Basic Savings Account: There are many types of bank accounts in India. These include savings account, current account, demat account and some other types of accounts. There are many banks in India to open these accounts. Generally, whether you open a savings account or current account or demat account, you have to maintain a minimum balance in these accounts. Otherwise, you are charged a penalty.
And many banks collect crores of rupees every year just as penalty for not maintaining minimum balance. But there are some accounts which after opening, you do not need to maintain minimum balance in them. One such account is Basic Savings Account. What is this account? Let us tell you.
There is no minimum balance requirement in a basic savings account
While on opening a normal savings account, you have to maintain a minimum balance in your account. And if you do not maintain the balance, a penalty charge is levied on you. On the other hand, there is no such provision in Basic Savings Bank Deposit Account i.e. BSBDA account. There is no rule regarding maintaining minimum balance in it. If you want, you can keep money in the account.
If you want, you can withdraw the entire amount from the account. However, some banks fix a limit on the maximum deposit, i.e. how much money you can deposit. A limit can be fixed for that. Let us tell you that all banks provide you the facility to open a Basic Savings Bank Deposit Account. Basic Savings Account is also called Zero Balance Account.
Minimum balance is not necessary even in Jan Dhan account
Just as you do not need to maintain a balance in a basic savings account, similarly you do not need to maintain a balance in the accounts opened under the Pradhan Mantri Jan Dhan Yojana. Prime Minister of India Narendra Modi Pradhan Mantri Jan Dhan Yojana was launched in the year 24 by the Government of India with the aim of ensuring that every Indian has an account.
More than 52.81 crore accounts have been opened under this scheme so far. Out of these, 29.37 crore i.e. about 55.6% accounts belong to women. Let us tell you that no government employee or central employee can open an account under the Jan Dhan Yojana. And also, no tax paying person can open a Jan Dhan account.