INSUBCONTINENT EXCLUSIVE:
An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bankA basic savings bank deposit (BSBD) account is a
type of zero balance savings account and does not require customers to maintain any particular minimum average balance
Key banks like State Bank of India (SBI), HDFC Bank offer the facility of zero balance account
Infact, Reserve Bank of India (RBI) has also used advertisements to create awareness about the BSBD account
In an advertisement, on BSBD, RBI says only an Aadhaar card is needed to open such an account and customers get some important services free
BSBD account holders also get free ATM debit card can withdraw money four times in a month from their account
An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank, said RBI on its official website -
Holders of BSBD account will not be eligible for opening any other savings bank account in that bank
If a customer has any other existing savings bank account in that bank, he/she will have to to close it within 30 days from the date of
The free services available in a BSBD account includes deposit and withdrawal of cash; receipt/credit of money through electronic payment
channels or by means of deposit/collection of cheques at bank branches as well as ATMs
However, balance enquiry through ATMs should not be counted in the four withdrawals allowed free of charge at ATMs.5
Banks should offer the ATM Debit Cards free of charge and no Annual fee should be levied on such cards, according to RBI's
BSBDA holders also get passbook facility free of charge.
