Is BSBDA Account in Yes Bank only for those having annual income less than Rs 50,000 ?

POSTED BY cbalaji_83 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?

3 replies on this article “Is BSBDA Account in Yes Bank only for those having annual income less than Rs 50,000 ?”

  1. cbalaji_83 says:

    Thank you for the replies.

    Mr. Hemanth, I am looking for opening a savings account only and not a Demat account.

  2. Hemanth says:

    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.

  3. 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 .

    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.

    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

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