Savings account is one of the basic financial instruments that have always been high on the agenda of the Reserve Bank of India. Although people, especially in the rural districts, have always restrain themselves from using banking services and thus, keeping the concern in mind, the RBI in November 2005, advised the banking sector to attract more ‘n’ more people by providing BSBD account (Basic Savings Basic Deposit Account) with added privileges. The account is meant to boost government’s efforts towards financial inclusion. The idea was quite a success as it got people on board who were earlier unbanked.
Several banks and financial institutions have participated to offer Basic Savings Basic Deposits account including the mainstream banks as well. Moreover, the account comes with similar features as of usual bank account such as net banking, mobile banking, fund transfer, and ATM services. But, the centre of all the features and benefits is that BSBD account comes with no minimum monthly balance requirement.
Who can open BSBD Account?
Ideally, BSBD account can be opened by anyone either individually or jointly with any family member. The only condition is that the individual should fulfill the KYC norms, i.e., he or she should have a valid government-issued ID and income proof. The process of opening this account is nothing different and is similar to the one opening a regular savings account online or offline.