The Reserve Bank of India (RBI) has issued a new draft circular regarding Basic Savings Bank Deposit (BSBD), or zero-balance accounts. This move aims to make banking easier, digital, and transparent for low-income customers. These accounts do not require any minimum balance and include Pradhan Mantri Jan Dhan Yojana accounts. Currently, there are 56.6 million such accounts active in the country, with a total deposit of ₹2.67 trillion.
A plethora of free services: According to the RBI's new proposal, zero-balance account holders will now receive several services free of charge. These include:
Unlimited cash deposits (through branches, ATMs, or business correspondents).
Free ATM/debit cards.
25 free checks per year.
Free passbooks and monthly statements.
Free internet and mobile banking.
This change will bring relief to customers who previously faced fees for even small services. Banking will now not only be affordable but also convenient and digital.
Digital transactions will also be free.
The RBI proposal states that BSBD account holders will now be able to access at least four free withdrawals per month. Furthermore, all digital transactions, such as UPI, NEFT, RTGS, IMPS, and PoS payments, will be completely free. This means that customers will now be able to make online payments and transfers without any fees. Furthermore, if desired, individuals can convert their regular savings accounts into BSBD accounts.
Customers will receive complete information.
The RBI has directed banks to clearly inform customers about the features of BSBD accounts. A customer can hold only one BSBD account with a single bank. Banks may offer additional services if they wish, but any fees levied on these services must be disclosed transparently. This proposal by the RBI could prove to be a major step for millions of small account holders across the country. This will facilitate access to banking services, promote digital transactions, and strengthen the dream of 'banking in every hand'.
Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
You may also like
Chicken soup will be tastier and 'look impressive' if you add cook's 1 simple ingredient
Shoppers 'won't go back to any other tan' after using £18 bottle reduced for Prime Day
Stop making poached eggs in a pan as mum's 1-minute perfect method is far 'easier'
'Justin Bieber was in my fish and chip shop singing the menu but I had no idea'
Lawn mushrooms vanish if you use 2 kitchen ingredients in the garden
