Question

No frills account is called BSBDA by RBI since

• A. Jan 2010
• B. Sep 2012
• C. Dec 2011
• D. Mar 2013

Answer 1

Answer:

B. Sep 2012

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.