New Delhi: Reserve Bank of India has made a big change in the rule involving zero balance bank accounts. Such bank account holders will now be able to avail checkbooks and other facilities. For these facilities, the bank cannot bet to have a minimum balance from the account holders.
So far, the additional facilities on zero balance bank accounts were assumed to be regular savings accounts. As soon as this happened, the minimum balance condition in these bank accounts was imposed. Now, in the month of such accounts, you can get cheque books as many times as you want to deposit the money.
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Exemptions granted under these rules
According to the information, RBI calls these accounts as basic Savings bank deposit accounts and has relaxed the rules. These bank accounts are usually also called zero balance accounts or no-frills accounts. In order to promote financial inclusion, RBI has asked banks to give some minimum facility to BBDA in the same way without a fee, the kind of facilities that are given in general savings accounts.
Such a given directive
With this, RBI in its order said that banks are free to offer additional value-added facilities after the minimum facilities mentioned earlier. These features include the cheque book, which cannot be charged. The directive says that after giving these facilities, banks will not bet on their customers to have a minimum balance in the account.
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