INSUBCONTINENT EXCLUSIVE:
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
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
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 BankResident individuals, Hindu undivided families can open 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
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
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.Get the latest
election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
