INSUBCONTINENT EXCLUSIVE:
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,
accountBenefitsCustomers get a basic RuPay ATM-cum-debit card issued against the bank account free of cost and no annual maintenance charge
The credit of money through electronic payment channels such as NEFT and RTGS is free
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
issues a free passbook facility for the account holders
rateOn account balance above Rs
50 lakh and above, HDFC Bank offers an interest rate of 4 per cent
On account balance below Rs
passbook facility free of cost
The bank allows a daily spending and withdrawal limit of Rs
50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum
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
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