INSUBCONTINENT EXCLUSIVE:
BSBD customers of this account do not need to maintain an average monthly balance.
If you're scared of running short on the minimum balance in your bank account, here's a solution: a
Basic Savings Bank Deposit (BSBD) Account should be your pick
A BSBD account, which is offered by most leading banks, does not require any minimum balance to be maintained
So basically, customers of this account do not need to maintain an average monthly balance
and HDFC Bank offer you the option of opening a BSBD account.Here are the benefits of BSBD account offered by SBI, ICICI Bank and HDFC
Bank:Benefits of Zero Minimum Balance - BSBD account - offered by SBISBI issues a basic RuPay ATM-cum-Debit card free of cost to users of
this account, according to sbi.co.in
There is no annual maintenance charge
The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free of charge
The deposit/ collection of cheques drawn by central/state governments is free
SBI does not charge anything on activation of inoperative accounts
There are absolutely no account closure charges.A maximum of four withdrawals in a month, including ATM withdrawals at own and other bank's
ATMs and transactions through other modes including RTGS/NEFT/clearing/branch cash withdrawal/transfer/internet debits/standing
rates offered by SBI on BSBD accounts are's the same as those on savings bank accounts
For savings deposits balance up to Rs 1 crore, BSBD accounts will fetch you 3.5 per cent per annum
Savings deposits balance over Rs 1 crore, BSBD accounts offer interest rates of 4 per cent per annum.Benefits of Zero Minimum Balance - BSBD
account - offered by ICICI BankICICI Bank offers a passbook facility at base branch free of cost to customers of BSBD accounts
Besides this, daily spending/withdrawal limits are Rs 10,000 each via ICICI Bank's debit cards
As compared to SBI, ICICI Bank does not offer cash withdrawal and ATM transaction facilities to holders of this account
For additional cheque book (15 leaves), the bank will charge Rs 30 (plus service tax as applicable) per cheque book
ICICI Bank on BSBD accounts are the same as those on savings bank accounts, stated icicibank.com
For the balance lower than Rs 50 lakh (end of day), ICICI Bank offers an 3.5 per cent per annum
Interest is calculated on a daily basis on the daily closing balance in the account, at the rate specified by ICICI Bank in accordance with
Reserve Bank of India directives
The interest amount calculated is rounded off to the nearest rupee.Benefits of Zero Minimum Balance - BSBD account - offered by HDFC
BankHDFC Bank offers a safe deposit locker and Super Saver facilities to customers of BSBD accounts
facilities are offered on this account to customers, according to hdfcbank.com
Customers will get four withdrawals free per month including ATM/RTGS/NEFT/clearing/branch cash withdrawal/ transfer/ internet debits/
standing instructions/EMI, etc.In case of more than four withdrawals in a month, the bank would convert the existing BSBD account to a
regular savings account and all rules and charges as per regular savings account would be applicable
NetBanking, PhoneBanking and MobileBanking will allow you to check your account balance, pay utility bills, or even stop cheque payments via
SMS.Interest rates offered by HDFC Bank on Zero Minimum Balance - BSBD accountFor balances up to Rs
50 lakh and above, HDFC Bank offers an interest rate of 4 per cent
For balances below Rs 50 lakh, the interest rate offered is 3.50 per cent
Both interest rates are the same as savings bank accounts of HDFC Bank.Banks also offer the option of opening savings accounts, recurring
deposit accounts and fixed deposit accounts
Small savings banks too offer these accounts keeping up with their larger peers.
