-- Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'.
--The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all
customers, through branches .
--An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.
--Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. One can have Term/Fixed Deposit, Recurring Deposit etc.
--The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives
--If 'Basic Savings Bank Deposit Account’ is opened on the basis of simplified KYC norms, the account would additionally be treated as a 'Small Account'
--Total credits in such accounts should not exceed one lakh rupees in a year.
--Maximum balance in the account should not exceed fifty thousand rupees at any time
--The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month
--Foreign remittances cannot be credited to Small Accounts without completing normal KYC formalities
--Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
--Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfilments of the condition
--In BSBDA, banks are required to provide free of charge minimum four withdrawals,
--There is no requirement for any initial deposit for opening a BSBDA.
--However, the decision to allow services beyond the minimum prescribed has been left to the discretion of the banks
--Bank will provide atm facility to bsbda account holder.
For More Updates Please Like ~ https://www.facebook.com/BankNotification
.jpg)
--The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all
customers, through branches .
--An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.
--Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. One can have Term/Fixed Deposit, Recurring Deposit etc.
--The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives
--If 'Basic Savings Bank Deposit Account’ is opened on the basis of simplified KYC norms, the account would additionally be treated as a 'Small Account'
--Total credits in such accounts should not exceed one lakh rupees in a year.
--Maximum balance in the account should not exceed fifty thousand rupees at any time
--The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month
--Foreign remittances cannot be credited to Small Accounts without completing normal KYC formalities
--Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
--Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfilments of the condition
--In BSBDA, banks are required to provide free of charge minimum four withdrawals,
--There is no requirement for any initial deposit for opening a BSBDA.
--However, the decision to allow services beyond the minimum prescribed has been left to the discretion of the banks
--Bank will provide atm facility to bsbda account holder.
For More Updates Please Like ~ https://www.facebook.com/BankNotification
.jpg)
.jpg)
