Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)
-> Basic Savings Bank Deposit (BSBD) Account was designed as a savings account which will offer certain minimum facilities, free of charge, to the holders of such accounts. In the interest of better customer service, RBI has been decided to make certain changes in the facilities associated with the account. Banks are now providing following basic minimum facilities in the BSBD Account, free of charge, without any requirement of minimum balance
i. The deposit of cash at bank branch as well as ATMs/CDMs
ii. Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments
iii. No limit on number and value of deposits that can be made in a month
iv. Minimum of four withdrawals in a month, including ATM withdrawals
v. ATM Card or ATM-cum-Debit Card
-> Banks are free to provide additional value-added services, including issue of cheque book, beyond the above minimum facilities, which may/may not be priced (in non-discriminatory manner) subject to disclosure. The availment of such additional services shall be at the option of the customers.
However, while offering such additional services, banks shall not require the customer to maintain a minimum balance. Offering such additional services will not make it a non-BSBD Account, so long as the prescribed minimum services are provided free of charge.
-> Holders of BSBD Account will not be eligible for opening any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a BSBD Account.
-> It will come into force with effect from July 1, 2019.
