Basic Savings Bank Deposit Account
Last Updated : May 26, 2018, 9:32 a.m.
Zero balance, free transactions, free cash deposits, free withdrawals up to a specified limit are the hallmarks of a Basic Savings Bank Deposit (BSBD) account. Thanks to the constant nudge by the Reserve Bank of India (RBI) to boost the financial inclusion drive in the country, both public and private sector banks are now providing BSBD accounts. Let’s check out the BSBD account of different banks without any further delay.
Top 10 Zero Balance Savings Account
What Does BSBD Account Mean?
A BSBD account is meant to speed up the efforts of the government towards financial inclusion. It is an effort to bring banking services to many who were earlier unbanked. With zero balance feature, one can easily operate the account without having to maintain a specific balance. Additionally, the account holders can make fund transfers via net banking, mobile banking for free, besides depositing cash without having to pay for the same.
SBI BSBD Account Features & Benefits
State Bank of India (SBI), the country’s largest lender, offers BSBD account with the following set of features and benefits. Take a look.
- No minimum balance required
- Issuance of basic ATM-cum debit card without any fee and annual maintenance charge
- Free receipt or credit of money through NEFT and RTGS
- Deposit or collection of cheques drawn by Central or State Government to remain free of cost
- No charges on account closure
Eligibility & Conditions
- BSBD account is not allowed with any other savings account . If you do have the same, get it closed within 30 days of opening a BSBD account.
- A maximum of 4 withdrawals is allowed in a month. These include withdrawals from both SBI and other bank ATMs, transfers made via NEFT/RTGS or internet debits, standing instructions, EMI, etc.
Mode of Operation
The account can be operated on a single or joint basis.
HDFC Bank BSBD Account Features & Benefits
HDFC Bank, arguably the largest private banking unit, offers the following benefits to BSBD account holders.
- Zero balance account
- Free Rupay card
- Free cash deposits at bank branches and ATMs
- Free passbook facility
- Credit of money into the account via NEFT and RTGS remains free
- Four free withdrawals allowed
- E-mail statement to be provided free
- InstaQuery facility comes free of cost
- Lifetime BillPay to remain free
- Safe deposit locker and super saver facilities
- Net Banking, Phone Banking and Mobile Banking facilities
Eligibility & Conditions
- Resident Indians and Hindu Undivided Families (HUFs) are allowed to open BSBD account.
- Only 4 withdrawals are allowed in a month. These include withdrawals from both HDFC and other bank ATMs, transfers made via NEFT/RTGS or internet debits, standing instructions, EMI, etc.
Mode of Operation
Both sole and joint accounts are allowed
Axis Bank BSBD Account Features & Benefits
Following in the footsteps of its private peer, Axis Bank also has a BSBD account to offer. Check out the benefits that the bank offers to this type of account holders.
- No minimum balance required
- Free Rupay Debit Card
- SMS alerts
- Free passbook
- Monthly e-statements
- Personal accident insurance cover worth ₹1,00,000 in metros
Eligibility & Conditions
- Resident Indians not having an existing savings account at Axis Bank are allowed to open a BSBD account
- The aggregate of all withdrawals and transfers in a month is limited to ₹10,000
- The sum of total credits in a financial year is capped to ₹1,00,000
- The account balance must not exceed ₹50,000 at any point of time
- No foreign inward remittance allowed
Mode of Operation
The account can be operated either on a single or joint basis
ICICI Bank BSBD Account Features & Benefits
Grab the attractive offers waiting for you with ICICI Bank BSBD account. These include-
- Zero balance account
- Free Rupay card
- Free cash deposit
- Free cash withdrawal
- Free passbook issuance
Eligibility & Conditions
- Resident Indians above 18 years are eligible to apply
- NRIs and HUFs are not allowed to open the account
- The total credits in a financial year must not be above ₹1 lakh
Mode of Operation
Both single and joint operation allowed, including minors
Yes Bank BSBD Account Features & Benefits
If you open the BSBD account at Yes Bank, the following benefits will be applicable.
