RBI relaxes norms: No Minimum Balance for Savings Bank accounts

no minimum balance

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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