Which of the following statement is are incorrect with respect to Basic Saving Bank deposit account ........

Finance changing landscape in banking sector

Which of the following statement is/are incorrect with respect to Basic Saving Bank deposit account?

The Basic Savings Bank Deposit (BSBD) Account was designed as a savings account which will offer certain minimum facilities, free of charge, to the holders of such accounts.

Banks are free to provide additional value-added services and shall require the customer to maintain a minimum balance.

Banks are free to provide additional value-added services, which may be priced.

The holders of BSBD Account will not be eligible for opening any other savings bank deposit account in that bank.

All of the above are correct.

Explanation:

-Banks are free to provide additional value-added services, including issue of cheque book, beyond the above minimum facilities, which may/may not be priced (in non-discriminatory manner) subject to disclosure.
-The availment of such additional services shall be at the option of the customers. However, while offering such additional services, banks shall not require the customer to maintain