INSUBCONTINENT EXCLUSIVE:
SBI, HDFC Bank and ICICI Bank offer the option of opening a BSBD account.Most leading lenders of the country offer the option of opening a
zero balance savings account in order to encourage people to make investments
Zero balance accounts are saving accounts where average monthly balance (AMB) rule is not applicable
Average monthly balance (AMB) is the minimum average of deposits required by the bank customers in their savings bank accounts
The idea of opening a zero balance account is simple
Customers can open a savings account, but they don't have to maintain a minimum balance for it
Despite this, the banks provide the usual facilities that come with a regular savings account.Country's largest lender State Bank of India
(SBI) offers the facility of opening a zero balance account in the form of a basic savings bank deposit (BSBD), no frills account, among
Private sector lenders HDFC Bank and ICICI bank also offer the option of opening a BSBD account, wherein the customer is not required to
maintain any particular minimum balance
Customers get a number of facilities such as free debit and ATM cards and internet banking with BSBD account.State Bank of India (SBI):SBI's
BSBD account, a zero balance account, can be opened by any individual provided he/she has valid KYC (Know Your Customer) documents
It is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees
SBI's BSBD account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc
savings bank deposit account
If the customer already has a savings bank account, the same will have to be closed within 30 days of opening a basic savings bank deposit
There is no minimum and maximum deposit limit on a SBI's BSBD account
savings bank account.HDFC Bank:HDFC Bank's BSBD account can be opened by any resident individual who do not have any other banking
relationship with the lender
HDFC Bank's BSBD account is a zero balance account and no initial payment is required to open it
The additional features of BSBDA include a free rupay card
Besides this, customers can also avail other features of BSBDA, such as bill payment options, statements and alerts
HDFC Bank also offers special features on BSBDA, such as the option of an international debit card and safe deposit locker.In a HDFC Bank's
BSBD account, the total balance should not exceed Rs
50 lakh and above, HDFC Bank offers an interest rate of 4 per cent
On account balance below Rs
Customers opening a BSBD account with ICICI Bank also get a free Rupay Card facility, free cash deposit/withdrawal facility and free
For the balance lower than Rs
50 lakh, ICICI Bank offers an interest rate of 3.5 per cent per annum
For balances over Rs.50 lakh, the lender offers an interest rate of 4 per cent per annum.
