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Monday, May 26, 2014

5 smart things to know about about Basic Savings Bank Deposit Account (BSBDA)

Here are five things you must know about Basic Savings Bank Deposit Account

1 BSBDA is a savings account that can be opened by any individual or HUF (Hindu Undivided Family) who has no savings bank account in that bank.

2 BSBDA is a basic bank account that does not require an initial deposit to start the account. There are no minimum balance maintenance requirements for this account.

3 If a customer has any other existing savings bank account, it will be required to be closed within 30 days from the date of opening a Basic Savings Bank Deposit Account.

4 The account offers free-of-cost banking facilities, such as ATMcum-debit card, deposit and withdrawal of fund, using electronic payment channels, deposit or collection of cheques at bank.

5 BSBDA account holders are allowed four free cash withdrawals in a month, balance enquiry through ATM is free for any number of times.

The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.

Source:-The Economic Times

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