Reserve bank of India started a new saving account scheme which needs no minimum balance as well as it has all the facilities like ATM, cheque book and rtgs and neft transactions facility. RBI has amended some rules regarding basic saving bank account scheme which is as follows.
All Primary (Urban) Co-operative Banks
Services – Basic Savings Bank Deposit Account
- 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;
Chief General Manager-in-Charge