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Allow 4 Withdrawals for Savings Account Holders per Month says RBI:- The Reserve Bank of India said that all the commercial banks should offer four minimum free withdrawals per month for all the basic savings bank deposit accounts. These transactions should also include ATM withdrawals. The new rules will come into force from July 1st. The BSBD account was designed as a savings account that will offer certain minimum facilities for free of charge. RBI also said that there is no need for a minimum balance to open a savings account and the ATM card should be provided without any fees.
RBI also said that the bank should not levy any fees for non-operation or activation of an inoperative account. RBI also said that the holders of BSBD accounts should not have any other existing savings account with the same bank. If they are having one, it should be closed in 30 days from the date of opening BSBD account. The RBI directed to take the decision on offering cheque books and other minimum facilities for free or charge.