Zero Balance Account for Beneficiaries of Government Programmes.
The Reserve Bank of India (RBI), central banking institution of India, has advised all Scheduled Commercial Banks (SCBs) on August 10,2012 to offer a ‘Basic Savings Bank Deposit Account’ and also convert existing basic banking ‘no-frills’ accounts’ to ‘Basic Savings Bank Deposit Account’.
Such accounts do not have the requirement of any minimum balance and comes with the facility of ATM Card or ATM-cum-Debit Card. However, the holders of such accounts are not eligible to open any other savings bank deposit account in that bank. Under Financial Inclusion, banks have already opened 3.16 crore accounts by March 31, 2012.
This was stated by Shri Namo Narain Meena, the Minister of State for Finance, in a written reply to a question in the Rajya Sabha today.