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.
#DYK, there is no minimum average balance or charges for a Basic Savings Bank Deposit (BSBD) Account? Read: https://t.co/ILPYyMPWLG pic.twitter.com/SGfNOS4RlY— State Bank of India (@TheOfficialSBI) June 19, 2018
Opening of SBI BSBD account:Basic Savings Bank Deposit Account is to encourage individuals to save their income w/o requiring to pay charges https://t.co/PEbjj5Mi3t pic.twitter.com/mvSyCoij9i— State Bank of India (@TheOfficialSBI) June 18, 2018
Withdrawal from SBI zero balance account:SBI outshines all others, in serving the economically weaker sections of society and providing equal opportunity, with its vast branch network and latest technology platform.#SBI #Service2All #StateBankofIndia #BSBD #NoAMB pic.twitter.com/5v9z30SxlE— State Bank of India (@TheOfficialSBI) June 18, 2018
Interest rates on SBI BSBD accounts:A Basic Savings Bank Deposit (BSBD) Account offers the same rate of interest as other Savings Bank Account. Visit: https://t.co/ILPYyMyln6 pic.twitter.com/JrEVdqwsnf— State Bank of India (@TheOfficialSBI) June 19, 2018
Service charges of SBI BSBD account:With Basic Savings Bank Deposit (BSBD) account a RuPay ATM-cum-Debit card is issued free of cost! More: https://t.co/PEbjj63Ts3 pic.twitter.com/mJROXYygPr— State Bank of India (@TheOfficialSBI) June 19, 2018
SBI takes on the onus of servicing more than 17 crore+ savings bank accounts, which do not require the maintenance of an average monthly balance!#SBI #Service2All #StateBankofIndia #BSBD #NoAMB pic.twitter.com/6oJOaHnQV2— State Bank of India (@TheOfficialSBI) June 18, 2018
Avail of a host of other benefits by opening a Basic Savings Bank Deposit (BSBD) account. To know more, visit: https://t.co/PEbjj5Mi3t pic.twitter.com/R6rUHcWZTX— State Bank of India (@TheOfficialSBI) June 18, 2018
Zero minimum balance account benefits under HDFC BankFeatures of HDFC Bank BSBD or zero minimum balance account:What is free under HDFC Bank zero balanceaccounts?Interest rates on HDFC Bank BSBD or zero minimum balance accounts:Zero minimum balance account benefits under ICICI BankOffers of ICICI Bank for zero balance account holdersWhat ICICI Bank does not offer to BSBD account holdersInterest rates on BSBD or zero minimum balance account of ICICI BankZero minimum balance account benefits under Axis BankBenefits of Axis Bank BSBD accountsAdditional benefits under Axis Bank BSBD accounts:Interest rates offered on Axis Bank BSBD accountsZero minimum balance account benefits under Punjab National Bank (PNB)Benefits for PNB BSBD account holdersExtent of transactions/ operation permitted under PNB BSBD accounts:Facilities available for PNB BSBD accountsEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
