Mumbai. The Reserve Bank of India (RBI) has issued a new draft circular regarding Basic Savings Bank Deposit (BSBD), or zero-balance accounts. This move aims to make banking more accessible, digital, and transparent for low-income customers.
- Unlimited cash deposits (through branch, ATM or business correspondent).
- Free ATM/Debit Card.
- 25 free checks every year.
- Free passbook and monthly statements.
- Free internet and mobile banking.
This change will bring relief to customers who previously faced fees for even minor services. Banking will now become not only affordable but also convenient and digital.
Digital transactions will also be free.
The RBI proposal states that BSBD account holders will now be able to access at least four free withdrawals per month. Furthermore, all digital transactions, such as UPI, NEFT, RTGS, IMPS, and PoS payments, will be completely free. This means that customers will now be able to make online payments and transfers without any fees. Furthermore, individuals can convert their regular savings account into a BSBD account if they wish.
Customers will receive complete information.
The RBI has directed banks to clearly inform customers about the features of BSBD accounts. A customer can hold only one BSBD account with a bank. Banks may offer additional services if they wish, but any fees must be transparently disclosed. This RBI proposal could prove to be a major step for millions of small account holders across the country. It will facilitate access to banking services, promote digital transactions, and strengthen the dream of “banking in every hand.”
