INSUBCONTINENT EXCLUSIVE:
Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account.A BSBD or basic savings bank deposit
account is a type of zero balance savings account which does not require customers to maintain any particular minimum balance
In other words, the account can be operated with zero balance
Major commercial banks such as public sector lender State Bank of India (SBI) and its private sector peer HDFC Bank offer zero balance
accounts such as BSBD accounts
Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account.Here are key points to know about
basis at SBI, according to the bank's website, sbi.co.in
An SBI basic savings deposit account can be opened by any individual with valid KYC (Know Your Customer) documents.Benefits of SBI's BSBD
A basic RuPay ATM-cum-Debit card is issued free of cost and no annual maintenance charge is applied.2
The receipt or credit of money through electronic payment channels such as NEFT or RTGS is free.3
The deposit or collection of cheques drawn by central and state governments is free.4
There is no charge on activation of inoperative accounts and closure of accounts.5
A maximum of four withdrawals or transactions in a month are allowed
This includes ATM withdrawals at ATMs of SBI and other banks, and NEFT, RTGS and cash transactions at branches
No further customer debits are allowed during the month, according to SBI.Interest ratesThe 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 an interest rate of 3.5 per cent per annum
1 lakh, it offers an interest rate of 2.65 per cent per annum.HDFC BankResident individuals, Hindu undivided families are eligible to open
Customers get a safe deposit locker and super saver facilities, according to HDFC Bank's portal, hdfcbank.com.2
The bank issues a free passbook facility for the account holders
Customers also get free cash and cheque deposit facility at branches and ATMs.3
Customers get four free withdrawals per month including ATM, RTGS, NEFT, clearing, branch cash withdrawal etc
In case of more than four withdrawals in a month, HDFC Bank converts the BSBD account into a regular savings account.4
Customers also get free lifetime BillPay, InstaQuery, and e-mail statement facilities.5
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.Get Breaking news, live coverage, and Latest News from India and around the world on
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