- Zero balance account
- Free inter-bank fund transfer via branch, net banking and mobile banking
- Free inter-bank fund transfer collection
- Free credit of money via NEFT/RTGS
- Free foreign inward remittance
- Free cash deposit
- Four free cash withdrawals allowed in a month
- Free financial and non-financial transactions at Yes Bank ATMs
- 5 free transactions at other bank ATMs
Eligibility & Conditions
Resident Indians can open the account
Mode of Operation
Both single and joint operation allowed
Bank of Baroda BSBD Account Features & Benefits
Bank of Baroda (BoB) offers BSBD accounts with the following benefits.
- No minimum balance required
- 50 cheque leaves to come free in a year
- Debit card and Internet banking facility available
- No restriction on deposits
- No charges on cash withdrawals at base/local non-base branches as well as outstation branches
- Free passbook
- Standing instruction, ECS allowed
Eligibility & Conditions
- Resident Indians are allowed to open the account
- Number of withdrawals must not be more than four in a month
- Maximum withdrawal amount must not exceed ₹50,000 per day at outstation branches
- BSBD account holders must not have any other savings account with BoB. If that is the case, they are required to close that account within 30 days of opening the BSBD account
Mode of Operation
The account can be opened on a single or joint basis
Punjab National Bank BSBD Account Features & Benefits
Check out the benefits pertaining to Punjab National Bank (PNB) BSBD account.
- Zero balance account
- 20 free cheque leaves can be allowed in a year
- Free ATM-cum debit card
- No charges on non-operation/activation of inoperative BSBD account
- No limit on the deposits to be made in a month
Eligibility & Conditions
- Resident Indians are allowed to open the account
- A maximum of four withdrawals is allowed in a month. However, the number of withdrawals does not include the ATM withdrawals.
Mode of Operation
Individuals can open the account either on a single or joint basis. Accounts of minors with 10 years and above must be opened under the natural or legal guardian.
Canara Bank BSBD Account Features & Benefits
Canara Bank offers the following benefits to BSBD account holders.
- No minimum balance required
- ATM-cum debit card
- No restriction on the number of deposits to be made in a month
- No charges on non-operation or activation of inoperative Basic Savings Bank Deposit account
- Availability of passbook, access to net banking, fund transfer facility, standing instruction
Eligibility & Conditions
- A resident individual is eligible to apply
- A maximum of four withdrawals is allowed in a month
- BSBD account holders must not have any other savings account with Canara Bank
Mode of Operation
Both single and joint accounts are allowed. A minor account can also be opened in the name of guardian.
Corporation Bank BSBD Account Features & Benefits
Corporation Bank has launched a basic savings bank deposit account, namely Corp Pragati account. It comes with the following features and benefits.
- Zero balance account
- Free Rupay debit card
- No deposit or withdrawal limit
- 10 cheque leaves allowed in a quarter
- Outstation cheque collection
- Remittance facility available
- No account closure charges
- Passbook to be available both online and offline
- E-purse
- E-mandate
- Apna-App
- Mobile banking facility available
- Free-ABB transactions
Eligibility & Conditions
- Pensioners, agricultural & plantation labourers, casual labourers, unorganized sector employees, self-help group members, students, self-employed individuals running businesses such as petty shops, etc, are eligible to open the account.
- The minimum amount required to open an account is ₹10. However, there won’t be any penalty if the balance goes below ₹10.
- Minors with an age of 10 years and above can also get the BSBD account opened
Mode of Operation
Accounts can be operated either on a single or joint basis.
Documents Required to Open BSBD Account
Banks will ask the following documents for the opening of a BSBD account, which must be KYC-compliant.
Identity Proof – PAN Card/Aadhaar Card/Passport/Voter ID/ Driving License
Residence Proof – Aadhaar Card/Passport/Voter ID/ Driving License/Utility Bills