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RBI issues direction for improved BSBDA norms
- To improve the financial inclusion, the Reserve Bank of India has issued guidelines for banks with respect to the Basic Savings Bank Deposit Account (BSBDA).
- 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 /collection of cheques drawn by Central/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