Basic Savings Bank Deposit Account or BSBDA in

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

is a

savings account A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditi ...

that does not have a minimum balance. There is no upper limit cap for BSBDA. There is also a BSBDA small account facility with simplified KYC with upper limit cap of 50000 rupees. BSBDA small accounts are valid for 12 months initially but can be extended for another 12 months if the customer provides proof that he has applied for officially valid documents. As per the RBI norms all banks in india have to offer BSBDA account facility to its customers. As per RBI norms a BSBDA account holder cannot hold any other savings account in the same bank. If a customer have any other kind of savings account in the bank but still wish to get BSBDA, in that case he have to close the existing savings account within 30 days after opening BSBDA. Existing savings account( other than BSBDA) can also be converted to BSBDA on the basis of the request of the customer. The account holders can apply to receive a

debit card A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either ...

and they can have certain number of deposits and withdrawals per month. The

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

has introduced this for obtaining financial inclusion objectives of the country.

References

{{reflist Economy of India