RBI proposes basic savings bank deposit a/c as a standard service

Banks must offer customers a “basic savings bank deposit” (BSBD) account, including free facilities and without having to maintain a minimum balance, the Reserve Bank of India (RBI) has said ina draft circular.

- SUBRATA PANDA

"The ongoing (digitisation) of the banking sector requires a BSBD account that is in sync with the customer's evolving requirements. These directions are issued to improve customer service for BSBD account holders and enhance the usage thereof to deepen financial inclusion and (digitisation)," the RBI said.

Those under the Pradhan Mantri Jan Dhan Yojana are BSBD accounts. Under that, a BSBD account is opened in any bank branch or a business correspondent (Bank Mitra) outlet by persons not having any other account.

Over 566 million accounts have been opened, and those accounts have deposits of about ₹2.67 trillion.