RBI includes Basic Savings Bank Deposit Account to access Banking Services

Jun 12, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on June 10, 2019, has decided to make certain changes in the facilities associated with the Basic Savings Bank Deposit (BSBD) Account. The BSBD Account was designed as a savings account which will offer certain minimum facilities, free of charge, to the holders of such accounts.

The Banks are now advised to offer the following basic minimum facilities in the BSBD Account, free of charge, without any requirement of minimum balance:

• The deposit of cash at bank branch as well as ATMs/CDMs

• Receipt/ credit of money through any electronic channel or by means of deposit or collection of cheques drawn by Central or State Government agencies and departments

• No limit on number and value of deposits that can be made in a month

• Minimum of four withdrawals in a month, including ATM withdrawals

ATM Card or ATM-cum-Debit Card

Henceforth, RBI has decided that the BSBD Account shall be considered a normal banking service available to all. These instructions will come into force with effect from July 01, 2019. The banks are advised to frame Board approved policy or operational guidelines in this regard.

[Notification No. DBR.LEG.BC.No.47/09.07.005/2018-19]

Click here to download the Notification.

 


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