A basic savings bank deposit account (BSBD) is a financial inclusion-focused zero balance savings account which, among other features, does not restrict customers to maintain any particular minimum balance each month.
In other words, such an account can be operated with nil or zero balance.
State-owned lender State Bank of India (SBI) and its private sector peers HDFC Bank and ICICI Bank offer a variety of zero balance accounts, such as BSBD accounts.
(Top banks levy these charges for non-maintenance of required balance in savings account)State Bank of Indiazero balance saving accountBenefitsCustomers get a basic RuPay ATM-cum-debit card issued against the bank account free of cost and no annual maintenance charge is applied.
The credit of money through electronic payment channels such as NEFT and RTGS is free.
There is no charge on activation of inoperative accounts and closure of accounts,according to the bank's website, sbi.co.in.Interest rateThe interest rates offered by SBI on BSBD accounts are the same as those on regular savings bank accounts.
For savings deposits balance less than Rs.
1 lakh, SBI offers interest at the rate of 3.5 per cent per annum.
On balance over Rs 1 lakh, it offers an interest rate of 2.65 per cent per annum.HDFC Bankzero balance saving accountBenefitsThe bank issues a free passbook facility for the account holders.
Customers also get free cash and cheque deposit facility at branches and ATMs,according to HDFC Bank's website, hdfcbank.com.Interest rateOn account balance above Rs.
50 lakh and above, HDFC Bank offers an interest rate of 4 per cent.
On account balance below Rs.
50 lakh, the bank pays an interest rate of 3.5 per cent.ICICI Bankzero balance saving accountBenefitsICICI Bank offers a Rupay card and passbook facility free of cost.
The bank allows a daily spending and withdrawal limit of Rs.
10,000 each through debit cards,according to the bank's website, icicibank.com.Interest rateFor balance lower than Rs.
50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum.
For balance over Rs.
50 lakh, ICICI Bank offers an interest rate of 4 per cent per annum.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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