INSUBCONTINENT EXCLUSIVE:
BSBD account holders also get passbook facility free of charge, said State Bank of India.State Bank of India, the country's largest
lender, informed about the benefits of a basic savings bank deposit account on microblogging website -- Twitter
A basic savings bank deposit or BSBD account is a type of zero balance savings account and does not require customers to maintain any
particular minimum average balance
Key banks like State Bank of India (SBI), HDFC Bank, ICICI Bank offer the facility of zero balance account
know about SBI's BSBD or zero balance savings account:1
The interest rates on SBI's BSBD account is similar to that of regular savings bank accounts
SBI offers an interest rate of 3.50 per cent p.a
on upto Rs 1 crore and 4.00 per cent p.a
An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank, said RBI on its official website -
Holders of BSBD account will not be eligible for opening any other savings bank account in that bank
If a customer has any other existing savings bank account in that bank, he/she will have to to close it within 30 days from the date of
The free services available in a BSBD account includes deposit and withdrawal of cash; receipt/credit of money through electronic payment
channels or by means of deposit/collection of cheques at bank branches as well as ATMs
However, balance enquiry through ATMs will not be counted in the four withdrawals allowed free of charge at ATMs.8
Such account does not attract any charge on activation of inoperative accounts and one does not need to pay any amount on closure of the
