Online Banking in BSBDA: The three-day meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) started on Monday, September 29. Today, on the last day of the meeting, the chairman of the committee and RBI Governor Sanjay Malhotra informed about the decisions taken in the meeting.
In this, RBI has not changed the repo rate for the second time in a row. It has been kept unchanged at 5.5%. This means that loans will not become expensive and your EMI will also not increase. Earlier, there was no change in this in the meeting held in August. Meanwhile, RBI has made a big announcement. RBI said that now Basic Savings Bank Deposit Account (BSBDA) holders will also get digital banking services.
The RBI says this decision will benefit millions of bank account holders. Until now, digital or online banking services were only available with regular bank savings accounts. This means that now even basic savings account holders will be able to use mobile and internet banking. It should be noted that BSBDA accounts are designed to provide free services to account holders.
RBI gave this proposal
According to a report in the Economic Times, RBI Governor Sanjay Malhotra said, “It is proposed to expand the services offered to Basic Savings Bank Deposit Account holders without charging any minimum balance fee to include digital banking (mobile/internet banking) services.” Basic Savings Bank Deposit Account (BSBD) holders will benefit significantly from digital banking facilities. Such account holders will also be able to enjoy banking facilities from the comfort of their homes.
This is being considered a major step towards financial inclusion in the country, i.e., bringing a large segment of the population within the scope of banking services. Currently, BSBD accounts only offer deposit and withdrawal facilities. Deposits can be made into these accounts through electronic payment channels. Banks also issue free ATM cards to account holders. Until now, this account did not have digital banking features.
Know what is BSBDA account
No-frills account holders, also known as BSBDA accounts, offer a range of free features to account holders.
Can Basic Savings Account holders open any other savings account?
According to the report, Basic Savings Account holders cannot open another savings account with the same bank. If a customer has another savings bank account with the same bank, they must close it within 30 days from the date of opening the Basic Savings Account.
Know what is BSBDA-Small Account
According to a notification issued by the Government of India on December 16, 2010, several conditions have been added to the BSBDA-Small Account. The total annual deposit must not exceed ₹1 lakh. The maximum balance in the account must not exceed ₹50,000 at any given time. Withdrawals cannot exceed ₹10,000 per month.
