A basic savings bank deposit (BSBD) account does not require any minimum balance. This account that is generally meant for poor sections of society offers interest rates similar to normal savings bank accounts. A BSBD account does not require a customer to maintain a minimum monthly average balance also. Key banks like State Bank of India (SBI) and Punjab National Bank (PNB) offer the facility of opening this zero minimum balance account. Private sector lenders like HDFC Bank, ICICI Bank and Axis Bank also offer the facility of this account.
Given below are details and benefits of zero minimum balance account or BSBD account offered by SBI, HDFC Bank, ICICI Bank, Axis Bank and PNB:
Zero minimum balance account benefits under State Bank of India (SBI)
With this zero minimum balance account, SBI aims to encourage poor sections of society to start saving without feeling the burden of charges or fees, it says on its website sbi.co.in. This account can be opened by any individual provided he/she has valid KYC documents. KYC or know your customer helps banks verify their customers.
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