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Basic Savings Account

Urban Co-operative Banks are advised to offer a ‘Basic Savings Bank Deposit Account’, which will offer following minimum common facilities to all their customers, by RBI

  • The ‘Basic Savings Bank Deposit Account’ should be considered a normal banking service available to all.
  • This account shall not have the requirement of any minimum balance.
  • 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 ;
  • 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; and
  • Facility of ATM card or ATM-cum-Debit Card;

The above facilities will be provided without any charges. Further, no charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’.

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