Basic Savings Bank Deposit Account - No Frill Account

Basic Savings Bank Deposit Account - No Frill Account:

All the accounts opened earlier as 'no-frills' account vide UBD.BPD.Cir.No.19/13.01.000/2005-06 dated November 24, 2005 should be renamed as BSBDA as per instructions contained in paragraph 2 of our Circular UBD.BPD.Cir.No.5/13.01.000/2012-13 dated August 17, 2012. It provides necessary banking facility while you need not to maintain minimum balance.

Features:

All resident individuals eligible to open a "BSBDA-No Frills Saving Account" except NRIs, trusts, societies, etc.

Any number of accounts in a family can be opened under this scheme.

Nomination facility is available.

Terms and Conditions:

Basic Savings Bank Deposit Account’ which will offer following minimum common facilities to all their customers:

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; and

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/activation of in-operative ‘Basic Savings Bank Deposit Account’ and No other saving account can be opened.