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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.

Select the savings account of your choice.

Interest Rate




Bank
Interest Rate
Minimum Balance
Features
Apply
Bank
Kotak Mahindra Bank- Kotak 811
Kotak Mahindra Bank- Kotak 811
Interest Rate
4%* p.a.
Minimum Balance
0
Features
Show Details
Bank
Equitas Bank Zero Balance Savings Account
Equitas Bank Zero Balance Savings Account
Interest Rate
3.50%
(Up to ₹ 1 lakh)
7%
(Above ₹ 1 lakh and up to ₹ 5 crs)
Minimum Balance
0
Features
Show Details
Bank
Fincare Small Finance Bank Zero Balance Account
Fincare Small Finance Bank Zero Balance Account
Interest Rate
5% p.a.
(Up to and including Rs.1 lakh)
6.25% p.a.
(Above Rs. 1 lakh and up to including Rs.5 lakh)
7.00% p.a.
(Above Rs. 5 lakh and up to including Rs.1 crores )
6.50% p.a.
(Above Rs.1 crore and up to Rs.5 crore )
Minimum Balance
0
Features
Show Details
Bank
ICICI Bank Zero Balance Account
ICICI Bank Zero Balance Account
Interest Rate
3% p.a.
(Balance below Rs.50 Lakhs)
3.5% p.a.
(Balance above Rs.50 Lakhs)
Minimum Balance
Nil
Features
Show Details
Bank
Kotak 811 - Video KYC Account
Kotak 811 - Video KYC Account
Interest Rate
4%* p.a.
Minimum Balance
0
Features
Show Details
Bank
IDFC First Bank Zero Savings Account
IDFC First Bank Zero Savings Account
Interest Rate
6% p.a.
(Upto Rs.1 lakh)
7% p.a.
(Above Rs.1 lakh)
Minimum Balance
Nil
Features
Show Details
Bank
SBI YONO
SBI YONO
Interest Rate
2.70% p.a.
(Balances upto Rs. 1 lakh)
2.70% p.a.
(Balances above Rs. 1 lakh)
Minimum Balance
Nil ( Till 31st March, 2019)
Features
Show Details
Bank
Ujjivan Small Finance Bank Digital Account
Ujjivan Small Finance Bank Digital Account
Interest Rate
4% p.a.
(Up to 1 lakh)
5% p.a.
(> 1 Lakh to 5 Lakh)
5.25% p.a.
(> 5 lakhs to 50 lakhs)
6.25% p.a.
(> 50 lakhs to 5 crores)
6.50% p.a.
(> 5 crores)
Minimum Balance
0
Features
Show Details
Bank
RBL Bank Digital Savings Account
RBL Bank Digital Savings Account
Interest Rate
6.75% p.a.
(Rs. 10 lac to Rs. 5 Cr)
6% p.a.
((Rs.1 lac to Rs.10 lac)
5% p.a.
(up to Rs.1 lac)
Minimum Balance
Rs.5000 (Zero after opening a RD or SIP of more than Rs.2,000)
Features
Show Details
Bank
Karnataka Bank Zero Balance Account
Karnataka Bank Zero Balance Account
Interest Rate
2.75% p.a.
(upto Rs. 1 Lakh.)
2.75% p.a.
(From Rs. 1 Lakh to Rs. 10 Lakh)
2.75% p.a.
(Above Rs. 10 Lakhs and up to Rs.50 lakhs)
3.50% p.a.
(Above Rs. 50 Lakhs and up to Rs.100 lakhs)
4.50% p.a.
(Above Rs. 100 Lakhs)
Minimum Balance
0
Features
Show Details
Bank
Jana Bank's DigiGen
Jana Bank's DigiGen
Interest Rate
4.5% p.a.
(Balance up to Rs.1 lakh)
5.50% p.a.
(More than 1 lakh and Upto 10 Lakhs)
6.50% p.a.
(More than 10 Lakhs and Upto 5 Crores)
Minimum Balance
0
Features
Show Details
Bank
Indus Online Savings Account
Indus Online Savings Account
Interest Rate
4% p.a.
(Upto Rs. 1 Lakh)
5% p.a.
(above Rs. 1 Lakh & upto Rs. 10 Lakhs)
6% p.a.
(above Rs. 10 Lakh)
