Basic Savings Bank Deposit Account definition

Basic Savings Bank Deposit Account means a demand deposit account opened for greater financial inclusion. Such accounts are subject to RBI instructions on Know Your Customer (KYC)/Anti-Money Laundering (AML) norms. If such account is opened on the basis of simplified KYC norms or no KYC, the account would additionally be treated as a ‘Small Account’, and would be subject to conditions stipulated for such accounts as indicated in paragraph 5(n) & 5(o)
Sample 1Sample 2
Basic Savings Bank Deposit Account means a demand deposit account opened for greater financial inclusion. Such accounts, opened on the basis of simplified KYC norms are additionally treated as a „Small Account‟ ( No frill Account ) subject to conditions stipulated by RBI.
Sample 1
Basic Savings Bank Deposit Account means a demand deposit account opened for greater financial inclusion. Such accounts, opened on the basis of norms prescribed by RBI are additionally treated as a ‘Small Account'.
Sample 1

Examples of Basic Savings Bank Deposit Account in a sentence

  • The 'Basic Savings Bank Deposit Account' would be subject to RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time.

  • 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'.

  • Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings bank deposit account in that bank.

  • Further, no charge will be levied for non-operation / activation of in-operative 'Basic Savings Bank Deposit Account'.

  • The existing basic banking 'no-frills' accounts should be converted to 'Basic Savings Bank Deposit Account' as per the instructions contained above.

  • The 'Basic Savings Bank Deposit Account' should be considered a normal banking service available to all.

  • Though the banks make available a Basic Savings Bank Deposit Account so as to achieve the objective of greater financial inclusion, yet financial inclusion objectives would not be fully met if the banks do not increase the banking outreach to the remote corners of the country.

  • If a customer has any other existing savings account in the Bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'.

  • N1 Closure Of Account Saving Account Current Account Saving Account*Upto 14 days of opening : NIL After 14 days: ₹150/- plus GST Current AccountUpto 14 days of opening : NIL After 14 days: ₹300/- Plus GST No charges shall be levied in case account is closed Owing to the Death of the account holder *Excluding Basic Savings Bank Deposit Account, Pradhan Mantri Jan Dhan Yojna & Small Accounts opened under Financial Inclusion NOTES 1.

  • Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings bank deposit account in the Bank.

Related to Basic Savings Bank Deposit Account

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Health Savings Account means an account as permitted under section 223 of the internal revenue code of 1986, 26 USC 223.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.