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OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS
What is the minimum number of persons required to open a joint account in a bank?
A joint account can be opened by two or more persons. There is no maximum limit prescribed by RBI for the number of joint account holders.
What is the maximum balance allowed in a Basic Savings Bank Deposit Account (BSBDA) at any point?
Maximum balance of Rs. 50,000 is permitted.
What does the mandate 'Either or Survivor' mean in a joint deposit account?
It means either of the joint holders can operate the account during their lifetime, and upon the death of one, the survivor can continue to operate and claim the balance.
What is the maximum number of withdrawals allowed per month in a BSBDA account?
Maximum four withdrawals are allowed per month.
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