Any individual, including poor or those from weaker section
of the society, can open zero balance account in any bank. BSBDA guidelines are
applicable to "all scheduled commercial banks in India, including foreign
banks having branches in India". All the accounts opened earlier as
'no-frills' account should be renamed as BSBDA. Banks are required to convert
the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'.
The 'Basic Savings Bank Deposit Account' should be considered as a normal
banking service available to all customers, through branches. The aim of
introducing 'Basic Savings Bank Deposit Account' is very much part of the
efforts of RBI for furthering Financial Inclusion objectives.
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