Minimum Balance
0
Features
Show Details
Bank
Indian Bank Zero Balance Account
Indian Bank Zero Balance Account
Interest Rate
3.00% p.a.
(For balance upto Rs. 50 lakhs.)
3.15% p.a.
(Incremental balance over Rs. 50 lakhs)
Minimum Balance
0
Features
Show Details
Bank
India Post Payments Bank Digital Savings Account
India Post Payments Bank Digital Savings Account
Interest Rate
2.75% p.a.
(Any amount)
Minimum Balance
0
Features
Show Details
Bank
Federal Bank FedBook Selfie Account
Federal Bank FedBook Selfie Account
Interest Rate
2.50%
(Less than ₹5 Crores)
Minimum Balance
0
Features
Show Details
Bank
AU Small Finance Bank
AU Small Finance Bank
Interest Rate
4% p.a.
(Balances less than Rs. 1 lakh)
5% p.a.
(Balances from Rs. 1 lakh to less than Rs. 5 lakhs)
6% p.a.
(Balances from Rs. 5 lakh to less than Rs. 10 lakhs)
7% p.a.
(Balances from Rs. 10 lakhs to less than Rs. 5 lakhs)
6.50% p.a.
(Balances from Rs. 5 crore to less than Rs. 10 crores)
Minimum Balance
0
Features
Show Details
Bank
HSBC Basic Savings Account
HSBC Basic Savings Account
Interest Rate
2.50% p.a.
(Any amount)
Minimum Balance
0
Features
Show Details
Bank
PNB
PNB
Interest Rate
3.50% p.a.
(upto Rs. 50 Lac.)
3.75% p.a.
(above Rs. 50 Lac)
Minimum Balance
0
Features
Show Details
Bank
Standard Chartered Bank's Basic Banking Account
Standard Chartered Bank's Basic Banking Account
Interest Rate
3% p.a.
(Balance of below Rs. 50 lac)
Minimum Balance
0
Features
Show Details
Bank
DBS Digibank
DBS Digibank
Interest Rate
6% p.a.
Minimum Balance
Nil
Features
Show Details
Bank
Basic Savings account
Basic Savings account
Interest Rate
4%p.a.
( Less than Rs.1 Lakh )
5% p.a.
(Rs. 1 Lakh to to less than 10 lakhs.)
6% p.a.
(From 10 lakhs to less than 300 Crore)
Minimum Balance
Nil
Features
Show Details
Bank
Kotak Zero Balance Account
Kotak Zero Balance Account
Interest Rate
4%* p.a.
Minimum Balance
Zero
Features
Show Details
Bank
Canara Bank Zero Balance Account
Canara Bank Zero Balance Account
Interest Rate
3.00% p.a.
(Balance of up to Rs. 50 lakhs)
3.00% p.a.
(Balance of more than Rs. 50 lakhs.)
Minimum Balance
0
Features
Show Details
Bank
Union Bank of India Zero Balance Account
Union Bank of India Zero Balance Account
Interest Rate
3.00% p.a.
(On balance upto & including Rs. 25.00 lakhs.)
3.00% p.a.
(On balance above Rs. 25.00 lakhs)
Minimum Balance
0
Features
Show Details
Bank
OBC Bank Zero Balance Account
OBC Bank Zero Balance Account
Interest Rate
3.50% p.a.
Minimum Balance
0
Features
Show Details
Interest Rate
4%* p.a.
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
Interest Rate
3.50%
(Up to ₹ 1 lakh)
7%
(Above ₹ 1 lakh and up to ₹ 5 crs)
Minimum Balance
0
Show Details
Features
  • No monthly average balance
  • Online instant account opening
  • Free RuPay debit card
  • Access to ATM's and branches to facilitate withdrawals
  • Your favourite number can now be your bank account number
Interest Rate
5% p.a.
(Up to and including Rs.1 lakh)
