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Zero Balance Savings Account

Compare Zero Balance Saving Account Online!

While some banks still require their customers to maintain a certain amount of minimum balance, many banks now provide their customers with zero balance saving account wherein you don’t have to maintain a minimum balance.

A zero balance account is ideal for holders, who are new to banking and prefer to avoid the pressure of maintaining a minimum balance in their account.

Bank
Interest Rate
Minimum Balance
Features
Apply
Bank
Kotak Mahindra Bank- Kotak 811
Kotak Mahindra Bank- Kotak 811
Interest Rate
6%* p.a.
( 6.5% p.a. for Senior Citizens)(Open Kotak 811 and Book an FD to earn up to 7.00% interest)
Minimum Balance
0
Features
Show Details
Bank
Axis ASAP
Axis ASAP
Interest Rate
4% p.a.
(Balance above Rs. 50 lac)
3.5% p.a.
(Balance of below Rs. 50 lac)
Minimum Balance
Nil
Features
Show Details
Bank
SBI YONO
SBI YONO
Interest Rate
4%
(balance over 1 crore)
3.5%
(balance up to 1 crore)
Minimum Balance
Nil
Features
Show Details
Bank
DBS Digibank
DBS Digibank
Interest Rate
7% p.a.
Minimum Balance
Nil
Features
Show Details
Bank
ICICI Bank
ICICI Bank
Interest Rate
4% p.a.
Minimum Balance
Nil
Features
Show Details
Bank
Pratham Savings Account
Pratham Savings Account
Interest Rate
4%
(Daily end of day balances, paid quarterly)
Minimum Balance
Nil
Features
Show Details
Bank
Abacus Digital Savings Account
Abacus Digital Savings Account
Interest Rate
6.75% p.a.
(Rs. 1 Cr to Rs. 5 Cr.)
6.5% p.a.
(Rs. 10 lac to 1 Cr)
6.% p.a.
((Rs.1 lac to Rs.10 lac)
5.5% p.a.
(up to Rs.1 lac)
Minimum Balance
Nil
Features
Show Details
Bank
Basic Savings account
Basic Savings account
Interest Rate
6.5% p.a.
(Balance of Rs. 1Cr & above)
6% p.a.
(Balance of 1 lac to less than 1Cr.)
Minimum Balance
Nil
Features
Show Details
Bank
Kotak 811
Kotak 811
Interest Rate
6%* p.a.
(senior citizens can earn up to 6.5% p.a.)(Open Kotak 811 and Book an FD to earn up to 7.00% interest)
Minimum Balance
Zero
Features
Show Details
Interest Rate
6%* p.a.
( 6.5% p.a. for Senior Citizens)(Open Kotak 811 and Book an FD to earn up to 7.00% interest)
Minimum Balance
0
Show Details
Features
  • You can now avail the benefits of the banking solutions with a single touch
  • Kotak 811 offers a virtual debit card (VDC) for the ease of online banking
  • Ideal for all your daily needs such as shopping, groceries, cab payments, and various others
  • Earn 7.00% interest on fixed deposits and Senior Citizens can earn upto 6.5% p.a. To know more click bit.ly/2KRtaSr
Interest Rate
4% p.a.
(Balance above Rs. 50 lac)
3.5% p.a.
(Balance of below Rs. 50 lac)
Minimum Balance
Nil
Show Details
Features
  • Get the zero balance savings account number instantly
  • A free virtual debit card for online transactions
  • Transfer funds, get account statements, pay bills, and so more –free of charge
Interest Rate
4%
(balance over 1 crore)
3.5%
(balance up to 1 crore)
Minimum Balance
Nil
Show Details
Features
  • Paperless account opening
  • Digital Savings Account – Single branch visit required
  • Instant Savings Account – Instant account activation
Interest Rate
7% p.a.
Minimum Balance
Nil
Show Details
Features
  • No minimum balance
  • 7% interest rate
  • Strong security
Interest Rate
4% p.a.
Minimum Balance
Nil
Show Details
Features
  • User-friendly Internet and Mobile Banking
  • 24 X 7 banking with 100+ Touch Banking branches
  • Smart Shopper Silver Debit card with exciting offers & Visa Privileges
Interest Rate
4%
(Daily end of day balances, paid quarterly)
Minimum Balance
Nil
Show Details
Features
  • Open an account only with the help of your Aadhar Card Can apply for this account at the micro ATM of IDFC Bank
  • Account offers Internet & mobile banking, free & unlimited ATM services, and various others.
Interest Rate
6.75% p.a.
(Rs. 1 Cr to Rs. 5 Cr.)
6.5% p.a.
(Rs. 10 lac to 1 Cr)
6.% p.a.
((Rs.1 lac to Rs.10 lac)
5.5% p.a.
(up to Rs.1 lac)
Minimum Balance
Nil
Show Details
Features
  • Upload the Aadhar Card & PAN card copies online to open account Can be opened instantly online with minimum documentation
  • Account holders can also invest in the respective fixed deposits
Interest Rate
6.5% p.a.
(Balance of Rs. 1Cr & above)
6% p.a.
(Balance of 1 lac to less than 1Cr.)
Minimum Balance
Nil
Show Details
Features
  • Get the account number of your choice
  • Free NEFT & RTGS facilities
  • 24/7 customer care support
  • Unlimited number of transactions at any ATM in India
Interest Rate
6%* p.a.
(senior citizens can earn up to 6.5% p.a.)(Open Kotak 811 and Book an FD to earn up to 7.00% interest)
Minimum Balance
Zero
Show Details
Features
  • Avail the benefits of the banking solutions with a single touch
  • Offers a virtual debit card for the ease of online transactions
  • Ideal for shopping, groceries, cab payments, and various others
  • Earn up to 7.00% interest on fixed deposits. To know more click bit.ly/2KRtaSr

