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No-frills account holders pay heavy penalty for exceeding withdrawal limit, says report

Updated : May 28, 2018 12:11 AM IST

The key restriction on a Basic Savings Bank Deposit Account (BSBDA) is that the account holder cannot make more than four withdrawals in a month, though there is no such limit on number of deposits.
At present, after four debits in a month from a BSBDA, the customer is no longer able to make online purchases, transfer money through BHIM or use RuPay debit card at merchant locations for day-to-day purchases, the report said.
No-frills account holders pay heavy penalty for exceeding withdrawal limit, says report

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