Basic Savings Bank Deposit Account

What is BSBDA?

This account is basically zero balance account. Customers can open an account without any start-up balance, but also by valid documents. Here we should mention about the documents. As per RBI norms the BSBDA was subject to RBI policies on KYC/AML for opening banks account. The BSBDA would be considered a normal banking service available to all: banks were to impose no restrictions like age, income, and amount criteria. However , holders of BSBDA would not be eligible for opening any other saving account within the same bank, but could have other deposits accounts, such as term/ fixed deposits, and recurring deposits.

There is no requirement for any minimum balance for a BSBDA. There is no requirement for any initial deposits for opening a BDBDA. The service s available will include deposits and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or means of deposit collection of cheques drawn by government agencies and departments.

There will be no limit in deposit in am month. Account holders will be allowed a maximum of four withdrawal per month, including ATM withdrawals. Passbook and an ATM card or ATM-debit card will be provided free of charge. Chequebook would not be provided as a minimum facility.

Accordingly, in supersession of instructions contained in circular DBOD.No.Leg.BC. 44/09.07.005/2005-06 dated November 11, 2005 on Financial Inclusion, banks are advised to offer a ‘Basic Savings Bank Deposit Account’ which will offer following minimum common facilities to all their customers:

  1. • The ‘Basic Savings Bank Deposit Account’ should be considered a normal banking service available to all.
  2. • This account shall not have the requirement of any minimum balance.
  3. • The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments.
  4. • While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.
  5. • Facility of ATM card or ATM-cum-Debit Card.

Documents required

  • Full KYC as following:
  • 1. ID Proof (Any one of the following)
  • Passport
  • Driving Licence
  • Voters identity Card
  • pan Card
  • Adhar Card
  • Permanent Address Proof (Any one of the following)
  • Passport
  • Driving Licence
  • Voters identity Card
  • Adhar Card
  • Local Address Proof
  • If you are not residing in your permanent address, i.e. your local address is different from your permanent address, then no local address proof is seperately required if you are providing your permanent address proof to the bank. Only declaration of the local address is sufficient.