6.25% p.a.
(Above Rs. 1 lakh and up to including Rs.5 lakh)
7.00% p.a.
(Above Rs. 5 lakh and up to including Rs.1 crores )
6.50% p.a.
(Above Rs.1 crore and up to Rs.5 crore )
Minimum Balance
0
Show Details
Features
  • Zero Balance
  • Attractive Interest Rate
  • Avail Debit Card
  • Paperless Account Opening
Interest Rate
3% p.a.
(Balance below Rs.50 Lakhs)
3.5% p.a.
(Balance above Rs.50 Lakhs)
Minimum Balance
Nil
Show Details
Features
  • Instant account opening
  • Zero balance account
  • Insurance cover
Interest Rate
4%* p.a.
Minimum Balance
0
Show Details
Features
  • Open a full-fledged savings bank account
  • Open savings bank account without stepping out of your house
  • Paperless account opening journey
  • Have a full-fledged account within eight hours
Interest Rate
6% p.a.
(Upto Rs.1 lakh)
7% p.a.
(Above Rs.1 lakh)
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
2.70% p.a.
(Balances upto Rs. 1 lakh)
2.70% p.a.
(Balances above Rs. 1 lakh)
Minimum Balance
Nil ( Till 31st March, 2019)
Show Details
Features
  • Minimum balance requirement as per Savings Bank Account
  • Minimum balance charges has been waived till 31st March 2019
Interest Rate
4% p.a.
(Up to 1 lakh)
5% p.a.
(> 1 Lakh to 5 Lakh)
5.25% p.a.
(> 5 lakhs to 50 lakhs)
6.25% p.a.
(> 50 lakhs to 5 crores)
6.50% p.a.
(> 5 crores)
Minimum Balance
0
Show Details
Features
  • Open a Savings account within minutes
  • No minimum balance
  • Free Debit Card for 1st year
  • Accident cover
Interest Rate
6.75% p.a.
(Rs. 10 lac to Rs. 5 Cr)
6% p.a.
((Rs.1 lac to Rs.10 lac)
5% p.a.
(up to Rs.1 lac)
Minimum Balance
Rs.5000 (Zero after opening a RD or SIP of more than Rs.2,000)
Show Details
Features
  • Upload the Aadhar Card & PAN card copies online to open account Can be opened instantly online with minimum documentation
  • Titanium First Debit Card
  • Unlimited free ATM Withdrawals
  • Interest rate of up to 6.75%
Interest Rate
2.75% p.a.
(upto Rs. 1 Lakh.)
2.75% p.a.
(From Rs. 1 Lakh to Rs. 10 Lakh)
2.75% p.a.
(Above Rs. 10 Lakhs and up to Rs.50 lakhs)
3.50% p.a.
(Above Rs. 50 Lakhs and up to Rs.100 lakhs)
4.50% p.a.
(Above Rs. 100 Lakhs)
Minimum Balance
0
Show Details
Features
  • No minimum balance
  • No initial deposit
  • Free cheque book facility
  • Free debit card
  • Nomination facility
Interest Rate
4.5% p.a.
(Balance up to Rs.1 lakh)
5.50% p.a.
(More than 1 lakh and Upto 10 Lakhs)
6.50% p.a.
(More than 10 Lakhs and Upto 5 Crores)
Minimum Balance
0
Show Details
Features
  • Zero Balance Account
  • Online account opening
  • Rupay Debit Card
  • Low minimum initial funding
Interest Rate
4% p.a.
(Upto Rs. 1 Lakh)
5% p.a.
(above Rs. 1 Lakh & upto Rs. 10 Lakhs)
6% p.a.
(above Rs. 10 Lakh)
Minimum Balance
0
Show Details
Features
  • Open account online instantly
  • Minimum average balance is waived off
  • Freedom to select your account number
Interest Rate
3.00% p.a.
(For balance upto Rs. 50 lakhs.)
