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Basic Savings Account Holders to be Allowed Zero Balance, Provided Cheque Books
June 13, 2019
The Reserve Bank of India has relaxed the norms for the Basic Savings Bank Deposit (BSBD) Accounts aka no-frills accounts. Under a major push to financial inclusion, it’s asked the lenders to provide BSBD account holders certain minimum services for free.
The central bank said that the banks are free to offer additional value-added services including cheque books. However, these services won’t change the account category to a non-BSBD account as long as the additional facilities are provided free of charge.
Photo credit: Ajay Tallam on VisualHunt.com / CC BY-SA
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