RBI Promotes Zero-Balance Bank Accounts With Basic Savings Bank Deposit Scheme
The Reserve Bank of India has promoted the Basic Savings Bank Deposit (BSBD) Account as an option for customers seeking to avoid minimum balance requirements. These accounts can be opened without any initial deposit or prescribed minimum balance, eliminating penalties for low balances.
BSBD accounts provide essential services including ATM and debit card access, mobile banking, internet banking and passbooks at no extra cost. Cheque-book facilities may also be available depending on the bank's terms. Customers can deposit, withdraw funds and receive payments through digital channels without balance maintenance pressure.
Existing savings account holders can convert their accounts to BSBD by approaching their bank, though they should verify changes to features, withdrawal rules and charges for additional services. The scheme is available across banks, with customers advised to check specific terms and transaction limits with their lender.
