Is Bsbda and Jan Dhan account same?

Every individual living in India can have Zero Balance Account under Pradhan Mantri Jan Dhan Yojana scheme. The Zero Savings account is also known BSBDA account. BSBDA stands for Basic Savings Bank Deposit Account defined under the Reserve Bank of India circular dated 10.8. 2012.

What is difference between Bsbda and savings account?

The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance. In contrast, a BSBDA has a maximum account balance that has to be maintained. The BSBDA holder will get an ATM cum Debit Card as a part of the account opening formalities.

Can I convert my saving account to Jan Dhan account online?

If you have a normal savings account in the bank, then you can get it converted to Jan Dhan account. In order to apply for PMJDY, you just have to fill a form online. You must be an Indian citizen in order to open the account under this scheme.

What are the features of BSBD account?

Yes Bank BSBD Account Features & Benefits

• Zero balance account.
• Free inter-bank fund transfer via branch, net banking and mobile banking.
• Free inter-bank fund transfer collection.
• Free credit of money via NEFT/RTGS.
• Free foreign inward remittance.
• Free cash deposit.
• Four free cash withdrawals allowed in a month.

What is Bsbda account in SBI?

State Bank of India (SBI) Basic Savings Bank Deposit (BSBD) account, popularly known as zero balance savings account was designed as a savings account that will offer certain minimum facilities, free of charge, to the holders.

What is mean by Bsbda account?

Basic Saving Bank Deposits Account
The Basic Saving Bank Deposit Account should be considered as normal banking service. This account shall not have the requirement of any minimum balance. ATM card or ATM cum debit card, RuPay debit card to be issued to all the account holders. …

What is a Bsbda account?

Basic Savings Bank Deposit Account (BSBDA) is a Zero Balance Savings Account that takes care of your simple banking needs with Free ATM card, monthly statement, and cheque book.

What is the meaning of BSBD account?

A BSBD account means an account that does not require customers to maintain a minimum or average monthly balance. The full form of BSBD account is Basic Savings Bank Deposit account. Under this facility, customers are not required to maintain any minimum monthly or average balance in their BSBD account.

What is the difference between jhanshan Dhan account and BSBDA account?

Only difference is JHAN DHAN account was open under a scheme launched by our PM. And earlier bank were reluctant to open BSBDA account. Banks also do not provide good service to BSBDA account holder. They even denied service like debit card. But after JHAN DHAN yojna this senerio has been completely changed.

What is Jan Dhan Yojana and how does it work?

However, given that the population size of India is so huge, among the various types of bank accounts offered by different banks the Jan Dhan Yojana aims on providing only Basic Savings Bank Deposit Account (BSBDA) to its subscribers.

What is basic savings bank deposit account (BSBDA)?

The aim of introducing ‘Basic Savings Bank Deposit Account’ (BSBDA) is a part of the efforts of RBI for promoting ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account.

What are the features of BSBDA?

The BSBDA allows its account holder to keep the account functional even with a zero balance deposit and has no restrictions or regulations on the minimum balance. Apart from the regular deposit and withdrawal features the account holders can also execute electronic transactions through their regular phones.