BSBDA- Basic Savings Bank Account & Tax Saver Deposit Details

Basic Savings Bank Deposit Account (BSBDA)
Eligibility: An individual is eligible to have only one BSBD account in the Bank. This account shall not have the requirement of any minimum balance. Can be maintained with even Zero balance (No frill Account). Subject to provisions of PML Act and Rules and RBI instructions on KYC / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time.
The following 5 basic minimum facilities, free of charge without any requirement of minimum balance are to be provided. Deposit of Cash at bank branch as well as ATM/CDM.
( Receipt/credit of money through any electronic channel or by means of
( Deposit/collection of cheques drawn by Central / State Government agencies and departments. No limit on number and value of deposits that can be made in a month.
( Minimum of 4 withdrawals in a month including ATM withdrawals.
( ATM Card or ATM-cum-Debit Card.
( The above facilities will be provided without any charges. 4 withdrawal permitted free of charges, above this level, charges will be levied Rs.
( 5.00 per withdrawal. Need based cheque books within the total entitlement, say 5 books of 10 leaves in a( year (as the max 48 widrawals in a year). No Charges to be levied for non-operation/ activation of inoperative “Basic Savings
( Bank Deposit”. If a customer has any other existing savings bank deposit account in that bank, he /
( She will be required to close it within 30 days from the date of opening a Basic Savings Bank Deposit Account. Branch may offer other liability products like Recurring Deposit or Term Deposit
( To account holder under this scheme. However, if the balance exceeds Rs. 50,000/- (maximum balance under the scheme + other deposits under 254 liability products)
( And the total credit in one year exceeds Rs. 1, 00,000/- then account would cease to be Savings Bank Deposit account.
*BSBD should be considered normal banking service available to all.
*No minimum balance required.

Tax Saver Deposit:
( Investment is Tax saving under Section 80C of Income Tax Act, 1961.
( Min. Deposit Rs. 100 Max. Rs.1.5 lakh
.( Period: 5 years only
.( Joint account up to 2 persons only.
( Senior Citizen is eligible for preferential ROI of 0.5%.
( Employee/Ex-employee/ Senior citizen ex-employee is eligible for preferential ROI of
( 1%. May be opened in FD/KD by individuals/NRO/HUF.
( All other terms and conditions as applicable to FD/KD.
( No loan against the deposit and no closure before maturity except death claim
( settlement. Not to be accepted as collateral security, hence no pledge.

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