Don’t you hate it when you look at your bank statement and find various bank charges eating your hard-earned money? Though a small sum, they wipe out a huge amount of money over a long period of time. Banks levy various charges for non-maintenance of monthly average balance (MAB) requirement, issuing debit card and even closing the account. The good news is that you can bypass these charges by getting a zero balance account open in your name. A number of leading banks like State Bank of India (SBI), ICICI and HDFC have a Basic Savings Bank Deposit (BSBD) Account that lets you keep your money without any burden of charges or fees.
The biggest advantage of this account is that you can open them with no initial money and there is no minimum balance requirement. You can operate in any one of the modes like single, jointly, or with either or survivor, former or survivor, anyone or survivor etc.
The rate of interest applicable on these accounts is similar to regular saving bank accounts. One can earn 3.5% interest in a zero balance account for deposist below Rs 1 crore.