BSBDA: Basic Savings Bank Deposit Account – Important Points The Basic Savings Bank Deposit Account allows you to bank with a zero minimum balance requirement. All the existing ‘No-frills’ accounts opened by the banks are now converted into BSBDA in compliance with the guidelines issued on August 22, 2012 by the Reserve Bank of India (RBI). Under the Basic Savings Bank Deposit Account (BSBDA) scheme of Reserve Bank of India: 1.The Basic Savings Bank Deposit Account should be considered as a normal banking service available to all customers (Any individual, including poor or those from weaker section of the society), through branches. 2.BSBDA guidelines are applicable to “all scheduled commercial banks in India, including foreign banks having branches in India”. 3.The services available in the account will include deposit and withdrawal of cash at bank branch as well as Free ATMs-cum-Debit Card; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments. 4.There will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals. 5.No charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’. Read more at: goo.gl/7YbMqy
Posted on: Mon, 15 Sep 2014 11:04:40 +0000
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