Jan Dhan account holders will receive good news from the RBI! Many banking services will now be available for free..

The Reserve Bank of India (RBI) has issued a new draft circular regarding Basic Savings Bank Deposit (BSBD), or zero-balance accounts. This move aims to make banking easier, digital, and transparent for low-income customers. These accounts do not require any minimum balance and include Pradhan Mantri Jan Dhan Yojana accounts. Currently, there are 56.6 million such accounts active in the country, with a total deposit of ₹2.67 trillion.

A plethora of free services: According to the RBI's new proposal, zero-balance account holders will now receive several services free of charge. These include:

Unlimited cash deposits (through branches, ATMs, or business correspondents).

Free ATM/debit cards.

25 free checks per year.

Free passbooks and monthly statements.

Free internet and mobile banking.

This change will bring relief to customers who previously faced fees for even small services. Banking will now not only be affordable but also convenient and digital.

Digital transactions will also be free.
The RBI proposal states that BSBD account holders will now be able to access at least four free withdrawals per month. Furthermore, all digital transactions, such as UPI, NEFT, RTGS, IMPS, and PoS payments, will be completely free. This means that customers will now be able to make online payments and transfers without any fees. Furthermore, if desired, individuals can convert their regular savings accounts into BSBD accounts.

Customers will receive complete information.
The RBI has directed banks to clearly inform customers about the features of BSBD accounts. A customer can hold only one BSBD account with a single bank. Banks may offer additional services if they wish, but any fees levied on these services must be disclosed transparently. This proposal by the RBI could prove to be a major step for millions of small account holders across the country. This will facilitate access to banking services, promote digital transactions, and strengthen the dream of 'banking in every hand'.

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