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’.
Download PDF file for Basic Saving Deposit Scheme