Want To Open A Zero Balance Savings Account? Here Are Your Options

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. Major public sector lenders like State Bank of India (SBI) and Punjab National Bank (PNB) offer the facility of opening a zero balance account. Private sector lenders like HDFC Bank and ICICI Bank also offer this facility. Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account.

Key things about basic savings bank deposit account Of SBI, PNB, HDFC Bank and ICICI 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.

Punjab National Bank 

The account may be opened by an individual singly or jointly, said the bank on its official website, pnbindia.in.

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. However, the number of ATM withdrawals will be excluded in overall limit of four withdrawals in a month. PNB also issues a cheque book of 20 leaves free of cost in a year. 

Facility of ATM-cum-debit card shall be available without any charge and no charge will be levied for non-operation/activation of in-operative BSBD accounts.

Interest rates of PNB's zero balance account:

On account balance of Rs. 50 lakh and above, PNB offers an interest rate of 4 per cent. On account balance of up to Rs. 50 lakh, PNB pays an interest rate of 3.5 per cent. 

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.

ICICI Bank

ICICI Bank's zero balance account is available for Indian residents above the age of 18 years only, said the bank on its website, icicibank.com. 

Benefits of ICICI Bank's BSBD account: 

ICICI Bank offers a passbook facility, Rupay card facility free of cost. Besides this, daily spending/withdrawal is Rs. 10,000 each via ICICI Bank's debit cards. 

Interest rates of ICICI Bank's zero balance account:

For balance lower than Rs. 50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum. For balance over Rs. 50 lakh, ICICI Bank offers an interest rate of 4 per cent per annum.