In this article, we present a general algorithm to generate a new class of binary approximating subdivision schemes and give derivation of some family members. We discuss important properties of derived schemes such as: convergence, continuity, H lder regularity, degree of polynomial generation and reproduction, support, limit stencils and artifacts. Furthermore, visual performance of proposed schemes has also been presented In this article, we present a general algorithm to generate a new class of binary approximating subdivision schemes and give derivation of some family members. We discuss important properties of derived schemes such as: convergence, continuity, H lder regularity, degree of polynomial generation and reproduction, support, limit stencils and artifacts. Furthermore, visual performance of proposed schemes has also been presented.