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.
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.