​Executive Summary:  Basic Savings Bank Deposit accounts are regular savings bank accounts that offer flexibility in terms of minimum balance. There are some restrictions on the number of transactions, balance limit and amount that can be withdrawn. We have compared the BSBD accounts of banks such as SBI, BoB, ICICI Bank and Axis Bank.

Are you a person who does not like to keep a minimum balance in the savings bank account? Well, then do you know that RBI had mandated all banks to offer Basic Savings Bank Deposit accounts (BSBD)? These accounts do not have requirements regarding minimum balance or any pre-requisite for minimum monthly average balance. These accounts are also called zero balance savings accounts. You can convert your existing account to a Basic Savings Bank Deposit account.
The main conditions of this account are –

• Only four debits are possible in one month
• Credit cannot be more than ₹ 1 lakh in a BSBD account in a year 
• The balance cannot exceed ₹ 50,000 at any time. 
• Total debits in a month cannot exceed ₹ 10,000. 
• Only one BSBD account in one bank. The customer who has a BSBD account in a bank cannot have any other savings bank account in that bank.

The RBI has given some freedom for banks to tweak the features and conditions on these accounts provided they are fair.
Apart from the conditions as per RBI’s mandate, the usual features and conditions such as free Internet Banking, Debit card, bill payment options are available. Let us look at the other features/conditions provided by banks on the BSBD account –
SBI 

• Free issue of basic RuPay ATM-cum-Debit card. No annual maintenance charges are applicable.
• If a customer opening a BSBD account already has a Savings Bank Account, the same will have to be closed within 30 days of opening the BSBD account.
• There is no limit on minimum or maximum balance in the account.
• Axis Bank
• The customer can opt for auto-sweep Flexi FD on balances above Rs 1,000. 
• The bank offers personal accident insurance cover worth ₹1,00,000 in metros
• Daily ATM Withdrawal limit of Rs. 40,000

Bank of Baroda

• Free Debit card for the first year and then it is charged @ ₹100 per annum.
• 50 Cheque Leaves shall be allotted in a year free of cost.
• No limit on maximum withdrawal amount at local/base branches. In outstation branches, the limit is ₹50,000 per day.

ICICI Bank

• The account is called the zero balance account. 
• If the BSBD has been opened under the Pradhan Mantri Jan Dhan Yojana, the account holder gets free cheque leaves. The account cannot be opened by an NRI or the karta of an HUF. Moreover if the bank identifies that the customer has any other Savings Bank Account, the Basic Savings Account will be closed.
• If the BSBD is opened with simplified KYC, the account will be frozen if the value of credits on one financial year exceeds Rs. 1,00,000 or the day end account balance exceeds Rs. 50,000.

The main aim of these accounts are financial inclusion and convenience to customers. The account is useful if you want want a savings account without having to maintain high balance in it.