- Designed as a savings account which would offer certain minimum facilities, free of charge, to the holders of such accounts. The BSBD can be opened by any individual and is not restricted to only poor and weaker sections.
- An individual is eligible to have only one Basic Savings Bank Deposit Account in one bank. Further, following conditions are applicable to BSBD Small Accounts, which are opened based on simplified KYC norms:
- Total credits in such accounts should not exceed one lakh rupees in a year.
- Maximum balance in the account should not exceed fifty thousand rupees at any time
- The total debits by cash withdrawals and transfers in a month cannot exceed Rs 10,000.
New changes/ modifications
- No limit on number and value of deposits that can be made in a month
- Minimum of four withdrawals in a month, including ATM withdrawals
- ATM Card or ATM-cum-Debit Card.
- Banks are free to provide additional value-added services, including issue of cheque book, beyond the above minimum facilities, which may/may not be prized.
Are PMJDY accounts same as BSBD account?
PMJDY accounts are BSBD accounts in nature with additional facility of RuPay Debit card with accident insurance coverage and overdraft facility.