RBI says no more fees on digital banking for BSBD
The Reserve Bank of India (RBI) just made life easier for anyone with a Basic Savings Bank Deposit (BSBD) account: you can now use digital banking—think online transfers and payments—without any extra fees.
These no-frills accounts already let you deposit cash and make at least four withdrawals a month for free, so this update is all about making everyday banking more accessible.
Other key takeaways from the report
To improve customer support, RBI has proposed to strengthen its Internal Ombudsman mechanism to make grievance redressal more effective.
Plus, rural cooperative banks are being included in the RBI Ombudsman Scheme, which means more people get help if things go wrong.
Just a heads-up: if you open a BSBD account, you'll need to close any other savings accounts at the same bank within 30 days.
Opening these accounts is simple too—they follow simplified KYC norms so more folks can sign up easily.