INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI), PNB, ICICI Bank, Axis Bank, HDFC Bank offer zero minimum balance accounts.
A basic savings bank deposit (BSBD) account does not require any minimum balance
This account that is generally meant for poor sections of society offers interest rates similar to normal savings bank accounts
A BSBD account does not require a customer to maintain a minimum monthly average balance also
Key banks like State Bank of India (SBI) and Punjab National Bank (PNB) offer the facility of opening this zero minimum balance account
Private sector lenders like HDFC Bank, ICICI Bank and Axis Bank also offer the facility of this account.Given below are details and benefits
of zero minimum balance account or BSBD account offered by SBI, HDFC Bank, ICICI Bank, Axis Bank and PNB:Zero minimum balance account
benefits under State Bank of India (SBI)With this zero minimum balance account, SBI aims to encourage poor sections of society to start
saving without feeling the burden of charges or fees, it says on its website sbi.co.in
This account can be opened by any individual provided he/she has valid KYC documents
SBI and can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc
1 crore, SBI deposits fetch 3.50 per cent per annum interest rate
For saving deposits balance above Rs
1 crore, SBI pays interest rate of 4 per cent per annum.Service charges of SBI BSBD account: A basic RuPay ATM-cum-debit card will be issued
inoperative accounts.There are no account closure charges, stated SBI.A maximum of four withdrawals are allowed 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 instructions/EMI, etc
banking needs the easy way with this savings account and get a free debit card!" HDFC Bank said about BSBD accounts on its website,
Besides these, HDFC Bank customers can avail other features of BSBD accounts, such as bill payment options, statements and alerts
HDFC Bank also offers special features under BSBD account, such as the option of an international debit card and safe deposit
locker.Features of HDFC Bank BSBD or zero minimum balance account:HDFC Bank offers free passbook facility for all individual account
holders.HDFC Bank BSBD account holders enjoy free cash and cheque deposits at branches and ATMs.Customers can access their HDFC Bank BSBD
account with their free Rupay Card.Four free transactions are allowed 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 into regular savings account and all
rules and charges as per regular savings account would be applicable.Free lifetime BillPay, free InstaQuery and free e-mail statements are
also offered, said HDFC Bank.What is free under HDFC Bank BSBD accountsCheque book, passbook issuance, balance enquiry, balance certificate,
interest certificate, TDS certificate, account closure, activation of dormant account, cash deposits, phonebanking - IVR, Rupay card,
BillPay, InstaAlerts, NEFT charges - Inward, NEFT charges-Outward (As per specified limit in withdrawals section), RTGS - Outward (As per
specified limit in withdrawals section), RTGS - Inward, mobile banking, and netbanking are all free.Interest rates on HDFC Bank BSBD or zero
minimum balance accounts:For savings bank balance of Rs
3.50 per cent interest rate on BSBD accounts.Zero minimum balance account benefits under ICICI BankICICI Bank offers BSBD accounts in all
cities and to all Indian residents, it said on icicibank.com.Offers of ICICI Bank for BSBD account holdersA passbook facility is available
at base branch free of cost
The daily spending/withdrawal limit on ICICI Bank debit card is Rs
There is no annual fee charged on debit card.What ICICI Bank does not offer to BSBD account holdersCheque books and SMS alert facilities are
not offered by ICICI Bank to BSBD account holders
There is no facility of outstation cheque collection through ICICI Bank branches or other bank branches.Interest rates on BSBD or zero
minimum balance account of ICICI BankICICI Bank BSBD interest rates are same as those offered on savings bank accounts
ICICI Bank offers 3.5 per cent interest rate for end of day account balance of below Rs 50 lakh; 4 per cent interest rate for end of day
account balance of Rs 50 lakh and above.Zero minimum balance account benefits under Axis BankBenefits of Axis Bank BSBD accountsAxis Bank
allows customers to deposit and withdraw of cash at bank branch as well as ATMs, according to its website, axisbank.com.Receipt/credit of
money through electronic payment channels or by means of collection/deposit of cheques is allowed to Axis Bank BSBD account holders.Up to
four withdrawals a month (including branch cash, Axis/other ATM cash withdrawal, POS, Micro ATM, NEFT/RTGS, DD/PO, ECS/SI debit
transactions) and unlimited deposits are allowed.BSBD account customers can get monthly e-statements, passbook and SMS alerts.Additional
benefits under Axis Bank BSBD accounts:Besides, Axis Bank offers accidental insurance cover of Rs
1 lakh to all account holders, at no charge or premium.BSBD accounts are available for primary and joint account holders.Axis Bank allows
for a higher daily withdrawal limits of Rs
1,00,000 for shopping transactions to BSBD account holders.RuPay debit card can also be issued for customers who cannot read and
write.Interest rates offered on Axis Bank BSBD accountsAxis Bank offers 4 per cent interest rate per annum on savings account balance of Rs
On savings account balance less than Rs.50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum.Zero minimum balance account
benefits under Punjab National Bank (PNB)Benefits for PNB BSBD account holdersPNB issues a cheque book of 20 leaves free of cost in a year,
the bank said on pnbindia.in
Thereafter, normal cheque book charges would be applicable.Extent of transactions/ operation permitted under PNB BSBD accounts:There will be
no limit on the number of deposits that can be made in a month.BSBD account holders of PNB will be allowed a maximum of four withdrawals in
However, the number of ATM withdrawals will be excluded in overall limit of four withdrawals in a month.Facilities available for PNB BSBD
accountsFacility of ATM-cum-debit card shall be available without any charge
The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs, receipt/ credit of money
through electronic payment channel or by means of deposit/collection of cheques drawn by central/state government agencies and
The existing basic banking 'no frill' accounts will be converted to basic savings bank deposit account (PNB Zero Balance Account) after
