No-frills Account
A no-frills account is a bank account that can be opened and maintained with a zero balance, levies zero or nominal charges, and does away with unnecessary services or frills. The downside of such an account is that most of the facilities offered are limited.
The Reserve Bank of India came up with this account in 2005 to provide banking facilities to low-income customers. Services such as withdrawals, debit cards, etc., are available at zero charges.
However, the title 'No Frills' seemed to stigmatise those who hold such accounts. In an attempt to undo the stigmatisation associated with the title, the RBI replaced the title of the account to Basic Savings Bank Deposit Account (BSBDA) in 2012. Therefore, the No Frills account and the Basic Savings Bank Deposit Account are essentially the same thing.
Mudaraba No Frill Savings Account (2024). Union Bank PLC. URL: https://www.unionbank.com.bd/deposit/mudaraba-no-frill-savings-account#
Basic Savings Deposit Account Vs. No-Frills Account: Is There a Difference? (2024). Bankbazaar. URL: https://www.bankbazaar.com/savings-account/difference-between-basic-savings-deposit-account-vs-non-frills-account.html