New rules of RBIImage Credit source: RBL bank
The Reserve Bank of India has taken such a decision, which is going to bring a lot of joy to those having zero balance accounts. Yes, the regulatory bank has ordered all the banks of the country to provide many free facilities to the customers having zero balance. RBI has decided to increase the scope of free services available to Basic Savings Bank Deposit (BSBD) accounts, which will especially benefit students and poor people. Also, RBI said that banks should not consider zero account as functional and whichever savings account holder applies for BSBD, the bank should complete it within 7 days. These rules will be effective from April 1, 2026.
According to the new rules, every BSBD account, which is also called zero balance account in simple language. They will get the service of depositing cash, asking for money online or through cheque. Along with this, there will be no restriction on how many times the money can be deposited in a month. With this, those who open an account with zero balance will not have to face any banking challenge.
These facilities will be available
RBI has said that now with the new rule, customers will get ATM or ATM-cum-debit card without any annual charge. You will also get a check book with at least 25 pages in a year, free internet and mobile banking and free passbook or monthly statement. Also, withdrawing money at least four times in a month will be free. Along with this, digital payments like card swipe (PoS), NEFT, RTGS, UPI and IMPS will not be counted in these four times limit, that is, these services will be available separately.
Banks had said that some conditions should be added for opening BSBD accounts based on the income and profile of the customers, but RBI refused to accept this proposal. RBI made it clear that these accounts have been created for everyone and for financial inclusion i.e. to connect more and more people with banking. Therefore, banks will not be able to discriminate in any way against BSBD account holders. Now these customers will also be given the same facilities as other account holders. The old rules related to KYC and minor account will remain applicable as before.