The Hindu Business Line : More banks offer no frills a/c

BANK of Baroda has launched `Nagrik Bachat Khata' a new savings bank product for those having low income such as daily wage earners workers in unorganised sector, among others.

Depositors can open this account with an initial amount of Rs 50 only.

There is no special service charge even if the balance goes below Rs 50, said a press release from the bank. Interest rate, periodicity and method of application of interest will be similar to the usual savings bank account.

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