A basic savings bank deposit (BSBD) account does not require any minimum balance. A 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) and Punjab National Bank (PNB) offer the facility of opening this zero balance account. Private sector lenders like HDFC Bank and ICICI Bank also offer the facility. Customers 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, Punjab National Bank (PNB), 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.
Punjab National Bank:
PNB issues a cheque book of 20 leaves free of cost in a year, the bank said on its official website pnbindia.in. Thereafter, normal cheque book charges would be applicable.
Benefits of PNB’s BSBD account:
There will be no limit on the number of deposits that can be made in a month, said the bank on its website. BSBD account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawal.
Facility of ATM-cum-debit card shall be available without any charge. However, annual maintenance charge shall be recovered. No charge will be levied for non-operation/activation of in-operative BSBD accounts.
Interest rates of PNB’s Zero Balance Savings Account (BSBD):
On account balance above Rs. 50 lakh and above, PNB offers an interest rate of 4 per cent. On account balance of up to Rs. 50 lakh, the Bank pays an interest rate of 3.5 per cent.
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, 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 instructions/EMI, etc.
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.
ICICI Bank
Benefits of ICICI Bank’s BSBD account:
ICICI Bank offers a passbook facility, Rupay card facility free of cost to customers of BSBD accounts. Besides this, daily spending/withdrawal limits are Rs. 10,000 each via ICICI Bank’s debit cards.Internet banking facility is free.
Interest rates of ICICI Bank’s Zero Balance Savings Account (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. For balances over Rs. 50 lakh, ICICI Bank offers an interest rate of 4 per cent per annum.
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