If you want to open a bank account without maintaining a minimum balance, a BSBD or basic savings bank deposit account is your answer. A person does not need to maintain a minimum or maximum amount in case of a BSBD account. Banks such as State Bank of India (SBI) and private sector lender HDFC Bank offer the facility of zero balance account. Customers also get a number of facilities such as debit and ATM cards and internet banking with the account.
Key things about BSBD (basic savings bank deposit) account Of SBI and HDFC Bank:
State Bank of India (SBI)
One can open SBI’s BSBD account singly, jointly, or with either or survivor etc., said SBI on its official website, sbi.co.in. This account can be opened by any individual provided he/she has valid KYC documents, according to SBI’s portal.
Benefits of SBI’s BSBD account:
1. A basic RuPay ATM-cum-Debit card is issued free of cost and no annual maintenance charge is applied, noted SBI.
2. The receipt or credit of money through electronic payment channels like NEFT/RTGS is free.
3. The deposit or collection of cheques drawn by central and state governments is free.
4. There is no charge on activation of inoperative accounts and closure of accounts.
5. 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 etc is allowed. No further customer debits is allowed during the month, said SBI.
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 less than Rs. 1 lakh, SBI offers an interest rate of 3.5 per cent per annum. On balance over Rs. 1 lakh, it offers an interest rate of 3.25 per cent per annum.
HDFC Bank
Customers can access the network of branches of the bank through this account. Key features of HDFC Bank BSBD account include zero balance and a free Rupay card, said HDFC Bank on its website, hdfcbank.com.
Benefits of HDFC Bank’s BSBD account
1. Customers get a safe deposit locker and super saver facilities, according to HDFC Bank’s portal.
2. HDFC Bank issues a free passbook facility for BSBD account holders and customers also get free cash and cheque deposit facility at branches and ATMs.
3. Customers get four withdrawals free per month including ATM, RTGS, NEFT, clearing, branch cash withdrawal etc. 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, the bank said.
4. Customers get free lifetime BillPay, InstaQuery, and e-mail statement facilities.
5. HDFC Bank also offers net banking, phone banking and mobile banking facilities with BSBD account.
Interest rates of HDFC Bank’s Zero Balance Savings Account (BSBD)
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.
Source:- ndtv
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