3.15% p.a.
(Incremental balance over Rs. 50 lakhs)
Minimum Balance
0
Show Details
Features
  • No Minimum balance
  • Free RuPay debit card
  • No charges for account closing
  • Avail other features after completing the KYC process
Interest Rate
2.75% p.a.
(Any amount)
Minimum Balance
0
Show Details
Features
  • Paperless and online account opening process
  • No minimum average balance
  • Multilingual customer support
Interest Rate
2.50%
(Less than ₹5 Crores)
Minimum Balance
0
Show Details
Features
  • Zero Balance Account
  • Instant Account Opening
  • Account Opening through selfie
  • Two ways to open bank account
Interest Rate
4% p.a.
(Balances less than Rs. 1 lakh)
5% p.a.
(Balances from Rs. 1 lakh to less than Rs. 5 lakhs)
6% p.a.
(Balances from Rs. 5 lakh to less than Rs. 10 lakhs)
7% p.a.
(Balances from Rs. 10 lakhs to less than Rs. 5 lakhs)
6.50% p.a.
(Balances from Rs. 5 crore to less than Rs. 10 crores)
Minimum Balance
0
Show Details
Features
  • No minimum balance requirement
  • Free online transfers
  • Monthly interest payout
  • Avail virtual RuPay Debit Card
Interest Rate
2.50% p.a.
(Any amount)
Minimum Balance
0
Show Details
Features
  • Debit card facility with a daily cash withdrawal limit of Rs.25,000 and a purchase limit of Rs.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.
Interest Rate
3.50% p.a.
(upto Rs. 50 Lac.)
3.75% p.a.
(above Rs. 50 Lac)
Minimum Balance
0
Show Details
Features
  • No minimum balance
  • No initial deposit
  • Free Cheque book facility
  • Free debit card
Interest Rate
3% p.a.
(Balance of below Rs. 50 lac)
Minimum Balance
0
Show Details
Features
  • Zero balance
  • Free debit card
  • Free cheque book
  • Unlimited free ATM withdrawals
  • Free branch access
Interest Rate
6% p.a.
Minimum Balance
Nil
Show Details
Features
  • No minimum balance
  • Up to 6% interest rate
  • Strong security
Interest Rate
4%p.a.
( Less than Rs.1 Lakh )
5% p.a.
(Rs. 1 Lakh to to less than 10 lakhs.)
6% p.a.
(From 10 lakhs to less than 300 Crore)
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
4%* p.a.
Minimum Balance
Zero
Show Details
Features
  • Open Kotak 811 instantly online
  • Kotak Jan Dhan Account for economically weaker sections
  • Get attractive interest rate
Interest Rate
3.00% p.a.
(Balance of up to Rs. 50 lakhs)
3.00% p.a.
(Balance of more than Rs. 50 lakhs.)
Minimum Balance
0
Show Details
Features
  • No Minimum balance requirement
  • Free debit card
  • Cash Withdrawal and Deposit Facility
  • Nomination facility
Interest Rate
3.00% p.a.
(On balance upto & including Rs. 25.00 lakhs.)
3.00% p.a.
(On balance above Rs. 25.00 lakhs)
Minimum Balance
0
Show Details
Features
  • No Minimum balance
  • Free RuPay debit card
  • No charges for account closing
  • Online account opening
Interest Rate
3.50% p.a.
Minimum Balance
0
Show Details
Features
  • No Minimum balance
  • Cheque Facility
  • Free debit card
  • Nomination facility