*Terms and conditions apply

ZERO BALANCE ACCOUNT

What is a Savings Account?

A savings account is a primary means of securely storing money in the safe space of a reputed bank. Along with security, a savings account also gives its holders the flexibility in depositing and withdrawing cash according to their needs, as well as easy access to other banking facilities such as fixed and recurring deposits, bank loans, and demand draft services. Why is having a savings account important for customers? Firstly, a savings account provides strong security along with limits to unnecessary spending. Most importantly, you also earn returns depending on the rates of interests provided by the bank you invest in. Firstly, a savings account strongly portrays one’s ‘personal savings’ and thus imbibes a sense of responsibility. Thus, save your money and your money will save you.

What is a Zero Balance Saving Account?

Among the different types of savings accounts provided by banks, a zero balance saving account, (also known as a basic savings account), as the name implies, is a bank account where account holders do not have to maintain a minimum balance in their account. This differs from a regular savings bank account, where banks insist that account holders should compulsorily maintain a minimum average balance, which the bank can charge a penalty on, if not met. This is where the zero balance savings account is encouraged. After all, why should you pay a forfeit for something that is yours?

A zero balance account is ideal for holders, who are new to banking and prefer to avoid the pressure of maintaining a minimum balance in their account. Zero balance accounts further encourage non-banking individuals to save their hard-earned money in bank accounts, without having to face tedious cash withdrawal processes, at the same time.

Features of a Zero Balance Savings Account

In addition to not maintaining a minimum balance, a zero balance account in most banks usually provides the following additional benefits to the account holders:

  • No charges for using an ATM debit card facility for cash withdrawals and cashless shopping
  • Free account passbook and cheque book when opening an account.
  • Free net banking facility (if provided by the bank).
  • The account can be used as a salary account for salaried employees.
  • No transaction fees for cash deposit.
  • Bank locker facilities are available.
  • No charge for RTGS and NEFT facilities.
  • Regular interest payments on the available balance
  • No initial cash deposit required when opening the account

Availability of joint saving account on zero balance account, provided the second party is related to the primary account holder.

Eligibility criteria

In order to be eligible to open a zero balance saving account in any Indian bank, the individual should essentially fulfill the following eligibility criteria:

  • The individual must be a resident of India (for both sole and joint accounts).
  • He/ she must be above 18 years of age.
  • Must not be having any other savings account with the bank.
  • For a self-operated minor account, the minor must be above the age of 10.

Documentation for a Zero Balance Savings account

As a customer, you must submit the complete set of Know Your Customer (or KYC) documents (as specified by the bank) at the time of account opening.

These KYC documents comprise of:

  • Photo ID Proof (as specified as an acceptable document by the bank)
  • Address Proof (as specified as an acceptable document by the bank)

If you fail to possess these KYC documents, you must submit a self-attested photograph along with your signature or thumbprint.

How to open a Zero Balance Savings account

A customer can open a zero or 0 balance savings account with extreme ease. A customer can visit any branch of their preferred bank that offers a basic saving account facility, along with their supporting KYC documents and fill and submit the necessary application form. Importantly, a zero balance account does not require any initial cash deposit, which is required when opening any other type of savings bank account.

Moreover, a customer can open an online bank account with zero balance using the bank’s website or mobile banking app, and avail of the same features as an offline zero balance savings account.

