Features of the Basic Banking Account(BBA)

According to the State Bank of Pakistan(BPD Circular No. 30 of 2005), the following is a minimum set of features offered by a BBA account:

a. The minimum initial deposit will be Rs 1000.
b. Will be non-remunerative account.
c. No limit on minimum balance. In cases, where balance in BBA remains ‘nil’ for a continuous six-month period, such accounts will be closed.
d. No fee for maintaining BBA.
e. Maximum two deposit transactions and two chequing withdrawals are allowed, free of charge, through cash/clearing per month.
f. Unlimited, free of charge, ATM withdrawals from the banks’ own ATMs. In case of withdrawal from BBA through the ATM machines of other banks, the respective/other bank may recover charges for such transactions.
g. For the existing banking accounts, banks may get the consent of all their customers whether they wish to maintain a BBA with them or a regular full service banking account with its accompanying terms and conditions. In case an account holder does not give his/her consent for a BBA, his/her account will be treated as a regular full service banking account.
h. Statement of account will be issued once in a year.

Tags: SBP, BBA Account, Bank Account, Deposit, Commercial Bank, Islamic Banks

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