*Terms and conditions apply

 

Table of Contents
What is Zero Balance Bank Account?
What are the different types of Zero Balance Account?
Who can open Zero Balance account?
How to open zero balance bank account?
Features and benefits of zero balance accounts
Banks offering zero balance bank accounts

Frequently Asked Questions on Zero Balance Accounts

 

Zero Balance Savings Account – Features, Types and How to Open

zero balance savings account

What is Zero Balance Bank Account?

Zero balance account is a savings account with no minimum average balance requirement. This means you don’t have to maintain a specific amount as a minimum average balance. There are no charges for non-maintenance of the minimum average amount.

What are the different types of Zero Balance Account?

There are four key types of zero balance accounts. Online zero balance accounts, zero balance accounts on certain conditions, Basic Savings Bank Deposit Account (BSBDA) and Small Savings account.

Online zero balance accounts are savings account that individuals can open instantly online by downloading the bank’s mobile banking app, video KYC or through the bank’s website. Individuals will need PAN and Aadhaar card to open these accounts. In this process, banks verify the account by the OTP that is sent to the customer’s registered mobile number in the Aadhaar database.  The account opening process is online and customers get the account number and other bank details instantly on their email id and phone number. However, the account is valid for 12 months and customers need to complete the full KYC process by visiting the nearest bank branch or booking an appointment online. Kotak 811,  digisavings are few types of digital zero balance account.

Some banks waive off the maintenance charge on the minimum average balance under certain conditions such as booking a fixed deposit, recurring deposits, or by opting for a particular debit card. Customers can open these accounts online.

RBL Bank’s digital account, ICICI Bank’s Insta Save FD Account, and IndusInd Online Savings account are some accounts where banks have waived off the maintenance charges.

Basic Savings Bank Deposit Account (BSBDA) and Small Savings account are primarily meant for the financially weaker sections of the society who don’t have any savings bank account. The aim of these two types of bank account is to bring the unbanked sections of the society into the formal banking space. According to RBI guidelines, each bank should provide BSBDA and small account.

 

 
Online Zero Balance Account
Online Zero Balance on conditions BSBDA Small account
Maximum limit at a given time Rs.1 lakh (before full KYC)
No maximum limit after full KYC
No limit No limit Rs.50,000
KYC Document PAN and Aadhaar Card PAN and Aadhaar Card One KYC document No KYC document needed
Maximum amount of withdrawal in a month Rs.10,000
Validity 12 months(Full KYC needs to be done to continue using the account) 12 months(Full KYC needs to be done to continue using the account) Lifetime 12 months, KYC documents needs to be submitted within 24 months of account opening
Account Opening process Online Online Branch visit Branch visit with an introducer

 

Who can open Zero Balance account?

Indian resident citizens above 18 years of age can open zero balance account. Depending on the zero balance bank account, the eligibility to open the bank account will differ.

In case of zero balance online account, customers who don’t have any existing relationship with the bank can open the digital savings account. E.g. customers with ICICI Bank’s salary account can’t open ICICI Insta Save FD account.

However, basic savings account is meant for individuals who don’t have any savings account with any bank. In case of any discrepancies, bank officials can close the account.

Documents needed to open a zero balance account

To open online savings zero balance account:

  • PAN card
  • Aadhaar card

To open basic savings account

Any one document towards proof of identity and proof of address

  • Passport
  • Voter’s Identity Card
  • Driving Licence
  • Aadhaar Letter/Card
  • NREGA Card
  • PAN Card


To open a small account

Individuals who don’t have any KYC document can open small basic savings account. However, KYC documents should be submitted within 24 months after account opening.

How to open zero balance bank account?

Online by downloading app or website

Individuals can open zero balance account online by downloading the app or through the bank’s website. You need to fill up the online form with the required details and validate your Aadhaar by verifying the OTP sent to your Aadhaar registered mobile number. You will receive your account number and other details on your registered email id.

