Zero Balance Account: Here are some dos and don'ts if you have Basic Savings Bank Deposit (BSBD) Account
BSBDA customer cannot have any other savings bank account in the same bank. If 'Basic Savings Bank Deposit Account’ is opened on the basis of simplified KYC norms, the account would additionally be treated as a 'Small Account' and would be subject to conditions stipulated for KYC norms / AML standards / Combating of Financing of Terrorism (CFT) / Obligation of banks.
Some of us think that 'Basic Savings Bank Deposit Account' is only for a poor or weaker section of the society, Photo: Pixabay