BSBD or the Basic Savings Bank account is an account where the customers do not have to maintain any minimum balance. This option is offered to the customers by the leading banks in India such as SBI and HDFC. The banks provide a debit card to the customers and they can also use the internet bank facility provided by the bank.
Basic Savings Bank Deposit Features:
SBI mentioned on their website that they will allow the customers to open BSBD single, joint, former or survivor, either or survivor, anyone or survivor, etc. On the other hand, HDFC stated that they will provide the authority to the customers to access any HDFC branch and also a free Rupay card on their zero balance account.
Basic Savings Bank Deposit Interest Rates:
| SBI Savings Bank Balance up to INR 1 crore | 3.5 % |
| SBI Savings Bank Balance above INR 1 crore | 4% |
| HDFC Savings Bank Balance up to INR 50 Lakh | 3.5 % |
| HDFC Savings Bank Balance above INR 50 Lakh | 4% |
Benefits of an SBI Account:
- You will get a Rupay card absolutely free and without any annual maintenance charges.
- The use of electronic payment channels like RTGS and NEFT will be completely free.
- The collection and deposit process of the cheques which are drawn by the state or central government will be free.
- Inoperative account activation charges will be none.
- You will not have to pay anything for the closure of the account.
- A total of 4 withdrawals will be free from ATM.
Benefits of an HDFC Account:
- You can avail super saver facility and also a safe deposit locker.
- All individual account holders will be provided free passbooks.
- At the ATMs or the branches, the customers can use the free cheque or cash deposit facility.
- They will get a free Rupay card for accessing their accounts.
- A total of 4 withdrawals will be free from ATM.
Some of the other options which customers will get in these accounts are e-mail statement, InstaQuery, and BillPay.
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