Minimum Deposit for Opening a BSBD Account

The correct answer is option 'B' - No minimum deposit required.

Explanation:
A Basic Savings Bank Deposit (BSBD) Account is a type of savings account offered by banks in India. It is a no-frills account that aims to provide banking facilities to individuals who are unable to maintain minimum balance requirements or have limited transactions.

No Minimum Deposit:
When opening a BSBD account, no minimum deposit is required. This means that individuals can open this account without the need to deposit any specific amount of money. This is one of the key features of a BSBD account, making it accessible to a wide range of people, including those with low income or limited financial resources.

Key Points:
Here are some key points to understand about the minimum deposit requirement for opening a BSBD account:

1. Accessibility: By not having a minimum deposit requirement, the BSBD account ensures that banking services are accessible to all individuals, regardless of their financial status.

2. Financial Inclusion: This account plays a crucial role in promoting financial inclusion in India. It allows individuals who may not meet the requirements of regular savings accounts to access basic banking facilities.

3. Features: Although there is no minimum deposit requirement, the BSBD account still offers essential banking features such as deposit and withdrawal facilities, checkbook issuance, and ATM/debit card services.

4. Limitations: While the account does not have a minimum deposit requirement, it may have restrictions on the number of transactions and the maximum balance that can be maintained. These limitations vary depending on the bank and the specific terms and conditions associated with the BSBD account.

5. Zero Balance Account: The absence of a minimum deposit requirement also means that individuals can maintain a zero balance in their BSBD account. However, it is important to note that penalties or charges may apply if the account balance falls below the specified limit or if certain transaction limits are exceeded.

In conclusion, the minimum deposit required while opening a BSBD account is option 'B' - No minimum deposit required. This account is designed to provide basic banking services to individuals without the burden of maintaining a minimum balance.