Many people in India are unable to access the most basic banking facilities. I think the reason for this is the rule of maintaining a minimum account balance ( MAB) in the savings account. To counter the problem, the Reserve Bank of India (RBI) has introduced no frill accounts. I will share no frill account meaning in the paragraphs below.
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What is no frill account in banking?These are savings accounts that don't need any minimum balance month after month. The account holder gets access to internet banking, debit card and access to ATMs across the country with 0 balance. As the name suggests, these accounts don't have any unnecessary rules or 'frills'. The account can be opened by any Indian above the age of eighteen.
Keep reading what is no frill account.
Account holders get a free quarterly account statement on their registered contact information ( email ID and phone). Moreover, these accounts are perfect for those people who worry about fines being levied when the funds dip less than MAB.
Features of no frill account :Unlimited deposits
No fine on inactive accounts
Zero charges on debit cards
Zero charges on ATM
The account is also known as a zero-balance account. The name of the account was changed by the RBI in 2012. Now, the no-frill account is known as Basic Savings Bank Deposit Account (BSBDA) in banks.
I hope my explanation has made no frill account meaning clear for you.
Read more : What is LC in banking? What is SMA in banking? What is a cash certificate in banking? What is DPN in banking?Your Feedback Matters! How was this Answer?
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What is no frill account ?
Jiya
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2022-09-27T23:49:51+00:00 2022-09-27T23:49:53+00:00Comment
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