Poor can open zero balance accounts in foreign banks: RBI

Posted By: Religare
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Poor can open zero balance accounts in foreign banks: RBI
Poor in India can also open zero balance accounts in foreign banks such as HSBC, Citibank and Standard Chartered Bank and avail free ATM-cum-debit card facility, reported PTI.

The Reserve Bank today said its 'Basic Savings Bank Deposit Account (BSBDA) guidelines are applicable to "all scheduled commercial banks in India, including foreign banks having branches in India".

Under the BSBDA scheme, any individual, including poor or those from weaker section of the society, can open zero balance account in any bank, said the media reports.

The RBI said there is no requirement for any initial deposit for opening such accounts.

"Banks are advised not to impose restrictions like age and income criteria of the individual for opening BSBDA," RBI said.

However, holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank, PTI reported.

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