Salient Features of Basic Savings Bank Deposit Account

• The 'Basic Savings Bank Deposit Account should be considered a normal banking service available to all.
• This account shall not have the requirement of any minimum balance.
• The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments.
• While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.
• Facility of ATM card or ATM-cum-Debit Card.
• The above facilities will be provided without any charges. Further, no charge will be levied for non-operation of inoperative 'Basic Savings Bank Deposit Account'.
• The 'Basic Savings Bank Deposit Account would be subject to RBI instructions on Know Your Customer (KYC)/Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. If such account is opened on the basis of simplified KYC norms, the accounts would additionally be treated as a 'Small Account' and would be subject to conditions stipulated for 'Small Accounts'(given below).
• Holders of 'Basic Savings Bank Deposit Account will not be eligible for opening any other savings bank deposit account in that bank.
• If a customer has any other existing savings bank deposit 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'.