INSUBCONTINENT EXCLUSIVE:
Basic savings bank deposit (BSBD) account allows access to net banking facilities of SBI, HDFC Bank
A basic savings bank deposit (BSBD) account does not require customers to maintain
any minimum or monthly average balance
Key banks like State Bank of India (SBI) and HDFC Bank offer this option to customers
A basic savings bank deposit account does not require any minimum or maximum limit on the amount that one has to keep with the bank
Both banks offer debit cards on this account and ATM facility, among others
Customers of BSBD account also get access to internet banking facilities of SBI and HDFC Bank.Given below is a comparison of features,
benefits and interest rates of basic savings bank (BSBD) account option offered by SBI and HDFC BankFeatures of basic savings bank deposit
account of SBIThis account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc
facility, said SBI on its website, sbi.co.in.Features of basic savings bank deposit account of HDFC BankCustomers can access the network of
branches, and various ways to bank of HDFC Bank via this account
The additional features of BSBDA include zero balance and a free Rupay card, said HDFC Bank on its website, hdfcbank.com.Interest rates
offered by SBI onbasic savings bank deposit accountParticularsRate of InterestSaving Deposits Balance upto Rs
1 crore.3.50% p.aSaving Deposits Balance above Rs
1 crore.4.00% p.a(: ICICI Bank Offers Up To Rs
10,000 Cashback, Discount On Foreign Currency Via Travel Card)Interest rates offered by HDFC Bank onbasic savings bank deposit
accountSavings Bank balanceInterest Rate at presentRevised Rate w.e.f 19th August, 2017Rs
50 lakh and above4%4% (unchanged)Below Rs 50 lakh4%3.50%Benefits of SBI basic savings bank deposit accountA 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 will be free.The deposit/ collection of cheques drawn by central/state governments will be free.There will be no
charge on activation of inoperative accounts.There will be no account closure charges.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/internet debits/standing instructions/EMI, etc
No further customer debits would be allowed during the month.Benefits of basic savings bank deposit account of HDFC BankCustomers will be
able to avail a safe deposit locker and Super Saver facilities, said according to hdfcbank.com.HDFC Bank will issue a free passbook facility
for all individual account holders.Customers will get free cash and cheque deposit facility at branches and ATMs.Customers will be able to
access their account with free Rupay Card.Customers will 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, the bank would convert the existing BSBD account to a regular savings account and all
rules and charges as per regular savings account would be applicable.Customers will also get free lifetime BillPay, InstaQuery, and e-mail
statement facilities.NetBanking, PhoneBanking and MobileBanking will allow you to check your account balance, pay utility bills, or even
stop cheque payments via SMS, said HDFC.Both SBI and HDFC Bank also offer savings bank account and fixed deposit account options.