Through Video KYC

After RBI’s approval in January to verify KYC details over video, a few banks such as Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank have introduced video KYC to on-board new customers. Kotak Bank has launched video KYC for new Kotak 811 zero balance customers. Video KYC is a start-to-end process where customers get a full-fledged savings account. So, after completing the process, customers don’t have to visit the bank branch to complete the full KYC process.

Visiting bank branch

Customers opening basic savings account can visit the nearest bank branch with the original documents, attested KYC documents, passport photographs and fill up the account opening form to open the bank account.

 

Features and benefits of zero balance accounts

Online Zero Balance Savings Account

  • Open account instantly by downloading the bank’s app, through the bank’s website or video KYC.
  • No minimum balance requirement.
  • Most of the online savings account zero balance accounts don’t need any initial deposit requirement.
  • Open for resident Indian citizens above 18 years of age.
  • Customers can free virtual debit card and can request for a physical debit card from their mobile banking app at a nominal annual cost.
  • Individuals can hold up to Rs.1 lakh in their account and the total amount of withdrawals and credits can’t exceed more than 2 lakh in a financial year. Limits on transactions and spends are lifted after completing full KYC process. There are no such restrictions on accounts opened through video KYC process.
  • After the full KYC process, online zero balance account holders get all the facilities of a regular savings account such as cheque book, etc.
  • Account holders can access internet banking and mobile banking platforms to transfer funds, shop online and pay bills with no fees.
     

Basic Savings Bank Deposit Account

  • Customers don’t have to keep any minimum balance in the account.
  • No initial deposit required to open account
  • Customers can open a joint savings account.
  • Banks provide customers with free Rupay Debit cards that they can use within the Indian Territory.
  • No limit on the maximum balance
  • Cheque book facility is not available
  • Customers can withdraw cash using withdrawal form at branches or through ATMs.
  • Individuals with a savings account can’t open a basic savings account.

Basic Savings Bank Deposit Small Account

  • Individuals need to be above 18 years of age
  • People who don’t have officially valid KYC document can open this account.
  • Account can be converted to a regular savings account with no restrictions after submission of the valid KYC documents.
  • Basic RuPay debit card is issued through which customers can withdraw cash from the ATM.
  • Account holders can withdraw cash by visiting the bank branch or through ATM.
  • 50,000 is the maximum balance that customers can hold at a point in time.
  • Total amount of withdrawals and credits from the account can’t be more than 1 lakh in a financial year.
  • Sum of total withdrawals and credits in the account should not exceed more than Rs.10,000 in a month.
  • The account will be operational for 12 months and can be extended for 12 months. Customers have to submit the KYC documents within 24 months to continue using their bank account.
  • Free online transfers.

Banks offering zero balance bank accounts

 The Reserve Bank of India has mandated all banks to offer a basic savings account and small accounts to customers. Many banks have introduced zero balance bank accounts that can be opened online or through video KYC.

Zero balance savings account by Top Banks 

Kotak 811 by Kotak Mahindra Bank

  • Instant account opening through app, website and video KYC
  • Free virtual Debit Card for online transactions and bill payment
  • ‘Scan and Pay’ facility to pay entertainment, grocery shopping and payment of bills without adding any phone number or account number
  • Customers get up to 4% rate of interest
  • Carry out a host of banking facilities through the mobile banking app such as opening a Recurring Deposit (RD), Fixed Deposit(FD) etc.
  • Fix full KYC appointment through the mobile app

Kotak 811 –Video KYC account

  • Open a full-fledged savings account
  • Paperless account opening journey
  • No restrictions on limits and spends
  • Account valid for lifetime
  • Aadhaar is compulsory to open an account through Video KYC
  • Keep your PAN card, blank page, blue/black pen handy

Federal Bank‘s FedBook Selfie

  • Zero Balance Account and no initial opening amount required
  • Open the account by downloading Federal Bank mobile banking app
  • Open a Selfie Account and Selfie e-KYC account. Selfie account with no restrictions can be opened by taking your selfie, a photo of your PAN and Aadhaar.

