......What is Basic Savings Bank Deposit Account (BSBDA)?........... As we know that, as a part of financial inclusion instrument, No-frills account scheme was introduced by RBI in 2005 as a basic account. Nil balance or very less account balance can be mentioned in this type of account without any fine by the banks. Now all the existing No-frills‘ accounts opened should be treated as Basic Savings Bank Deposit Account‘. The aim of introducing Basic Savings Bank Deposit Account is very much part of the efforts of RBI for furthering Financial Inclusion objectives. 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.
Posted on: Wed, 14 May 2014 10:20:55 +0000
Trending Topics
Recently Viewed Topics
© 2015