DIFFERENT TYPES OF ACCOUNTS
Social Security Schemes
Basic Savings Bank Deposit - Small Account
Name of No frill account has been changed to above said account and the product code for the same is 34004. Features of this product are as follows:
- Total credits in such accounts should not exceed one lakh rupees in a year.
- Maximum balance in the account should not exceed fifty thousand rupees at any time.
- The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month.
- Remittances from abroad can not be credited to Small Accounts without completing normal KYC formalities.
- Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
- Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfillment of the conditions.