The Reserve Bank of India (RBI) on Monday relaxed the norms for the Basic Savings Bank Deposit (BSBD) accounts — or popularly known as no-frills accounts — allowing banks to provide cheque books and other facilities like minimum four withdrawals to basic account holders.

However, the banks cannot ask the BSBD account holders to maintain any minimum balance in lieu of such facilities.

Earlier, additional facilities made BSBD accounts like a normal savings account, thus attracting requirement of maintaining minimum balance and other charges. “Banks are now advised to offer… basic minimum facilities in the BSBD account, free of charge, without any requirement of minimum balance,” the RBI said in a notification.


Leave a Reply

Your email address will not be published. Required fields are marked *