Even as India ranks among the top emerging economies of the world, a reasonably higher section of the Indian population is yet to enjoy the privilege of banking services. A major reason attributable to the lack of banking services could be the balance that an account holder has to maintain to get his/her savings account running all the time.
Thankfully, the zero balance feature of Basic Savings Bank Deposit (BSBD) account introduced by many banks can make it easy for the mass to enjoy the banking privileges which others do. Apart from the zero balance, there are several other privileges that this account comes with. Let’s check out all that and the banks providing BSBD account.
The country’s largest lender State Bank of India (SBI) offers you the BSBD account with the following services.
- There’s no need to maintain a minimum balance in the account
- Basic ATM-cum debit card to be provided without any annual maintenance fee
- Receipt and credit of fund in the account through NEFT and RTGS to be free
- You won’t be charged on activating the inoperative accounts
- No charges on account closure
There are certain terms and conditions pertaining to the account. Check out them below.
- For the BSBD account to run without any interruption, it’s imperative there is no other savings account. If there’s another savings account, you need to close the same within 30 days of opening the BSBD account.
- The limit of withdrawal from the bank account is four in a month. These are withdrawals from own and other bank ATMs as well as transactions made via NEFT, RTGS and cash withdrawal at the bank branch.
One of the top private banks in India, HDFC Bank recognizes the need of banking for all by offering BSBD account with the following benefits.
- Zero balance account i.e. there’s no need to maintain balance
- RuPay card to be issued free of cost
- Cash deposits at bank branches and ATMs to become free
- Issuance of passbook comes free of cost
- Free credit of money via NEFT and RTGS
- Four free withdrawals in a month
- Free e-mail statement
- Free InstaQuery facility
- Free lifetime Bill Pay
- Net banking, mobile banking and other alternate banking channel services
- Safe deposit locker facility
You need to comply with the following to get your HDFC BSBD account running.
- You must be a resident Indian or Hindu Undivided Family (HUF)
- Monthly withdrawals allowed are capped to four only. These would include the withdrawals made via HDFC or other bank ATMs, as well as money transferred from the account via NEFT, RTGS or any other standing instruction.
Making a name for itself in the banking arena, ICICI Bank BSBD account could also be the one you would like to contemplate on. Check out the pointers below showing the benefits ICICI provides to the customers through this account.
- No need to maintain balance in the account
- Free RuPay card issuance
- Free cash deposit & withdrawal
- Passbook to be issued free of cost
One must comply the following to continue their BSBD account with ICICI without any interruption.
- You must be a resident Indian with over 18 years of age
- HUFs and non-resident Indians (NRIs) are prohibited from opening the account