Can an Individual have any number of 'Basic Savings Bank Deposit Account' in one bank?
No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in ine bank.
Whether a 'Basic Savings Bank Deposit Account' holder can have any other saving account in that bank?
Holders of 'Bsic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a custemor has any other existing saving account in that bank, he/she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'.
Can an individual have other deposit accounts where one holds 'Basic Savings Bank Deposit Account'?
Yes. One can have Term/Fixed Deposit, Recurring Deposit etc. accounts in the bank where one holds 'Basic Savings Bank Deposit Account'.
Whether the 'Basic Savings Bank Deposit Account' can be opened by ony certain types of individuals like poor and weaker sections of the population?
No. The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all customers, through branches.
Whether there are any restrictions like age, income, amount, etc. criteria for opening BSBDA by banks for individuals?
No. Banks are advised not to impose restrictions like age and income-criteria of the individual for opening BDBDA.
Is th 'Basic Savings Bank Deposit Account' a part of the Financial Inclusion plans of banks?
The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. All the accounts opened earlier as 'no-frills' account should be renamed as BSBDA and all the new BSBDA accounts opened now should be reported under the monthly report of the progress of Financial Inclusion submitted by banks to RBI.
What are KYC norms applicable to BSBDA accounts? Are there any relaxations in KYC norms for BSDAs?
The 'Basic Savings Bank Deposit Account' would be subject to provisions of PML Act and Ruls and RBI instructions on know Your Customer (KYC)/Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC norms. However, if BSBDA is opened on the basis of Simplified KYC, the accounts would additionally be treated as "BSBDA-SMALL account" and would be subject to the conditions stipulated by RBI for such accounts.