Nowadays, having a bank account is not only compulsory but also beneficial in many ways. It ensures the safety of all the contents of the account, such as money, jewellery, essential documents, etc. A new facility for bank account holders was introduced by The Reserve Bank of India (RBI), and it is continuously encouraging people to deposit their valuables in bank accounts for security purposes.

A Basic Saving Bank Deposit Account or BSBDA is a zero-balance saving account where customers do not have to maintain minimum account balance compulsorily. It is offered by most banks equipped with facilities like a free debit-cum-ATM card, and a passbook. Withdrawals, however, are limited as per the rules of the RBI.

Following are the things to remember when during online bank account opening with zero-balance:

1. No dual account facility: The account holders are not permitted to open another account for savings in the same bank. If a customer holds another account, it is supposed to be withdrawn within 30 days from the date of opening.
2. Fixed deposit accounts: However, customers can open other accounts such as term or fixed deposits, and recurring deposits, according to the mandate.
3. Services offered: The services for BSBDA accounts include deposits/withdrawals of cash and receipts/credits of money through electronic modes of payment like ATMs.
4. No initial deposit required: For opening an account with zero balance, there is no need to deposit any security or collateral with the bank.
5. More facilities: Banks can offer many other facilities than those prescribed. However, the decision lies in the hands of the bank’s management.
6. Withdrawal limit: If the account holder carries out more than four withdrawals or cheque book requests at additional costs, the facilities of the BSBD account will be closed.
7. No additional charges: If the bank holding the saving account does not take any additional fees for the extra facilities that it offers, then they can also be classified as BSBD accounts, according to the central bank.
8. Free passbook: As per the instructions from the RBI, the account holder should get a free passbook facility upon opening the account.
9. Conversion: A regular saving account can be converted into BSBDA zero balance at the request of the account holder. The consent should be submitted to the bank in writing, and all the features and services of the account should be explained by the bank.
10. Balance enquiry: In case a customer uses the ATM to check the balance of the account, it will not be counted as a transaction and will be treated as free of cost.