Some key features of the basic banking account are worth-mentioning here.
•  the initial deposit amount required to open the account shall not exceed US $ 25  •  the minimum balance, including any average balance, required to maintain such account shall not exceed US $ 0.10  •  the charge for periodic cycle for the maintenance of such accounts to be declared up front  •  the minimum number of withdrawal transactions which may be made during any periodic cycle at no charge to the account holder must at least be eight  •  a withdrawal shall be deemed to be made when recorded on the books of the account holder’s banking institution  •  except, as provided below, an account holder shall not be restricted as to the number of deposits which may be made to the account without incurring any additional charge  •  the banking institution may charge account holders for transactions at electronic facilities which are not operated by the account holder’s banking institution as well as other fees  2  BIS Review 83/2005  and charges for specific banking services which are not covered under the basic banking account scheme •  every periodic statement issued for the basic banking account should invariably cover on it or by way of separate communiqué maximum number of withdrawals permitted during each periodic cycle without additional charge and the consequences of exceeding such maximum and the fee if any, for the use of electronic facilities which are not operated by the account holder’s banking institution.