BSBDA
Any individual with valid KYC documents can open a BSBDA (Basic Savings Bank Deposit Account). This type of account is primarily designed to encourage people in economically disadvantaged areas to start saving without the burden of fees or charges.
If a customer already has a regular Savings Account and wishes to convert it into a BSBDA Account, they must provide a declaration. The regular Savings Account will be closed, and a BSBDA Account will be opened. The customer can still open fixed and recurring deposits using funds from the BSBDA Account.
Features:
- Available at all branches of the bank.
- No minimum balance requirement for this account.
- Only four withdrawals per month are allowed, including transactions at branches, ATMs, or through cheque clearing.
- Withdrawals can only be made using a withdrawal form at branches or through ATMs.
- There is no limit on the number or value of deposits that can be made in a month.
- A basic Rupay ATM-cum-debit card will be issued.
- The account enables Aadhaar-based crediting of subsidies or government benefits free of charge.
