Back to Career News

Basic Savings Account Holders to be Allowed Zero Balance, Provided Cheque Books

June 13, 2019

Basic Savings Account Holders to be Allowed Zero Balance, Provided Cheque Books

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

 

Recommended for you ...

Banks increase interest rates on bulk deposits as liquidity tightens
Banks increase interest rates on bulk deposits as liquidity tightens

September 30, 2022

RBI hikes repo rate by 50 bps as inflation battle continues
RBI hikes repo rate by 50 bps as inflation battle continues

September 30, 2022

Rupee Volatility drives currency volumes on NSE
Rupee Volatility drives currency volumes on NSE

September 30, 2022

Chat on WhatsApp