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RBI relaxes norms: No Minimum Balance for Savings Bank accounts

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RBI relaxes the norms on minimum balance in the savings account of individuals from now. No Minimum balance is required now.

Banks will now have to allow a minimum of four withdrawals during a month, as well as those from ATM, from basic or no-frill accounts, said the reserve bank of India (RBI) on Monday.

There will be no limit on the number of deposits during a month. Banks also will have to give checkbooks and cannot ask them to keep up a minimum balance in lieu of facilities.

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Earlier, additional facilities made these accounts like regular savings bank account, so attracting demand for maintaining a minimum balance and other surcharges.

The central bank relieved regulations for Basic Savings bank deposit (BSBD) Accounts, popularly referred to as ‘no-frills’ accounts.

This will enable us the middle-class people to stay safe and happy with their bank accounts, there were too many deductions on the name of No Minimum Balance in Bank Accounts.

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