'No Frill' account is a basic banking account. Such account requires either nil or very low minimum balance. Charges applicable to such accounts are low. Services available to such account is limited.
In simple words it :If a company makes its service/product cheaper by removing the extra features, that is no frill.RBI in 2005-06 called upon Indian banks to design a ‘no frills account’ – a no precondition, low ‘minimum balance maintenance’ account with simplified KYC (Know Your Customer) norms.
In simple words it :If a company makes its service/product cheaper by removing the extra features, that is no frill.RBI in 2005-06 called upon Indian banks to design a ‘no frills account’ – a no precondition, low ‘minimum balance maintenance’ account with simplified KYC (Know Your Customer) norms.