The Reserve Bank of India (RBI) today clarified that foreign bankshaving branches in India can open zero balance account. The regulator has released a list of frequently asked questions, in which it has said that the Basic Savings Bank Deposit Account (BSBDA) guidelines are applicable to "all scheduled commercial banks in India, including foreign banks having branches in India".
Under the BSBDA scheme, any individual, including poor or those from weaker section of the society, can open zero balance account in any bank. Apart from no requirement of minimum balance, there is no stipulation on the number of deposits in such accounts though withdrawals are capped at four per month, including ATM withdrawals. Banks are required to provide ATM card facility to such account holders.
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