Best Zero Balance Savings Accounts in India

The section below discusses the Zero Balance Savings Account facilities provided by 24 of the best banks in India.

  1. State Bank of India

The State Bank of India or SBI offers a Basic Savings Bank Deposit Account (BSBDA) as a basic savings or zero balance account for residents of India. Customers have to compulsorily submit the necessary KYC documents when applying to create a zero balance savings account with SBI.

Features of the zero balance account offered by SBI include:

  • Free RuPay/ ATM card- cum- debit card facility
  • Unlimited cash deposits into the account
  • Up to 4 free cash withdrawals at non-SBI ATMs each month
  • Interest rate of 3.5% p.a. on a balance of less than 1 crore and 4% p.a. for an average balance of over 1 crore.
  • Free deposit/collection of cheques drawn by the Central/ State Government
  • Activation of inoperative accounts will be free.
  • No charge for account closure.
  1. ICICI Bank

ICICI Bank provides a ICICI Zero Balance Account, also known as the Basic Savings Bank Deposit Account. Customers who not have any other account with ICICI bank can avail to the 0 balance savings account.

The ICICI Bank Zero Balance account has the following additional features:

  • Free RuPay card facility
  • Free cheque book facility with 15 leaves (free for a year)
  • Unlimited cash deposits/ cash withdrawal facility
  • Free Internet and mobile banking facility for online customers
  • Transaction fee of 90/- charged for cash withdrawals at non-ICICI bank ATMs
  • Half-yearly interest payment at the rate of 3.5% (for account balance of less than 50 lakhs) and 4% (for account balance of over 50 lakhs)

Another Basic savings account under the Pradhan Mnatru Jan Dhan Yojana (PMJDY) was launched by the Department of Financial Services (DFS) to provide financial services and facilitate financial inclusion within the generally barred sections: low income groups.  

Features under PMDJY include:

  • No charge for passbook
  • No charge for a personalized RuPay Debit card
  • No charge for cheque leaves
  1. HDFC Bank

Amongst the leading banks in India, HDFC Bank provides the HDFC Zero Balance account customers who are eligible if they do not have any other existing account account in HDFC Bank.

Features of the HDFC Zero balance account include:

  • Free RuPay debit card t easily access your savings account.
  • Free passbook facility for account holders.
  • Free lifetime BillPay
  • Free InstaQuery facility
  • Free fund transfer using NEFT and RTGS facilities
  • IVR-based phone banking facilities for all account holders
  • Up to 4 free cash withdrawals at non-HDFC bank ATMs each month
  • Interest payment at the rate of 3.5% (for an average account balance of less than 50 lakhs) and 4% (for an average account balance of over 50 lakhs)
  1. Kotak Mahindra Bank

Kotak Mahindra Bank offers Kotak 811, a Digital Balance Savings Account that can be opened in under 5 minutes. Any Indian Resident above the age of 18 is eligible to open a Kotak 811 Zero Balance Savings Account.

Features of the Kotak 811 Zero Balance account include:

  • Provisions of Zero balance banking facility
  • Virtual Debit Card for the ease of online transactions
  • ‘Scan and Pay’ facility for entertainment, grocery shopping and payment of bills
  • Free online fund transfer using NEFT and IMPS for a maximum amount of 1 lakh
  • Maximum account balance of 1 lakh
  • Interest payment on account balance at the rate of:
    • 5% per annum for balance of less than 1 lakh
    • 6% per annum for balance between 1 lakh to 1 crore
    • 5% per annum for balance of more than 1 crore
  1. Axis Bank

All Indian residents who do not have an existing account with Axis bank are eligible for. The Axis Zero balance account can be opened instantly, within a few minutes by providing details of mobile phone number, Aadhar, and PAN card details.

Features of the Axis bank 0 balance account include:

  • Free RuPay virtual debit card for online shopping
  • Flexible FD facility with automatic sweep for account balance of more than 1000/-
  • Free Passbook facility
  • Maximum cash deposit of 10,000/- only
  • Up to 4 free ATM transactions monthly on non-Axis bank ATMs.
  • Axis ASAP account provides a higher interest rate on balances above Rs. 10,000.
  • Online Rewards: BookMyShow- Rs 150/- off on your first transaction, plus 10% off per month on BigBasket – Get20% off
  1. Federal Bank

Federal Bank’s pioneering Selfie account, is a mobile-based banking app available on both Android and iOS phones. It can be accessed by all Indian residents. Online customers can open this account by submitting their PAN and Aadhar card details.

