Product Details
Bank Name
CSB Bank
Account Name
CSB Social Support (BSBDA)
Account Type
Saving
Interest Rate
Up to and including Rs 1 Lakh-2.10%,Up to and including Rs 25 Lakh-2.50%
Free Debit Card
Yes Rupay classic
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Free
NEFT Charges
Free through net banking
IMPS Charges
Free through net banking
Fees and Charges
CSB Social Support (BSBDA)
Special Features
Zero balance account.
Eligibility Criteria
Above 18 years of age.
An individual is eligible to have only one ‘Basic Savings Bank Deposit Account’ in one bank. If he/she already has a savings bank account, then the account will have to be closed within 30 days of opening a BSBDA.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No minimum balance requirement.
It is a zero-balance account with free basic services such as deposit and cash withdrawal and comes with ATM-cum-debit card.
Cons
Very few value-added feature.
Eligibility criteria is not mentioned clearly.
Low interest rates.
CSB Social Support (BSBDA) Review
The account comes with low interest rate and minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
The CSB Social Support account is likely a variation of the Basic Savings Bank Deposit Account (BSBDA), designed to promote financial inclusion for underprivileged sections of society.
Here's how to generally open a BSBDA account, which should provide a good understanding of the process for the CSB Social Support account:
Eligibility:
Age: Typically, any individual above 18 years of age is eligible.
Income: Primarily targeted towards individuals with low or no income.
Key Features:
No Minimum Balance: You're not required to maintain a minimum balance in the account.
Limited Transactions: There might be a limit on the number of transactions allowed per month (deposits and withdrawals combined).
Free Services: Basic banking services like deposits and withdrawals are usually free of charge within the permitted limits.
Steps to Open:
Visit a CSB Bank Branch: Locate your nearest branch.
Request Account Opening Form: Obtain the specific form for the BSBDA or CSB Social Support account.
Fill the Form: Provide accurate and complete information.
Submit Documents: Submit the required documents. The specific documents may vary, but generally include:Proof of Identity: Aadhaar Card, Voter ID, etc. (if available)
Proof of Address: Ration Card, Utility bills, etc. (if available)
Account Activation: The bank will review your application and activate your account.