People can open zero balance saving account with the foreign banks such as Citibank, Standard Chartered bank and HSBC bank and can avail free Debit card facility.
The Reserve bank of India said that Basic saving bank deposit account (BSBDA) guidelines are for every Indian and foreigner bank which has a branch in India.
Basic saving bank deposit account is the scheme of RBI with which poor and weaker section of the society who can open a saving bank account with any bank without depositing any money in the account. These account will give basic service like debit card.
Free services under the BSBDA scheme include deposit and withdrawal of cash, receipt/ credit of money through electronic payment channels or deposit/ collection of cheques at bank branches, as well as ATM cards.
A BSBDA holder wouldn’t be eligible to open any other savings account in the bank concerned. If a customer has any other existing savings account in that bank, he/ she would have to close it within 30 days from the date of opening a BSBDA
This is the effort of RBI towards financial inclusion and decrease the financial dissimilarity in the society.
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