Basic Savings Bank Deposit Account: Can't maintain minimum balance? No problem. Give missed call to 14440

Basic Savings Bank Deposit Account: Those who find it difficult to maintain a minimum balance in their account and fear the banks would charge for not maintaining it, don't need to worry. The Reserve Bank of India (RBI) has given this relief. Here is all you need to know to take advantage of this benefit. 

The banking regulator allows people to open a Basic Savings Bank Deposit Account or BSBDA which will help you to keep away from fulfilling the the minimum balance requirement. To know more, you can give missed call to the RBI number 14440. The BSBDA account can be opened in any public or private sector bank.

The RBI's facility to customers also come with certain conditions.

If you are opening a BSBDA account, you will be allowed only four debits from that particular account in a month. This limits account holder's ability to carry debit transactions in their BSBDA accounts.  

The BSBDA account works like a regular savings bank account with the facility of not maintaining the minimum balance requirement. All the four transaction allowed on the particular BSBDA account in a month through any mode like NEFT/cheque clearing/EMI etc is free of charge.

Also, you cannot have your BSBDA Account and another savings bank account in the same bank. To know more, read the BSBDA Account FAQs on RBI's website.

Important Features of BSBDA account:
-- BSBDA account can be opened by any individual irrespective of his age and income

-- The account can be opened without initial deposit

-- Customer can request the bank and convert his regular account into BSBDA account

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-- All basic facilities of a regular account available with BSBDA

-- No limit on the number of deposits in the account