Zero Balance Account: SBI Vs Punjab National Bank Vs HDFC Bank

If you want to open a bank account without maintaining a minimum balance, a basic savings bank deposit (BSBD) account is your answer. One does not need to maintain a minimum or maximum amount in case of a BSBD account. Banks such as State Bank of India (SBI), HDFC Bank and Punjab National Bank (PNB) offer The facility of BSBD account. The account is offered by both Public Sector Banks and private banks. Customers also get a number of facilities such as debit and ATM cards and internet banking with BSBD account.

Zero Balance Savings Account: Facilities and interest rates of SBI, PNB and HDFC Bank on BSBD accounts in detail:

State Bank of India (SBI):

One can open SBI's BSBD account singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility, said SBI on its official website -- sbi.co.in.

Benefits of SBI's BSBD account:

1. A basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.

2. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free.

3. The deposit/ collection of cheques drawn by central/state governments is free.

4. There is no charge on activation of inoperative accounts and closure of accounts.

5. 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, will be allowed. No further customer debits would be allowed during the month.

Interest rates of SBI's Zero Balance Savings Account (BSBD):

The interest rates offered by SBI on BSBD accounts are the same as those on regular savings bank accounts. For savings deposits balance up to Rs. 1 crore, BSBD accounts offer an interest rate of 3.5 per cent per annum. On savings deposits balance over Rs. 1 crore, the BSBD account offers an interest rate of 4 per cent per annum.

HDFC Bank:

Customers can access the network of branches of the bank through this account. Key features of HDFC Bank BSBD account include zero balance and a free Rupay card, according to HDFC Bank on its website - hdfcbank.com.

Benefits of HDFC Bank's BSBD account:

1. Customers will be able to avail a safe deposit locker and super saver facilities, said according to hdfcbank.com.

2. HDFC Bank issues a free passbook facility for all individual account holders and customers also get free cash and cheque deposit facility at branches and ATMs.

3. Customers 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, HDFC Bank would convert the existing BSBD account into a regular savings account and all rules and charges as per regular savings account would be applicable.

4. Customers also get free lifetime BillPay, InstaQuery, and e-mail statement facilities.

5. NetBanking, PhoneBanking and MobileBanking allow you to check your account balance, pay utility bills, or even stop cheque payments via SMS, according to HDFC Bank.

Interest rates of HDFC Bank's Zero Balance Savings Account (BSBD):

On account balance above Rs. 50 lakh and above, HDFC Bank offers an interest rate of 4 per cent. On account balance below Rs. 50 lakh, HDFC Bank pays an interest rate of 3.5 per cent.

Punjab National Bank (PNB): 

Saving Fund account can be opened by an individual singly or jointly and minors of the age of 10 years and above need legal guardianship, according to PNB's website, pnbindia.in.

Benefits of PNB's BSBD account:

1.  Customers get a cheque book with 20 leaves free of cost in a year. Thereafter, normal cheque book charges are applicable.

2. There will be no limit on the number of deposits that can be made in a month. Customers will be allowed a maximum of four withdrawals in a month, including ATM withdrawal.

3. Facility of ATM-cum-Debit Card shall be available without any charge. However, annual maintenance charge will be applicable.

4. No charge will be levied for non-operation/activation of in-operative of Basic Saving Bank Deposit Account, said the bank.

5. However, one person can open only one saving account in the same bank. All other accounts in same bank should be closed by customer within 30 days from opening such account.

Interest rates of PNB's Zero Balance Savings Account (BSBD):

On account balance above Rs. 50 lakh and above, HDFC Bank offers an interest rate of 4 per cent. On account balance below Rs. 50 lakh, HDFC Bank pays an interest rate of 3.5 per cent.