Tuesday, December 24, 2013

What is BSBDA ( Definition of Basic Savings Bank Deposit Account), Conditions on BSBDA account pdf file free download

Basic Savings Bank Deposit Account' (BSBDA)


Basic Savings Bank Deposit Account (BSBDA) makes it convenient for all(including poor and weaker sections) to avail of basic banking services without any fees or charges, and without maintaining any minimum balance in the account. Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'. All the existing 'No-Frill' accounts may be treated as BSBDA accounts from the date of the circular i.e., August 22, 2012.
An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank. Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'.

One can have Term/Fixed Deposit, Recurring Deposit etc., accounts in the bank where one holds 'Basic Savings Bank Deposit Account'. The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all customers, through branches.. The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. Banks should offer the ATM Debit Cards free of charge and no Annual fee should be levied on such Cards.

As notified in terms of Govt. of India notification dated December 16, 2010, BSBDA-Small Accounts would be subject to the following conditions:
i. Total credits in such accounts should not exceed one lakh rupees in a year.
ii. Maximum balance in the account should not exceed fifty thousand rupees at any time
iii. The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month
iv. Foreign remittances cannot be credited to Small Accounts without completing normal KYC formalities
v. Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.

vi. Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfillments of the conditions.

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