Federal Bank offers attractive interest rates annually on their zero balance account:

  • 5% annually on balance of less than 50 lakhs
  • 4% annually on balance between 50 lakhs to 1 crore
  • 3% annually on balance between 10 to 25 crores
  • 51 annually on balance of over 25 crores
  1. Canara Bank

Canara bank also offers zero balance bank account known as the Canara Basic Savings Bank Deposit Account. Customers who do not have an existing account with Canara Bank, are eligible to open this account.

The Canara Bank zero balance account offers the following benefits:

  • No charge for ATM and debit card facility
  • No limit on cash deposits in a month
  • A maximum of 4 withdrawals each month along with ATM cash withdrawals
  • Free Internet and mobile banking facility
  1. Punjab National Bank

Punjab National Bank (or PNB) offers the Basic Savings Bank Account, which is a zero balance savings account with free ATM and Debit card facility. Apart from this account, PNB offers a variety of zero balance accounts including the PNB Vidyarthi SF account (for students), the PNB Pension Savings account (for pensioners), and the PNB Junior SF account (for minors).

Each of these zero balance accounts require no initial cash deposit and offer an interest rate of 3.5% per annum on the average balance.

  1. IndusInd Bank

IndusInd bank offers Indian residents its basic small savings account with 0 balance. All Indian residents above the age of 18 are eligible to open this account.

Features of the IndusInd zero balance account:

  • Free debit card along with cheque book and passbook facility
  • Free fund transfer using NEFT and RTGS
  • Up to 5 free transactions each month on non-IndusInd bank ATMs
  • Foreign remittances are not allowed for this account.
  • Interest payments on account balance at the following annual rates:
    • 4% per annum for deposits up to 10 lakhs
    • 5% per annum for deposits between 10 lakhs and 1 crore
    • 5% per annum for deposits between 1 to 10 crores
    • 6% per annum for deposits above 10 crores

10.Yes Bank

Amongst the recently-established banks in India, Yes bank offers a zero balance banking account facility to Indian citizens.

Features of the Yes Bank zero balance account include:

  • Net banking facility for free fund transfer and online bill payment
  • Free issuing of demand drafts
  • Tax-free interest payments up to a maximum of 10,000/-
  • Free Debit- cum- ATM card
  • Free utility bill payment

11.Lakshmi Vilas Bank

Lakshmi Vilas bank offers the Basic Savings Bank Deposit (or BSBD) which is a zero balance account for Indian citizens, as a way to promote financial inclusion.

The Lakshmi Vilas Zero Balance account offers the following features:

  • Account holders can avail of  the cash deposit and withdrawal facility at both bank branches and ATMs
  • Unlimited cash deposits into the account in a month
  • Maximum number of 4 transactions allowed in a month, including ATM cash withdrawals
  • Free RuPay ATM card

12.Bandhan Bank

The Bandhan bank BSBDA account is a zero balance banking account designed for the convenience of the common man in India.

Along with no minimum balance requirement, the zero balance account from Bandhan Bank has the following features:

  • No limit on maximum balance
  • Free Passbook
  • Free ATM debit card facility
  • Free fund transfer using NEFT

13.Dena bank

The Basic Savings Bank Deposit Account (or BSBDA) is a zero balance account facility offered by Dena Bank to all Indian residents.

Some of the features offered by this zero balance account include:

  • No charge for cash deposit and withdrawal facility at all Dena bank branches and ATMs
  • Facility to transfer money electronically
  • Unlimited number of cash deposits to the account
  • Maximum of 4 cash withdrawals in a month along with ATM withdrawals
  • Free ATM and Debit card facility

14.Standard Chartered Bank

Standard Chartered bank offers the Aasaan zero balance digital account to all Indian residents.

Features of the Standard Chartered Zero balance account include:

  • Free multicity cheque book facility
  • Free locker facility and doorstep banking
  • Free cash deposits and ATM withdrawals with debit card provided by the bank
  • Unlimited Branch Access
  • Interest payments at the rate of 3.5% on an account balance of up to 50 lakhs and 4% on an account balance of above 50 lakhs.

15.HSBC Bank

HSBC Bank offers the HSBC Basic Savings Bank Deposit Account (BSBDA) for zero balance banking to all Indian residents.

Features of the HSBC BSBDA account include:

  • Debit card facility with a daily cash withdrawal limit of 25,000/- and a purchase limit of 10,000/-
  • Free Internet and phone banking facility
  • Free Cheque book facility
  • No limit on cash deposits in the account
  • Maximum of 4 withdrawals from the account in a month, which includes ATM cash withdrawals, electronic transfers using NEFT and RTGS, cheque payments, demand drafts, and pay orders.
  • Monthly bank account statements are provided.

