Mint Explainer: Are zero-balance accounts about to become the new normal in banking?

Mobile banking, free cheque books, and more: Zero-balance accounts, technically called Basic Savings Bank Deposit (BSBD) accounts, may soon sport more features. These accounts, designed with limited services for mass consumers, are mandatory for every bank. On Wednesday, the Reserve Bank of India (RBI) proposed sweeping changes to help these accounts join India’s digital transformation. Additional services proposed for BSBD accounts include mobile and internet banking, free cheque books and unlimited free d ...