SBI zero balance account: The interest rates offered by SBI on BSBD accounts are the same as those on regular savings bank accounts.
State Bank of India's Basic Savings Bank Deposit (BSBD) account, a zero balance savings account, doesn't require customers to maintain any particular minimum average balance. BSBD account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. Customers also get a number of facilities such as debit and ATM cards and internet banking with BSBD account, noted State Bank of India on its corporate website- sbi.co.in.
"Anyone can open an account with SBI, irrespective of their background or economic standing! Avail a host of benefits by opening a Basic Savings Basic Deposit account", said the country's largest lender, on microblogging website - Twitter.
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.
A basic RuPay ATM-cum-Debit card is issued free of cost and no annual maintenance charge is applied. The receipt/ credit of money through electronic payment channels like NEFT/RTGS is free, said the bank. The deposit/ collection of cheques drawn by central/ state governments is also free for holders of such account. There is no charge on activation of inoperative accounts and closure of accounts.
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.