Zero Balance Savings Account From Top Indian Banks: A Comparison

A zero balance savings account, also known as a basic savings bank deposit (BSBD) account does not obligate the customer to hold a minimum running balance every month as prescribed by the bank. These also come with debit/ATM card and net banking facilities.If you are looking at options to open such an account, here is a comparison on features of 4 leading public and private banks that provide their customers with BSBD account facility. A BSBD account can be opened at an SBI branch as a single or joint account holder. A basic RuPay Debit/ATM card will be provided as a part of the banking facilities, free of charge. Receiving an amount through electronic internet transfer, depositing cheques issued by the central/state government, reactivation of inoperative accounts and closure of accounts is free of charge.Interest earned on these accounts will be the same as a regular savings account, that is 3.5 percent per annum for deposits up to Rs 1 crore. An HDFC Bank BSBD account comes with a free Rupay debit/ATM card and passbook facility. Cash and cheque deposit facility at the banks branches and ATM are also not charged with a fee.However, the withdraw facility through ATM/RTGS/NEFT/clearing/branch cash withdrawal/ transfer/ internet debits/ standing instructions/EMI are only free up to four transactions.An interest at the rate of 3.5 percent per annum will be provided on account balances below Rs 50 lakh. Balances above Rs 50 lakh will receive a 4 percent interest. ICICI Bank offers zero balance savings account with free passbook, Rupay card, and internet banking facilities. A cheque book will also be provided for free.The daily card withdrawal or spending limits on its card is Rs 10,000.An interest at the rate of 3.5 percent per annum will be provided on account balances below Rs 50 lakh. Balances above Rs 50 lakh will receive 4 percent interest. A zero balance savings account holder at Punjab National Bank (PNB) gets a cheque book with 20 leaves per year, after which normal cheque book charges are applicable. A debit/ATM card facility will also be provided, free of charge, however, only four withdrawals per month in including ATM withdrawals are allowed. The bank also deducts annual maintenance charges on the card, as applicable. No charges will be applied on reactivation of inoperative accounts.An interest at the rate of 3.5 percent per annum will be provided on account balances below Rs 50 lakh. Balances above Rs 50 lakh will receive 4 percent interest.If you wish to open a zero savings account in any of the banks, you will be required to complete the KYC (know your customer) process which requires you to submit an acceptable identity and address proof when you apply. You can also provide nominee details when you apply for the account opening.These accounts were introduced to promote the Pradhan Mantri Jan Dhan Yojana (PMJDY), a government initiative towards ‘National Mission for Financial Inclusion. These accounts come with basic banking facilities and are ideal for first time bank account holders.