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:
  1. Total credits in such accounts should not exceed one lakh rupees in a year.
  2. Maximum balance in the account should not exceed fifty thousand rupees at any time.
  3. The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month.
  4. Remittances from abroad can not be credited to Small Accounts without completing normal KYC formalities.
  5. 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.
  6. 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.