Holders of 'basic savings bank
deposit account' will not be eligible for opening any other savings account in that
Can an Individual have any number of 'Basic
Savings Bank Deposit Account' in one bank?
No. An individual is eligible to have only
one 'Basic Savings Bank Deposit Account' in one bank.
Whether a 'Basic Savings Bank Deposit
Account' holder can have any other saving account in that 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'.
Can an individual have other deposit
accounts where one holds 'Basic Savings Bank Deposit Account’?
Yes. One can have Term/Fixed Deposit,
Recurring Deposit etc., accounts in the bank where one holds 'Basic Savings Bank Deposit
Whether the ‘Basic Savings Bank
Deposit Account’ can be opened by only certain types of individuals like poor and
weaker sections of the population?
No. The 'Basic Savings Bank Deposit
Account' should be considered as a normal banking service available to all customers
Whether there are any restrictions like
age, income, amount etc criteria for opening BSBDA by banks for individuals?
No. Banks are advised not to impose
restrictions like age and income criteria of the individual for opening BSBDA.
What kinds of services are available free
in the 'Basic Savings Bank Deposit Account’?
The services available free in the 'Basic
Savings Bank Deposit Account’ will include deposit and withdrawal of cash; receipt /
credit of money through electronic payment channels or by means of deposit / collection of
cheques at bank branches as well as ATMs.
Is there requirement of any initial minimum
deposit while opening a BSBDA?
There is no requirement for any initial
deposit for opening a BSBDA.
If BSBDA customers have more than four
withdrawals and request for cheque book at additional cost, will it cease to be a BSBDA?
Yes. In BSBDA, banks are required to
provide free of charge minimum four withdrawals, through ATMs and other mode including
RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing
instructions/EMI, etc. It is left to the banks to either offer free or charge for
additional withdrawal/s. In case the banks decide to charge for the additional withdrawal,
the pricing structure may be put in place by banks on a reasonable, non-discriminatory and
transparent manner by banks.
If the bank does not levy any additional
charges and offers more facilities free than those prescribed under BDBDA a/cs without
minimum balance then such a/cs can be classified as BSBDA.
Are the banks free to levy annual ATM debit
Banks should offer the ATM debit cards free
of charge and no annual fee should be levied on such cards.
Whether balance enquiry in ATMs also should
be counted within the four withdrawals permitted under BSBDA?
Balance enquiry through ATMs should not be
counted in the four withdrawals allowed free of charge at ATMs.
If a customer of BSBDA agrees not to have
ATM Debit card should the bank give ATM debit card by force?
ATM debit cards may be offered at the time
of opening BSBDA and issued if the customer requests for the same in writing. Banks need
not force ATM debit cards on such customers.
What about customers who are illiterate or
old who may not be in a position to safe keep and use the ATM debit card and PIN
associated with it?
Banks while opening the BSBDA should
educate such customers about the ATM Debit Card, ATM PIN and risk associated with it.
However, if customer chooses not to have ATM Debit Card banks need not force ATM debit
cards on such customers. If, however, customer opts to have an ATM Debit card, banks
should provide the same to BSBDA holders through safe delivery channels by adopting the
same procedure which they have been adopting for delivery of ATM Debit card and PIN to
their other customers.
Whether passbooks are also to be offered
free to BSBDA holders?
Yes. BSBDA holders should be offered
passbook facility free of charge.
If a customer opens a BSBDA but does not
close his existing savings bank account within 30 days, are banks then free to close such
savings bank accounts?
While opening the BSBDA customers’
consent in writing be obtained that his existing non-BSBDA Savings Banks accounts will be
closed after 30 days of opening BSBDA and banks are free to close such accounts after 30
Whether Foreign Banks in India are also
required to open BSBDA for customers?
BSBDA is applicable to all scheduled
commercial banks in India including foreign banks having branches in India.
Source: Reserve Bank of India