already holds a Basic Savings Bank Deposit Account.

Benefits

Free Unlimited ATM transactions across all Bank ATMs within India

Classic Rupay Debit Card with Personal Accidental Insurance cover of Rs.1 Lakh*

Quarterly/half yearly balance requirement instead of monthly
Eligibility

Anyone residing in India or a Hindu undivided family can apply for an Utkarsh Standard Savings Account.

Documents

Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.

Latest passport size photograph
Aadhaar Card
Address and identity proof documents

For a full list of address and identity proof documents, click here.

Documents required to open a Standard Savings Account - Hindu Undivided Family

PAN Card copy/Form 60 of HUF
Declaration from the Karta
Proof of identification and address of Karta as per documentation for individual
Prescribed Joint Hindu Family Letter signed by all the adult holders

Documents Acceptable as Proof of Identity & Address (For Domestic Individual Savings Accounts)*- Opening of Accounts /Address Change/Periodic Updation of KYC (Re-KYC)

SI No	Type of Document	ID Proof	Address Proof
1	Passport	Yes	Yes
2	Driving Licence	Yes	Yes
3	Permanent Account Number(PAN)	Yes	No
4	Voters ID Card(Issued by Election Commission of India)	Yes	Yes
5	Job Card by NREGA duly signed by an officer of the State Government	Yes	Yes
6	Aadhaar Card	Yes	Yes

***A customer shall not be required to furnish separate proof of current address, if it is different from the address recorded in OVD. In such cases, the customer is required to submit a declaration indicating the address to which all correspondence will be made by the bank/branch subject to positive field verification by the branch official which needs to be recoded
*Kindly contact the nearest branch in case you don’t have any of the above mentioned documents.

Fees & Charges

Schedule of Charges: Standard Savings Account
AQB Requirements	AQB Non-Maintenance Charges
Metro/Urban : Rs.10,000/ -AQB	Metro/Urban: Rs.25 per Rs.500 of shortfall, Max Rs.350 for quarter;
Semi Urban/Rural : Rs.5,000	Semi Urban/Rural: Rs.25 per Rs.5,00 of shortfall, Max Rs.250 for half year

Debit Card	Rupay Card - Classic
Card Fees	Issuance Fee (Primary Holder): Rs.50 Annual Fee (Primary Holder): Free for first year, Rs.50 from subsequent year
Withdrawal Limit	ATM 5,000 per day
Per Transaction Limits	Rs.20,000 (own Bank ATM) Rs.10,000 (other Bank ATM)
Shopping Limit	POS Rs.1,00,000 per day
Per Transaction Limits	POS Rs.25,000
ATM Transactions	Unlimited Free transactions
Other ATM Card Charges	PIN Regeneration Charges – NIL (Green Pin) Card Replacement Charges - 100 Add on Charges – Rs.100

Service Type	Free limit	Charges Beyond Free Limit
Cash Deposit Transactions	Rs.5 Lakhs/10 transactions	Rs.2.50 per Rs.1,000 (Min. Rs.20 )
Chequebook	One Free Chequebook per quarter (20 leaves)	Rs.2 leaf

DD/PO transactions

Demand Drafts Payable on own Bank locations:
Upto Rs.2,000 Rs.20
Above Rs.2,001 upto Rs.10,000 Rs.50
Above Rs.10,000 Rs.2 Rs.1,000
(Min Rs.60 & Max Rs.1,500 )
Payable at corresponding bank locations: Rs.1 per thousand, min Rs.25 DD + Correspondent Bank charges
Revalidation / Duplicate DD: Rs.100
Cancellation: Rs.100

For complete details on Fees and Charges, please click here

Eligibility

What is the interest rate applicable?
The rate of interest depends on the average quarterly balance maintained in the account. Your Account has the potential to earn up to 6%* interest rate. Please visit the nearest Utkarsh Small Finance Bank Branch for more details.

What is the minimum Average Monthly Balance (AMB) required for a Standard Savings Account?
The biggest advantage our customers have is that we request them to maintain an Average Quarterly Balance (AQB) instead of a monthly balance. Metro/urban customers can enjoy classic banking services with an Average Quarterly Balance (AQB) of just Rs.10,000 and semi-urban/rural customers can enjoy the same at Rs.5,000 of half yearly average balance.

What is the daily transaction limit?
The daily ATM withdrawal limit for our customers is Rs.40,000 and the shopping limit is Rs.1,00,000 (POS).

Who is eligible to open a Standard Savings Account?
Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.