All Scheduled Commercial Banks
All Payments Banks
All Small Finance Banks
All Local Area Banks
Dear Sir/ Madam
Financial Inclusion- Access to
Banking Services – Basic Savings Bank Deposit Account (BSBDA)
Please refer to our circular DBOD.No.Leg.BC.35/09.07.005/2012-13 dated
August 10, 2012 on the captioned subject.
2. The Basic Savings Bank
Deposit (BSBD) Account was designed as a savings account which will offer
certain minimum facilities, free of charge, to the holders of such
accounts. In the interest of better customer service, it has been decided
to make certain changes in the facilities associated with the account.
Banks are now advised to offer the following basic minimum facilities in
the BSBD Account, free of charge, without any requirement of minimum
deposit of cash at bank branch as well as ATMs/CDMs
credit of money through any electronic channel or by means of deposit
/collection of cheques drawn by Central/State Government agencies and
limit on number and value of deposits that can be made in a month
of four withdrawals in a month, including ATM withdrawals
Card or ATM-cum-Debit Card
The BSBD Account shall be
considered a normal banking service available to all.
3. Banks are free to provide
additional value-added services, including issue of cheque book, beyond the
above minimum facilities, which may/may not be priced (in
non-discriminatory manner) subject to disclosure. The availment of such
additional services shall be at the option of the customers. However, while
offering such additional services, banks shall not require the customer to
maintain a minimum balance. Offering such additional services will not make
it a non-BSBD Account, so long as the prescribed minimum services are
provided free of charge.
4. The holders of BSBD Account
will not be eligible for opening any other savings bank deposit account in
that bank. If a customer has any other existing savings bank deposit
account in that bank, he/she will be required to close it within 30 days
from the date of opening a BSBD Account. Further, before opening a BSBD
account, a bank should take a declaration from the customer that he/she is
not having a BSBD account in any other bank.
5. The BSBD Account shall be
subject to RBI instructions on KYC/AML for opening of bank accounts issued
vide Master Direction
DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016 on
‘Master Direction - Know Your Customer (KYC) Direction, 2016’, as amended
from time to time.
6. The instructions issued on
free transactions available for normal savings bank account in
own-bank/other bank ATMs vide circulars
DPSS.CO.PD.No.316/02.10.002/2014-15 dated August 14, 2014 and DPSS.CO.PD.No.659/02.10.002/2014-15 dated October 10,
2014 are not applicable to BSBD accounts. The minimum free
withdrawals available to the BSBD Account holders can be made at all ATMs
(own-bank/other bank ATMs).
7. This circular supersedes
earlier instructions issued vide circulars
DBOD.No. Leg.BC.35/09.07.005/2012-13 dated August 10, 2012 on
‘Financial Inclusion- Access to Banking Services–Basic Savings Bank Deposit
Account’ and DBOD.No.
Leg.BC.52/09.07.005/2013-14 dated September 11, 2013 on
‘Financial Inclusion- Access to Banking Services – Basic Savings Bank
Deposit Account (BSBDA) – FAQs’.
8. These instructions will come
into force with effect from July 1, 2019. Banks are advised to frame Board
approved policy/ operational guidelines in this regard.
Chief General Manager