INSUBCONTINENT EXCLUSIVE:
BSBD accounts do not require customers to maintain any particular minimum average balance.Basic savings bank deposit (BSBD) account is a
type of zero balance savings account where average monthly balance (AMB) rule is not applicable
Average monthly balance (AMB) is the minimum average of deposits required by the bank customers in their savings bank accounts
BSBD accounts do not require customers to maintain any particular minimum average balance
Leading banks like State Bank of India (SBI), ICICI Bank, HDFC Bank, among others, offer the facility of opening a BSBD account
Customers get a number of facilities such as free debit and ATM cards and internet banking with BSBD account.State Bank of India (SBI)SBI's
BSBD account can be opened by any individual provided he/she has valid KYC (Know Your Customer) documents
It is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees
corporate website-sbi.co.in
There is no minimum and maximum deposit limit on a SBI's BSBD account.SBI's BSBD provides an interest rate of 3.5 per cent on a balance
up to Rs 1 crore and 4 per cent on a balance above Rs 1 crore, same as the savings bank account.HDFC BankHDFC Bank's BSBD account can be
opened by any resident individual who do not have any other banking relationship with the lender
It is a zero balance account and also comes with a free Rupay card, noted the lender on its website - hdfcbank.com.In a HDFC Bank's BSBD
account, the total balance should not exceed Rs 50,000 at any point of time
The total credits in such an account should not exceed Rs 1,00,000 at any point of time
Also, the total withdrawals and transfers in BSBD account should not exceed Rs.10,000 in a month, mentioned HDFC Bank.On account balance
above Rs 50 lakh and above, HDFC Bank offers an interest rate of 4 per cent
On account balance below Rs 50 lakh, HDFC Bank pays an interest rate of 3.5 per cent.ICICI BankICICI Bank's BSBD account is available for
Indian residents above the age of 18 years only
Customer opening a BSBD account should not be holding any other savings account with ICICI bank
In a BSBD account, the value of all credits during the financial year should not exceed Rs 1,00,000, noted the lender on it's official
For the balance lower than Rs 50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum
For balances over Rs 50 lakh, the lender offers an interest rate of 4 per cent per annum.
