With the concept of Financial Inclusion thereby to include larger cross-section of population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses such as minimum initial deposit, maintenance of minimum balance and who do not have a PAN number etc., a Special Deposit Account – Basic Savings Bank Deposit Account is introduced.
• No Minimum Balance, No initial deposit to open the account.
• There is no limit on number of Cash Deposits in a month
• Maximum 4 withdrawals only are allowed in a month
• Cash Deposit should be below Rs.50000/- per day in the account. In case of exceeding, PAN number is mandatory and in case of continuous exceeding, the account will be transferred from Basic Saving Bank Deposit Account to normal Saving Bank Account Category and PAN number is a must.
• No restrictions like Age, Income Criteria for opening BSBD Account.
• All provisions of KYC, AML, PML are applicable.
• An individual is eligible for only one BSBD account in the same bank. If they have any other SB Account in the same Bank, he/she will have to close within 30 days from the date of opening of BSBD Account. Even normal SB Account of a customer can be converted to BSBD Account.
• Passbooks are given free.
• Interest paid on par with the other SB Accounts as per the Bank’s Rules in Vogue.
• No charges for all the above facilities