What is HDFC Basic Saving account?

What is HDFC Basic Saving account?

HDFC Bank's Basic Savings Bank Deposit Account (BSBDA), provides access to the best banking services, without requiring that you maintain a minimum balance. With our BSBDA account, you can access banking services across multiple branches ATMs and branches around the country.

What is the minimum balance for HDFC savings account?

Minimum Balance Requirements

Can I get zero balance account in HDFC Bank?

Some variants of HDFC Bank Savings Account also offer features like unlimited cash withdrawals at ATMs and zero-balance maintenance requirement, which further adds to the appeal of a Savings Account..

Which bank is best for basic savings account?

Best Zero Balance Savings Account 2022

• Featured Partners.
• Best Zero Balance Savings Account.
• IDFC FIRST Bank Pratham Savings Account.
• Equitas Selfe Savings Account.
• Axis Bank PRIME Savings Account.
• Indus Delite Savings Account (IndusInd Bank)
• Kotak 811 Full KYC Account (Kotak Mahindra Bank)

What is difference between regular and basic saving account?

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

What is the benefit of a basic savings account?

A savings account is an effective way to store your money in a secure location where it can earn interest. With a savings account, you can maintain your savings in a liquid state — meaning you can access your funds whenever you want — while also putting some space between your savings and your daily spending needs.

What is the limit of basic saving account?

Total credits in such accounts should not exceed one lakh rupees in a year. Maximum balance in the account should not exceed fifty thousand rupees at any time.

Does HDFC charges for low balance?

HDFC Bank charges a fee to the tune of ₹ 150-600 (excluding taxes) for insufficient balance in regular savings accounts held in its metro, urban and semi-urban branches.Rural Branches.

What if HDFC minimum balance is not maintained?

For insufficient balances in standard savings accounts held at HDFC Bank's metro, urban, and semi-urban branches, there is a fine of between Rs. 150 and Rs. 600 (excluding of taxes).16-Sept-2022

Which bank has lowest minimum balance?

IndusInd Bank - Indus Online Savings Account Any Indian citizen above the age of 18 years is eligible to open this savings account with no minimum balance. Transfer funds for free via NEFT, IMPS, and RTGS. Avail of WhatsApp banking services and a free passbook, chequebook, and debit card.

Does zero-balance account have ATM card?

With a zero-balance savings account, most of the banks offer a free ATM-cum-debit card, passbook and cheque book. Also, facilities like internet and mobile banking are offered by several banks.

What bank has no maintaining balance?

UnionBank Personal Savings Account This no-minimum-balance checking account may be opened in person at any UnionBank location, or via the bank's mobile app. You can manage your finances and make purchases whenever you choose, all via the same convenient app. It also has lesser transfer fees.27-Nov-2022

What are the disadvantages of a basic bank account?

Disadvantages of a basic bank account

• No overdraft means no flexibility to borrow money for a short period.
• Won't offer as many perks and rewards as some standard current accounts.
• Often won't pay interest on the money you have in the account.

Are basic bank accounts free?

Basic bank accounts are free for day-to-day banking, but still have a few fees. Banks can't charge you for the day-to-day running of a basic bank account. For example, you can't be charged for an unpaid direct debit or standing order, or charges for going into your overdraft (you won't have this facility anyway).04-Oct-2022

What are 2 basic bank accounts?

The most common types of bank accounts include: Checking accounts. Savings accounts.25-Jul-2022

What are the 3 types of savings?

The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.22-Sept-2022

What is meant by basic saving account?

The Basic Saving Bank Deposit Account should be considered as normal banking service. This account shall not have the requirement of any minimum balance.

Is basic savings a savings account?

Basic savings accounts pay a nominal interest rate, but offers the most flexibility and has a low minimum balance requirement. They are one of the most “liquid” options, meaning you can withdraw your money at any time without limit or waiting.

What is a disadvantage to putting your money into a basic saving account?

CONS:

• Low return – although consumers can earn interest, they offer relatively lower rates.
• Taxes – there are no tax benefits for putting money into a savings account.
• Minimum balance – most accounts have a minimum balance which, if the account falls below, causes the account holder to incur charges.

What can you do with a basic account?

Fee-free basic bank accounts

• have your wages, benefits and other income paid into your account.
• pay in money and cheques for free – as long as they're not in a foreign currency.
• take out money over the counter or from a cash machine.
• pay regular bills by Direct Debit or standing order.

Who all are eligible for opening a basic savings account?

The following people are eligible to open a Basic Savings Bank Deposit Account:

• Resident Individuals (sole or joint account)
• Hindu Undivided Families.
• Customer should not be having existing BSBD Account with any other Bank.
• Customer should not be holding any other Savings account with HDFC Bank.

What is HDFC Basic Saving account?