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POSTED BY ON December 27, 2014 1:57 pm COMMENTS (3)
Dear Manish,
I recently tried opening a BSBDA account at Yes Bank. But I was told that it is only for individuals with less than 50000 annual income. I went through the RBI circular for the same. But couldn’t find any such clause. Can you kindly clarify the same?
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Thank you for the replies.
Mr. Hemanth, I am looking for opening a savings account only and not a Demat account.
there is no such rule…. also no broker or bank are not at all willing to open BSDBA account as there can’t charge you for it.
Suppose, some how u open it and if the total holdings in that a/c is >50k then again u have to change it to normal demat a/c. If you want a demat a/c with less trading charges, try opening at some discount broker like RKSV, zerodha, tradesmartonline etc.
No , there is no rule like that..
If you check http://www.rbi.org.in/scripts/FAQView.aspx?Id=96 . You will clearly see it in point number 6 .
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6. Query
Whether there are any restrictions like age, income, amount etc criteria for opening BSBDA by banks for individuals?
Response
No. Banks are advised not to impose restrictions like age and income criteria of the individual for opening BSBDA.
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I think your bank is misguiding you in order to meet their targets .. tell them you know the rules and show them the circular !
Manish