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BanK Account: Zero Balance Account in Foreign Banks

Economically weaker sections in India can also open zero-balance accounts in foreign banks such as HSBC, Citibank and Standard Chartered Bank and avail free ATM-cum-debit card facility. The Reserve Bank of India (RBI) said its basic savings bank deposit account (BSBDA) guidelines are applicable to “all scheduled commercial banks in India, including foreign banks having branches in India.” Does RBI know whether this is being enforced? Will it check?

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Uncertainty and Opportunity
Uncertain markets should not confound you. Instead, it is an opportunity to research into...
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