The account comes with an ATM-cum-debit card that you won't have to pay any fees for, including annual maintenance.
What is basic a savings bank account? How it is different from a regular savings account?
The account comes with an ATM-cum-debit card that you won't have to pay any fees for, including annual maintenance. Deposit and withdrawal services are free of cost, and so is the passbook facility. You won't be charged for non-operation or activation of an inoperative account either. The bank allows a certain number of deposits and withdrawals in the month that are free of cost.
It's important to note that Basic Saving Bank Deposits Account (BSBDA) (savings accounts that do not have a minimum balance) are aimed at improving financial inclusion among the economically weaker sections of society. The earlier no-frills accounts also come under BSBD accounts.
1. Credit Limit: Up to one lakh rupees per year.
2. Maximum Balance: Limited to fifty thousand rupees at any time.
3. Foreign Remittances: Not allowed without completing full KYC.
4. Debit Limits: Up to ten thousand rupees per month for withdrawals and transfers.
5. Validity: Initially valid for 12 months, extendable by 12 months with proof of applying for a valid ID.
6. Account Opening: Only at CBS-linked bank branches or branches where monitoring is possible.
7. Withdrawals: Limited to a maximum of 4 per month.
8. Account Conversion: Non-compliance can lead to conversion to a Regular Savings Account.
9. Account Types: Cannot have both a Regular Savings Account and a BSBDA in the same bank.
