For many people who don’t have a high or steady income, opening a savings account can be overwhelming. Since a savings account requires you to maintain a stipulated minimum balance, people who earn below a certain limit are hesitant about opening bank accounts and have to resort to handling their money in the form of loose cash. Unfortunately, this also means that they miss out on the convenience and safety of having a savings account.
To make savings accounts more accessible, the Reserve Bank of India (RBI) introduced a special type of savings account called a Basic Savings Bank Deposit Account or BSBDA. As per the RBI’s motto, “a BSBD should be considered a normal banking service available to all.”
Let us now learn more about a BSBD account, what it offers, who can open it, and how you can open one of your own.
Table of Contents
Designed by the RBI, BSBD accounts are a special category of savings accounts that offer certain facilities to the holders, free of charge and without any requirement of minimum balance.
It is also called a zero-balance account or a no-frills savings account.
Today, a BSBD account offers the following services to customers:
Now, let us look at some other conditions stipulated for BSBD accounts:
Any Indian citizen above the age of 18 can open a BSBD account online or by visiting a bank.
There is no requirement for any initial deposit for opening a BSBD account. However, you need to meet the following conditions:
If you are eligible, you can open your account by filling out a form and submitting the following documents:
Opening a BSBDA is an excellent banking facility for those who cannot always meet minimum balance requirements and do not need to make recurring debits or credits in their account. Most top banks like IndusInd Bank offer this convenient facility.
So, if you meet the above-mentioned criteria and want to open a savings account without worrying about maintaining a minimum balance, open your own BSBD or zero-balance account with IndusInd Bank today!
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