RBI issues direction for improved BSBDA norms

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

Leave a Comment