Basic Saving Account introduced to secure government benefit transfers, defining eligibility, deposits, balance and operation rules. The amendment creates a Basic Saving Account to receive government benefits, specifying eligibility (registered adult beneficiaries and guardians of registered minors), nil opening deposit, a single account per beneficiary, permitted credits including government benefits and other authorised deposits, no minimum balance requirement, and operation by the registered beneficiary or guardian; prior accounts under the earlier rules are deemed Basic Saving Accounts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Basic Saving Account introduced to secure government benefit transfers, defining eligibility, deposits, balance and operation rules.
The amendment creates a Basic Saving Account to receive government benefits, specifying eligibility (registered adult beneficiaries and guardians of registered minors), nil opening deposit, a single account per beneficiary, permitted credits including government benefits and other authorised deposits, no minimum balance requirement, and operation by the registered beneficiary or guardian; prior accounts under the earlier rules are deemed Basic Saving Accounts.
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