DigiSavings Account by Digibank

  • Offers attractive interest rates of up to 6%
  • DigiBank debit cards are enabled with pay wave feature that allows customers to pay for transactions less than Rs.2000 by waving the card at Tap to Pay enabled terminal.
  • Customers can complete the KYC account by requesting the bank agent to meet at a time and place as per their convenience.
  • The bank account is powered by automatic authentication, a security feature much safer than OTPs.

 IDFC FIRST Bank Pratham–Savings Account

  • Attractive interest rates of up to 7%
  • Customers can open zero balance account with deliverable and without deliverable.
  • Making channels of banking is available
  • Account holders can make quick transactions at any micro ATM

ICICI Bank Zero Balance Account

Besides the zero balance savings account launched under Pradhan Mantri Jan Dhan Yojana (PMJDY), ICICI Bank offers Insta Save FD account where the charge on minimum balance is waived off if you open a fixed deposit  of Rs.10,000 for a minimum for 12 months.

  • Get higher FD interest
  • Avail secured credit card. The credit limit of the card will be 90% of the FD amount.
  • Customers get a platinum visa debit card.
  • Free air accident insurance of Rs.50,000

RBL Bank Digital Account

  • Open account instantly through PAN and Aadhaar card.
  • The average balance of Rs.5,000 is waived if customers start a systematic investment plan (SIP) in mutual fund or a recurring deposit of Rs. 2,000 or more.
  • Customers get Titanium first debit card. It comes with welcome vouchers of up to Rs.2,500 along with complimentary insurance such as air accident insurance, personal accident insurance, cash in transit liability, lost card liability, and purchase protection.

Indus Online Savings Account

Customers have the option to open Indus Online Savings Account in one of three ways. Indus Online Account – Premium Debit Card and Indus Online Account – Instant Funding are the two zero balance variants while Indus Privilege Online Account is a minimum balance account of Rs.10,000. The account opening process of all the three variants is same and customers can  choose one during the online account opening journey.

In case of the Premium Debit Card option, customers get a Platinum Plus Debit Card that comes with a host of attractive features. The fee of the platinum debit card is Rs.1000 + taxes. For the Instant Funding variant, the account holder has to make an initial deposit of Rs.20,000. Customers can withdraw the money whenever they want.

Indian Bank Zero Balance Account

IB DIGI – Online SB Account is the digital savings account that customers can open online. The bank also offers basic savings account, zero balance account, to individuals who don’t have a savings account with any bank.

  • No minimum average balance account
  • No initial balance amount
  • Free ATM-Debit card
  • Account holders can avail other value added facilities if they fulfil other full KYC norms
  • Customers can nominate their family members.

SBI Zero Balance Account

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 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 2.75% p.a. on a balance of up to Rs. 1 lakh and 2.75% p.a. for an average balance of over Rs. 1 lakh.
  • Free deposit/collection of cheques drawn by the Central/ State Government
  • Activation of inoperative accounts will be free.
  • No charge for account closure.

PNB Zero Balance account

Punjab National Bank (or PNB) offers the Basic Savings Bank Account, which is a zero balance savings account. An illiterate or a visually impaired person is also eligible to open this savings account with usual safeguards.

Besides this savings 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). As these are zero balance accounts, there is no requirement of an initial cash deposit.

It also provides a free ATM and Debit card facility.

Canara Bank Zero Balance Account

Canara Bank offers zero balance bank account known as the Canara Basic Savings Bank Deposit Account. It is eligible for customers who do not have an existing account with Canara Bank.

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

HSBC Basic Savings Account

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 Rs.25,000 and a purchase limit of Rs.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.

Yes Bank Zero Balance Account

Yes Bank offers a basic savings zero balance account to Indian citizens.

