Zero minimum balance account from SBI & HDFC
Major banks in India such as the State Bank of India (SBI) and HDFC Bank offer basic savings bank deposit (BSBD) account services to customers.
The basic savings bank deposit account does not require any minimum or monthly average balance to be maintained by the customers.
These accounts also provide for other features such as the debit cards on this account and ATM facility, among others.
Customers of BSBD account also get access to internet banking facilities of SBI and HDFC Bank.
SBI is offering a 3.50% interest per annum on the Saving Deposits Balance upto Rs. 1 crore, whereas HDFC gives an interest of 4% at present.
The SBI accounts come with several other features and benefits for the customers such as no charge on activation of inoperative accounts and no account closure charges.
HDFC offers a free access to the account using Rupay Cards and free cash and cheque deposit facility at branches and ATMs.
SBI and HDFC also offer savings bank account and fixed deposit account options.