If you want to open a bank account without maintaining a minimum balance, a basic savings bank deposit (BSBD) account is your answer. A BSBD account is a type of zero balance savings account and does not require customers to maintain any particular minimum average balance. Banks such as State Bank of India (SBI), HDFC Bank and ICICI Bank offer the facility of BSBD account. Customers also 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, 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.
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. 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.
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.
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, deposits in ICICI Bank will fetch you an interest rate of 4 per cent per annum.