Money saved is money earned. Regardless of your financial position, savings play an essential part of everyone’s life. But opening a Savings Account is not an option for everyone as it needs a certain minimum balance to be met. For those who are unable to meet the requirement of the Savings Accounts. Reserve Bank of India addressed the problem with a new option of Basic Savings Bank Deposit Account or BSBDA.
What is BSBDA?
The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance but the bank allows a certain number of deposits and withdrawals in the month that are free of cost.
As per RBI, Banks are advised to offer Basic Savings Bank Deposit account which will offer the following minimum facilities to its customers:
1. The 'Basic Savings Bank Deposit Account' is a normal banking service account available for all.
2. There is no minimum balance requirement for the account.
3. The basic services available for the Basic Savings Bank Deposit Account include deposit and withdrawal of cash at bank branch as well as ATMs; Even through electronic payment channels and cheques.
4. There is no limit on the number of deposits that can be made in a month. But the account holders will be allowed four withdrawals in a month, including ATM withdrawals.
5. All the above facilities is free and for further detailed fees check website or get in touch with your near branch.
Schedule of Charges
Click here to view latest applicable charges on Basic Savings Bank Deposit Account or BSBDA
24X7 access to your money:
Access to all the branches and ATMs across the country to meet all your banking needs.
Use NEFT to transfer funds from your account to any account in another Bank at locations specified by the RBI.
Enjoy free phone banking.
Banking benefits :
Passbook facility is free for all account holders.
Debit/ATM card is free with the account.
4 free cash withdrawals are allowed per month at branches.
To open a savings account, you can visit a nearby bank branch in person. Deposits into the account can be made over the counter at a branch of the bank or through an automatic transfer set up by the customer from any other account or by having a portion of their salary transferred into the savings account every month. To withdraw money from the savings account, customers can visit a branch, make an online electronic transfer of funds or use an automated teller machine (ATM).
BSBD Accounts are subject to provisions of PML Act and Rules and RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC. However, if BSBDA is opened on the basis of simplified KYC, the accounts would additionally be treated as “BSBDA-SMALL account” and would be subject to the conditions stipulated for such accounts.