Weaker section of the society can open zero balance account in foreign banks
Posted on: 13/Sep/2013 10:49:49 AM
As per the Reserve Bank of India guidelines, Basic Savings Bank Deposit Account (BSBDA) should be considered a normal banking service available to all and the account should not have the requirement of keeping any minimum balance. This also applies to foreign banks such as HSBC, Citibank and Standard Chartered Bank. Under the BSBDA scheme, any individual, including poor or those from weaker section of the society, can open zero balance account in any bank.
The RBI said there is no requirement for any initial deposit for opening such accounts.
The services available free in BSBDA scheme include deposit and withdrawal of cash; receipt/credit of money through electronic payment channels or by means of deposit / collection of cheques at bank branches as well as ATMs cards.
The aim of introducing BSBDA is part of the efforts of RBI for furthering financial inclusion objectives.
There are 43 foreign banks with over 330 branches operating in the country.
