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Zero Balance Savings Account: Facilities Offered By Key Lenders, India Post Payments Bank

India Post Payments Bank (IPPB), a state-owned payments bank, also offers three types of zero balance savings accounts.

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Zero Balance Savings Account: Facilities Offered By Key Lenders, India Post Payments Bank

Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account.


A BSBD or basic savings bank deposit account is a type of zero balance savings account and does not require customers to maintain any particular minimum balance. Government-owned State Bank of India (SBI) and private sector lender HDFC Bank offer the facility of opening a BSBD account. India Post Payments Bank (IPPB), a state-owned payments bank, also offers three types of zero balance savings accounts. Customers get a number of facilities such as debit cards and internet banking with BSBD account.

Here are key things to know about basic savings bank deposit account Of SBI, HDFC Bank and India Post Payments Bank: 

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, said SBI on its official website -- sbi.co.in.

Benefits of SBI's BSBD account:

Customers get a basic RuPay ATM-cum-Debit card free of cost and no annual maintenance charge is applied. The credit of money through electronic payment channels like NEFT/RTGS is free. There is no charge on activation of inoperative accounts and closure of account.

Interest rates on SBI's zero balance account:

For savings deposits balance up to Rs. 1 crore, the bank offers an interest rate of 3.5 per cent per annum. On savings deposits balance over Rs. 1 crore, the account offers an interest rate of 4 per cent per annum.

HDFC Bank

Resident individuals, Hindu undivided families can open HDFC Bank's BSBD account. However, customers should not be holding any other savings account with the bank. 

Benefits of HDFC Bank's BSBD account:

Key features of HDFC Bank BSBD account include zero balance and a free Rupay card, said HDFC Bank on its website - hdfcbank.com. It also issues a free passbook facility. Customers get four free withdrawals per month including ATM/RTGS/NEFT/ etc. 

Interest rates of HDFC Bank's zero balance account:

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.

India Post Payments Bank (IPPB)

India Post Payments Bank offers three types of zero balance savings accounts - regular savings account, digital savings account, and basic savings account. IPPB provides interest at the rate of 4 per cent on balance in all three kinds of zero balance savings accounts, which is paid quarterly, as mentioned on its official website - ippbonline.com. 

A regular savings account in IPPB can be opened by either visiting an access point of the payments bank or by applying for the doorstep service. Facilities such as free quarterly account statement and fund remittance service IMPS are also offered with regular savings account.

A digital savings account in IPPB can be opened by using the payments bank's mobile app. The app is available on Google's Android platform. Free quarterly account statement and instant fund transfer through IMPS are also offered with this account.

A basic savings bank deposit in IPPB has all the features and benefits offered by the regular savings account, except that it allows only four cash withdrawals in a month. The aim of the basic savings account is to provide primary banking services at a very nominal charge, said IPPB on its portal.

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