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Best Zero Balance Account For Indians


If you are are looking to open a zero balance savings account in India, there are multiple options to choose from. Opening a online savings account is a hassle free experience. A zero balance savings account will not ask you to maintain a minimum balance in the account. Also, the money lying in the account is entitled to receive interest per annum.

What is Monthly Average Balance?

The monthly average balance is the calculated average balance of all the days in a given month.

MBA = Total of EOD closing balance/Number of days in a month

The MBA (Monthly Average Balance) is waivered in case of a zero balance savings account, and the bank will not charge any penalties on non-maintenance of balance in your account.

Interest rate on Zero Balance Account

The rate of interest may vary depending on banks internal policy, but it typically range from 2.50% to 4.50% p.a. The interest is usually calculated on a daily basis and credited to your account at the end of a quarter. As there is no requirement to maintain any balance, the more you save the bigger interest you will earn at the end of a financial year.

Account Features

  • No minimum balance requirement
  • Earn interest on savings
  • Free Virtual Debit Card
  • Option to avail other banking products like Credit Card, FD, Demat Account, etc
  • Free digital transactions like RTGS, NEFT and others
  • Minimum documentation
  • Complete digital process

Some of the major banks offering such an account are Kotak811, Axis Bank, Yes Bank.

Documents required to open an account

You can open a online savings account with minimum paperwork. All you need to share is your PAN and Aadhaar# details.

#Aadhaar is voluntary.

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