INSUBCONTINENT EXCLUSIVE:
Zero balance savings account: A BSBD account does not require a minimum or maximum limit.If you want to open a bank account without
maintaining a minimum balance, a basic savings bank deposit (BSBD) account is your answer
A BSBD account is a type of zero balance savings account and does not require customers to maintain any particular minimum average balance
Banks such as State Bank of India (SBI), HDFC Bank and ICICI Bank offer the facility of BSBD account
Customers also get a number of facilities such as debit and ATM cards and internet banking with BSBD account.Zero Balance Savings Account:
Facilities and interest rates of SBI, HDFC Bank and ICICI Bank on BSBD accounts in detail:State Bank of India (SBI):One can open SBI's
BSBD account singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc
facility, said SBI on its official website -- sbi.co.in.Benefits of SBI's BSBD account:A basic RuPay ATM-cum-Debit card will be issued
free of cost and no annual maintenance charge will be applied
The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free
The deposit/ collection of cheques drawn by central/state governments is free
There is no charge on activation of inoperative accounts and closure of accounts.Interest rates of SBI's Zero Balance Savings Account
(BSBD):The interest rates offered by SBI on BSBD accounts are the same as those on regular savings bank accounts
For savings deposits balance up to Rs
1 crore, BSBD accounts offer an interest rate of 3.5 per cent per annum
On savings deposits balance over Rs
1 crore, the BSBD account offers an interest rate of 4 per cent per annum.HDFC Bank:Customers can access the network of branches of the bank
Key features of HDFC Bank BSBD account include zero balance and a free Rupay card, according to HDFC Bank on its website -
hdfcbank.com.Benefits of HDFC Bank's BSBD account:HDFC Bank issues a free passbook facility for all individual account holders and
customers also get free cash and cheque deposit facility at branches and ATMs
Customers get four withdrawals free per month including ATM/RTGS/NEFT/clearing/branch cash withdrawal/ transfer/ internet debits/ standing
In case of more than four withdrawals in a month, HDFC Bank would convert the existing BSBD account into a regular savings account and all
rules and charges as per regular savings account would be applicable.Interest rates of HDFC Bank's Zero Balance Savings Account (BSBD):On
50 lakh and above, HDFC Bank offers an interest rate of 4 per cent
On account balance below Rs
facility, Rupay card facility free of cost to customers of BSBD accounts
Besides this, daily spending/withdrawal limits are Rs
(BSBD):The interest rates offered by 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, ICICI Bank offers an 3.5 per cent per annum