16.Development Bank of Singapore (DBS)

Development Bank of Singapore (or DBS) also offers zero balance account facility through the digiSavings account that can be opened using smartphone banking. Smartphone users can open this account online by submitting their Aadhar card details.

Features of the digiSavings zero balance account include:

  • Free VISA debit card facility
  • Unlimited cash withdrawals from the ATM of any bank
  • Facility for online transfer using NEFT and IMPS with no charge
  • Annual interest paid on account balance at the following rates:
    • 6% for a balance of less than 1 lakh
    • 7% for a balance of between 1 to 2 lakhs
    • 5% for a balance of between 2 to 5 lakhs
    • 4% for a balance of more than 5 lakhs

17.IDBI Bank

IDBI Bank offers the IDBI Bank Sabka Basic Savings Account offering the advantage of zero balance banking to its customers.

The IDBI Bank Zero balance account offers the following benefits:

  • Free cheque book facility
  • Facilities of phone banking, SMS banking, and Internet banking to access account
  • Hassel free banking
  • SMS and E-mail alerts on any bank transactions
  • Free monthly account statements available through E-mail
  • No bank charges for cash deposits at IDBI bank branches

18.IDFC Bank

IDFC Bank provides zero balance banking to its customers through the Pratham Zero Balance Saving Account. Resident Indians can open their IDFC Bank Zero Balance account by submitting their Aadhar card details at any IDFC bank branch or ATM.

Features of the IDFC Zero Balance Account include:

  • Unlimited transactions at IDFC ATMs
  • Free Internet and Mobile banking facility
  • Cheque book facility on request
  •  Earn up to 4% interest per annum on the average account balance.

19.Bank of Baroda

Bank of Baroda (or BoB) offers the Basic Savings account with zero balance facility. Indian residents, without an existing account with BoB, are eligible to apply for this account.

BoB Basic Savings account has the following features:

  • Free Debit card and Internet banking
  • Unlimited on cash deposits into the account
  • Cheque book facility with 50 cheque leaves in a year
  • Maximum number of 4 withdrawals from the account in a month

20.Bank of India

Bank of India (or BOI) offers the BOI Basic Savings Account to Indian residents with free debit and ATM card facility. Other BOI accounts offering zero balance facility are the SB Account for Pensioners, Salary Plus Account Scheme (for salaried government and private employees), and the BOI Saral Salary Account Scheme.

21.Equitas Bank

Equitas Bank offers the Basic and Small Savings Account with zero balance requirement.

Features of the Equitas Bank zero balance account are:

  • Unlimited cash withdrawals from bank branches and ATMs
  • Free RuPay debit card facility
  • Free Internet and mobile banking facility
  • Free fund transfer facility using NEFT
  • Earn up to 6.5% interest on account balance between 10 lakhs and 5 crores

22.Citibank

Citibank offers Indian residents its Basic Savings Bank Deposit Account facility with zero balance banking facility.

The Citibank Zero Balance account offers the following features:

  • Free ATM and Debit card facility with a daily transaction limit of 10,000/-
  • Daily transaction limit of 10,000/- including online payments
  • Free cheque book facility
  • Unlimited credits to the account
  • 24×7 access to Citibank online and phone banking service for quick access to your account.
  • Maximum of 4 free account monthly debits including ATM and branch withdrawals, electronic fund transfer, and cheque payments.

Additionally, customers can open the PMJDY account in Citibank, which offers a personal accident cover of 1 lakh.

23.Karur Vysya bank

Karur Vysya bank also offers the KVB Basic Savings Bank Account to mainly provide financial inclusion to weaker sections of the society.

Features and benefits provided by the KVB Zero Balance account include:

  • Free RuPay debit card facility
  • Zero Balance Account means no penalty if unable to maintain minimum balance in the account
  • No restrictions on the number of transactions allowed in this account
  • No cheque book facility and no multi-city status for the account

24.Bank of Maharashtra

 The reputed Bank of Maharashtra offers Mahabank lok bachat yogana wherein a customer can visit the nearest branch with the required documents and can easily open an account with zero balance requirement.

Features and benefits –

  • A chequebook of 10 pages allowed free of cost.
  • Collection of third party cheques is not allowed.
  • No service charges to be debited for want of minimum balance.
  • VISA/INSTA ATM- cum- Debit card facility

*Terms and Conditions Apply

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