SBI, HDFC Bank Offers On This Zero Minimum Balance-No Monthly Average Balance Account

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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. BSBD accounts are especially beneficial for people who cannot afford to maintain high balances in savings accounts.

Given below is a comparison of features, benefits and interest rates of basic savings bank (BSBD) account option offered by SBI and HDFC Bank

Features of basic savings bank deposit account of SBI
This 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 Bank
Customers 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 account

Particulars Rate of Interest
Saving Deposits Balance upto Rs. 1 crore. 3.50% p.a
Saving Deposits Balance above Rs. 1 crore. 4.00% p.a

Interest rates offered by HDFC Bank onbasic savings bank deposit account

Savings Bank balance Interest Rate at present Revised Rate w.e.f 19th August, 2017
Rs. 50 lakh and above 4% 4% (unchanged)
Below Rs.50 lakh 4% 3.50%

Benefits of SBI basic savings bank deposit account
A 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. will be allowed. No further customer debits would be allowed during the month.

Benefits of basic savings bank deposit account of HDFC Bank
Customers 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 accountoptions.

Source:- ndtv