IDFC First Bank -Individual Account Opening Form
Banking has gotten more user-friendly over time. It doesn’t get any easier than this with the latest basic savings bank deposit account (BSBDA). Literally. This tiny account can be opened by any resident Indian national with little documents.
Look no further if you want to learn more about this banking innovation. A BSBDA account has a few key features that you should be aware of, such as the balance, number of transactions, interest rates, and KYC documents. Continue reading.
Eligibility
Any resident Indian national can open a BSBDA small account, according to existing regulations. Some Eligibility restrictions apply to such an account. You must be aware of these rules to manage the BSBDA account. To begin with, the total balance in your BSBDA account should never exceed Rs 50,000. If your account balance surpasses this amount, you won’t be able to make any further credit transactions until it falls below that amount. Second, in any given financial year, the total credits in your account should not exceed Rs 1 lakh. Finally, in a month, the total withdrawals and transactions in your BSBDA small account should not exceed Rs 10,000.
Charges
Non-maintenance of balance costs do not apply to a basic savings bank deposit account. In addition, the checkbook is free. The issuing of duplicate/ad-hoc statements may be subject to a fee. Demand draughts are normally free if they are within a certain limit. There is also a fee for collecting checks from the local clearance zone. It is free to inquire about your balance in a bank branch.
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