2019 – Posted in: Press Information Bureau

Basic Savings Bank Deposit (BSBD) Accounts Scheme

Reserve Bank of India (RBI) has revised its earlier circular on Basic Savings Bank Deposit (BSBD) accounts.

A Basic Savings Bank Deposit account is a basic savings account that does not require customers to maintain any minimum or monthly average balance.
Banks offer basic minimum banking facilities such as debit cards, ATM facilities, and internet banking facilities.
The BSBD account is a zero balance account.
A BSBD account can be opened either singly or jointly.
No annual service charges under the BSBD account is levied on customers.
No service charge is added, in case of receipt or credit of money through electronic payment channels like NEFT/RTGS.
The collection or deposit of cheques drawn by the Central/State Government is also free of cost.
Account-holders also need not pay any account closure charges.
In the case of non-operative or non-active Basic Savings Bank Deposit account, no charges are added.
Per month a maximum of four withdrawals is allowed per customer from bank branch or from ATMs
Holders of BSBD accounts will not be eligible for opening any other savings bank deposit accounts.
If a customer has any other existing savings bank account in that bank, the customer will be required to close it within 30 days.
Conversion of BSBD account into a normal savings bank account is allowed only at the written request of the customer.

Source: PIB

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