From July 1 onwards the basic savings bank deposit (BSBD) account holders to make four withdrawals free. The Reserve Bank of India has given the instruction to all banks in the country.
The BSBD account holders did not need a minimum balance to open a bank account. Also, they will be provided with an ATM card free of cost. This type of account was designed as a savings account that will offer certain minimum facilities, free of charge, to the holders. The BSBD accounts are designed for the weaker and poorer section of people.
The account holders can do 4 transactions either through bank or ATM free of cost.
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