Question

Basic Savings Bank Deposit's Accounts (BSBDA) are formally called

• A. Minimum balance account
• B. Fixed deposit account
• C. Premium savings account
• D. No frills account

Answer 1

Answer:

D. No frills account

Basic Savings Bank Deposit's Account (BSBDA):

• These accounts are opened on relaxed KYC norms and need not have any balance in them. 

• These accounts are formally called No frills account but now called BSBDA by RBI in Sep 2012.

• The object is to provide normal banking service to all

• The account shall not have any minimum balance

• No limit in the number of deposits but allowed maximum 4 withdrawal in a month including ATM 

• BSBA is also called small Account 

• BSBA account holder's are not eligible for opening any SB Account in that Bank.