DIFFERENT TYPES OF ACCOUNTS
Social Security Schemes
Basic Savings Bank Deposit Account
This account can be opened either with ‘nil’ or very low minimum balance and will be having following features:
- Product code of the account is 34035.
- There will be no limit on the number of deposits that can be made in a month and the account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.
- The above facilities will be provided without any charges. Further, no charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’.
- The ‘Basic Savings Bank Deposit Account’ would be subject to RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. If such account is opened on the basis of simplified KYC norms, the account would additionally be treated as a ‘Small Account’ and would be subject to conditions stipulated for such accounts.
- If a person wishes to open a BSBDA account in a Bank Branch, he/she has to close any other account opened with that bank branch with in 30 days from the date of opening of BSBDA. However, a person can retain FD/LTD/RD accounts in addition to BSBDA account.
- These accounts can be used for PMJJBY and PMSBY.