Under the BSBDA (Basic Savings Bank Deposit Account ) scheme of RBI: i. Any individual, including poor or those from weaker section of the society, can open zero balance account in any bank. ii. BSBDA guidelines are applicable to all scheduled commercial banks in India, including foreign banks having branches in India. iii. People belonging to weaker sections in the country can also open zero balance accounts in foreign banks such as HSBC, Citibank and Standard Chartered Bank and avail free ATM-cum-debit card facility. Iv. The aim of introducing BSBDA is part of the efforts of RBI for furthering financial inclusion objectives. There are 43 foreign banks with over 330 branches operating in the country.
Posted on: Sat, 19 Oct 2013 18:59:59 +0000
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