What is a Bsbda account?
The ‘Basic Savings Bank Deposit Account’ would be subject to provisions of PML Act and Rules and RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC norms.
Who is eligible for Bsbda account?
An evidence of having applied for valid KYC (as per the acceptable list of KYCspecified for BSBDA Small Accounts) within 12 months of account opening. Actual KYC (ID proof, Address proof and Photograph) as per the Bank’s acceptable list of KYC within 24 months of account opening.
What is the difference between Bsbda and small account?
BSBDA vs BSBDA-Small Account For a normal BSBDA KYC is a must but if an account is opened using simplified KYC it will be treated as a BSBDA small account. This comes with following restrictions: 1. The aggregate of all credits in a financial year should not exceed Rs 1 lakh.
What is the minimum deposit required while opening a BSBD?
zero minimum balance requirement
Basic Savings Bank Deposit (BSBD) account, which has a zero minimum balance requirement, can be opened by people who do not want to be bothered with maintaining any minimum balance. A BSBD account does not require customers to maintain any monthly average balance.
Can I deposit 50 lakhs in my savings account?
However, this limit is Rs 50,000 in case assessee is a senior citizen (above age of 60 years). If you make deposits aggregating more than Rs 50 lakh in one or more savings bank accounts in a financial year, you are required to mandatorily file your returns.
What is the limit of cash deposit in Bsbda account?
Small Savings Account Features
| Particulars | Small Savings Account |
|---|---|
| Local Clearing Cheque | Free |
| Outstation Cheque Collection Charges -Branch Location /other than Branch location (Per Instrument) | Free |
| Cash Deposit at Home & Non Home Location | Free unlimited no of txn. Subject to maximum limit of Rs.100000 during a Financial year |
Is Bsbda and Jan Dhan account same?
PMJDY accounts are BSBDA in nature with few additional facilities. The Basic Savings Bank Deposit (BSBD) Account is a savings account which offer the following minimum facilities, free of charge, without requirement of maintaining minimum balance to the holders of such accounts: Deposit of cash.
Is Bsbda and PMJDY same?
PMJDY accounts are BSBDA in nature with few additional facilities.
How do I convert BSBD to normal account?
Conversion of Small account to regular Savings Bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement. After such conversion, the same account number will continue.
How much cash can be kept at home?
Media reports said that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3 to15 lakhs.