The main conditions of this account are -
- Only four debits are possible in one month
- Credit cannot be more than ₹ 1 lakh in a BSBD account in a year
- The balance cannot exceed ₹ 50,000 at any time.
- Total debits in a month cannot exceed ₹ 10,000.
- Only one BSBD account in one bank. The customer who has a BSBD account in a bank cannot have any other savings bank account in that bank.
Apart from the conditions as per RBI's mandate, the usual features and conditions such as free Internet Banking, Debit card, bill payment options are available. Let us look at the other features/conditions provided by banks on the BSBD account -
- Free issue of basic RuPay ATM-cum-Debit card. No annual maintenance charges are applicable.
- If a customer opening a BSBD account already has a Savings Bank Account, the same will have to be closed within 30 days of opening the BSBD account.
- There is no limit on minimum or maximum balance in the account.
- Axis Bank
- The customer can opt for auto-sweep Flexi FD on balances above Rs 1,000.
- The bank offers personal accident insurance cover worth ₹1,00,000 in metros
- Daily ATM Withdrawal limit of Rs. 40,000
Bank of Baroda
- Free Debit card for the first year and then it is charged @ ₹100 per annum.
- 50 Cheque Leaves shall be allotted in a year free of cost.
- No limit on maximum withdrawal amount at local/base branches. In outstation branches, the limit is ₹50,000 per day.
- The account is called the zero balance account.
- If the BSBD has been opened under the Pradhan Mantri Jan Dhan Yojana, the account holder gets free cheque leaves. The account cannot be opened by an NRI or the karta of an HUF. Moreover if the bank identifies that the customer has any other Savings Bank Account, the Basic Savings Account will be closed.
- If the BSBD is opened with simplified KYC, the account will be frozen if the value of credits on one financial year exceeds Rs. 1,00,000 or the day end account balance exceeds Rs. 50,000.
The main aim of these accounts are financial inclusion and convenience to customers. The account is useful if you want want a savings account without having to maintain high balance in it.