BSDS Account: Banks won't be able to levy arbitrary charges on this account—this RBI rule is excellent..

Do you want a bank account where you won't face any financial loss even if there is no money in it? If so, this news is for you. Under RBI guidelines, banks offer a specific type of account that does not require maintaining a minimum balance. Let us tell you the name of this account and its benefits.

What is the name of this account?
This special account is called the Basic Savings Bank Deposit Account (BSBD). The key feature of this account is that there is no requirement to maintain a minimum balance. Anyone above the age of 10 can open this account.

Upon opening an account under this scheme, you receive a debit card, just like with other accounts. It includes facilities such as ATM withdrawals, online transfers (NEFT/RTGS), cheque payments, and EMI deductions. However, charges may apply for ATM transactions exceeding four in number. Another notable feature is that you can convert your existing account into this type of account.

What is the downside of this account?
One drawback is that if you open this account with a particular bank, you cannot open any other account with that same bank. However, this account earns interest just like a regular savings account.

What documents are required?
If you wish to open this account, you can do so by providing the following documents:

Aadhaar Card
PAN Card
Identity Proof
Address Proof
Passport-sized photograph

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