Frequently Asked Questions (Faqs)
There is no requirement of minimum balance.
The services available include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques.
Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for deposits.
Facility of ATM card or ATM-cum-Debit card.
These facilities are to be provided without any extra cost.
Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:
Interest on deposit.
Accidental insurance cover of Rs.1.00 lac
No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account.
Life insurance cover of Rs.30,000/-
Easy Transfer of money across India
Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
Access to Pension, insurance products.