HSBC zero balance account is a part of the financial inclusion program introduced by the government. The zero balance account or basic savings account is a type of savings account that comes without any fees or minimum balance requirement.
As a result, the basic savings account or HSBC’s zero balance savings account can help people without a bank account to open a savings account easily.
Customers of HSBC zero balance account receive the prevailing interest rate applicable on regular savings account. The interest rate is calculated on the daily closing balance. The accumulated interest is credited to the savings account on a quarterly basis.
No minimum balance
HSBC Basic Savings Bank Account is a type of zero balance account. This means that there is no requirement to park a minimum balance in the bank account.
No initial deposit
As a basic savings account, it does not have any initial deposit requirement. Regular savings account carry a minimum initial deposit requirement without which the bank account cannot be opened.
Free debit card
HSBC zero balance account offers a free debit card to its customers. Also, the debit card does not carry annual maintenance fees. With the help of this card, customers can withdraw cash of up to Rs. 25,000 per day and with a daily purchase limit of Rs.10,000.
Internet and Phone Banking
Customers of HSBC zero balance savings account can avail cheque book facility.
Deposits and withdrawals
With HSBC basic savings account, customers can carry free unlimited number of deposits in the bank account. However, customers can make up to 4 free withdrawals per month across demand drafts, pay orders, cheque issuances, electronic transfers (including RTGS and NEFT), ATM withdrawals and cash withdrawal requests placed through any of the branches.
Monthly bank statements
Account holders get a monthly bank statement of their bank accounts. This will help customers to track their spending and manage their money better.
To open an HSBC Basic Savings Account, you need to visit a bank branch and fill the account opening form. Opening a basic savings account requires minimal documentation. While there are few zero balance accounts like Kotak 811 that can you open online, the facility is not available with basic savings Account.
As HSBC Basic Savings is for individuals without an HSBC bank account, customers with bank accounts have to close their existing bank accounts to open an HSBC basic savings account.
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