Compare BSBD Account with Regular Savings Account

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Basic Savings Bank Deposit account or BSBD account has recently got so much attention. This facility has given people the chance to maintain their savings account without being worried of the penalty they used to pay for not maintaining a minimum balance. This is a zero balance account where there is no need to maintain a minimum account balance. As a result, it is so much easier as compared to a regular savings account.

 Banks charge a minimal fee from those who fail to maintain a particular balance in their savings account. But, BSBD account requires no such thing. SBI has started promoting its BSBD account as an initiative to aware mainly the rural population of India regarding the importance and usage of a savings account. They can get interest subsidy of different government schemes directly in their bank account without bothering to maintain even a small amount in the bank account. Other banks such as ICICI Bank, Kotak Bank, HDFC and BoB are among those who have started the initiative. So, we have given here the list of different zero balance accounts or BSBD accounts at different banks. We have given the features of these account offered by top banks in India. With the information, you will be able to analyze which of the lot has most attractive features.

 List of BSBD Accounts

 The list of different BSBD accounts at top banks in India is given below:

 SBI BSBD Account
  • Basic RuPay ATM-cum Debit Card to come free of cost
  • Free receipt of money via NEFT or RTGS
  • State or Central government issued cheques or money deposit is free
  • No charges on account closure and activation of inoperative accounts
ICICI Bank BSBD Account
  • Free RuPay Card facility
  • No charges on cash deposits/withdrawal
  • Passbook to be issued free of cost
HDFC Bank BSBD Account
  • Access to free RuPay Card
  • Four free cash withdrawal allowed in a month
  • Free cash and cheque deposits at bank branches and ATMs
  • Passbook to come free
Axis Bank BSBD Account
  • Free RuPay Debit Card facility
  • Get monthly e-statements, SMS alerts and passbook facility
Kotak 811 Plan
  • Open the account and book RD/TD online with Kotak Mobile Banking App
  • Get a virtual debit card to shop, recharge mobile/DTH and pay bills online Scan and pay feature enabled for shopping, groceries, cab, home deliveries, travelling and entertainment
IndusInd Bank BSBD Account
  • Free ATM card
  • Both deposit and withdrawal facility allowed
  • Walk to up to IndusInd Bank ATMs to enjoy services such as mobile recharge, credit card bill payment, balance enquiry, etc.
  • A total of 5 other bank ATM transactions to be free in a month. These would be cash withdrawal, mini statement, PIN change or balance enquiry
  • Avail free fund transfer facility via NEFT or RTGS
  • Half-yearly and monthly statements
  • 365 days banking at select branches
  • Free nomination facility
Standard Chartered BSBD Account
  • 5 free financial and non-financial transactions in a month from other bank ATMs
  • Phone banking, internet banking, debit card, doorstep banking, locker facility
SBI BSBD Account Features
  • Basic RuPay ATM-cum-Debit card free of cost and no annual maintenance charge.
  • Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free
  • Free Deposit/ collection of cheques drawn by Central/State Government
  • No charge on activation of inoperative accounts
  • No account closure charges.
Location: India

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