Features of the Yes Bank Zero Balance account include:

  • Net banking facility for free fund transfer and online bill payment
  • Free issue of demand drafts
  • Free Debit- cum- ATM card
  • Free utility bill payment

Standard Chartered Bank’s Basic Banking Account

Standard Chartered bank offers the Basic Banking 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

Union Bank of India Zero Balance Account

Union Bank of India offers basic savings account and digital savings account to their customers.  Individuals can download Union Selfie & M-passbook or visit the bank’s website to open the online savings account.

  • No minimum balance requirement
  • Resident individuals can open these account
  • For digital savings account holder, Cash Deposit Charges will be applicable for cash deposit.
  • Online savings account customers can redeem their points for every online transaction.

Karnataka Bank Zero Balance Account

Sugama Account is Karnataka’s Bank basic savings zero balance account.

  • Cheque book, debit card and passbook is provided to the customers
  • Nomination facility is available
  • Four free withdrawals in a month

Zero balance savings account by Small Finance Banks

Small Finance banks can do everything like commercial banks. The focus area for small finance banks are small business units, small and marginal farmers, micro and small industries. Most of the small finance banks operate in a specific geography.

Equitas Bank Zero Balance Savings Account

SelfeSavings is a zero balance digital bank account that can be opened through video KYC.

  • Open the account with Aadhaar number, PAN and other basic details
  • Activate the mobile banking app to open the account instantly
  • Virtual debit card is available for customers.

Ujjivan Small Finance Bank Digital Account

Here are some key features of the digital savings account of Ujjivan Small Finance Bank:

  • Open a Savings account within minutes
  • No minimum balance
  • Free Debit Card for 1st year:
  • Accident cover

Fincare Small Finance Bank Zero Balance Account

Features of Fincare Small Finance Bank Zero Balance Account or 101 First Savings Account:

  • Zero Balance Account
  • Attractive interest rate
  • Free debit card
  • Bank through your phone
  • Open FD and get higher interest rate
  • Attractive Interest rate

AU Small Finance Bank

AU Abhi Savings Account is the zero balance digital account of AU Small Finance Bank.

Features:

  • No minimum balance requirement
  • Free online transfers
  • Monthly interest payout
  • Avail virtual RuPay Debit Card

Zero balance savings account by Payment Banks

 The primary aim of payment banks is to provide banking facilities such as a savings account and remittances to the unbanked sections of the society. These banks can accept deposits up to Rs. 1 lakh per customer and cannot issue loans and credit cards.

India Post Payments Bank Digital Savings Account

The IPPB digital savings account is an online savings account launched by India Post Payments Bank.

Features:

  • Paperless and online account opening process
  • No minimum average balance
  • Multilingual customer support

 Paytm Payments Bank Savings Account

Paytm Payments Bank offers a digital savings Account with no minimum balance requirement.

Features:

  • Keep up to Rs.1 lakhs
  • Paytm KYC customers can open savings account within a few minutes
  • There are no account fees and charges
  • Paytm Passbook is available
  • Customers get free RuPay debit virtual Card. They can order physical debit card through the Paytm App.

Jio Payments Bank Account

  • Open for Indian resident above 18 years of age
  • Open savings account with no paperwork
  • It works with any telecom operator and over any network whether it is 2G, 3G and 4G.
  • Get the benefits of exclusive deals and discounts on your favourite brand.

Fino Payment Bank’s Shubh Savings Account

  • No monthly average balance requirement
  • Sweep account facility available with partner bank for balances over one lakh rupees

Free RuPay Platinum/Classic Debit Card is available with offers and benefits

Frequently Asked Questions on Zero Balance Accounts

  • 1.Which banks offer zero balance accounts?

Banks such as Kotak Mahindra Bank, Axis Bank, Digibank are some of the banks that offer zero balance to its customers.

  • 2.Can I open a zero balance account online?

Yes, you can open a zero balance account online. Kotak 811, Axis ASAP, digisavings by Digibank are some of the zero balance accounts that you can open online.

  • 3.Why should I open a zero balance account?

Many top banks such as Kotak Mahindra Bank, Axis Bank and Digibank offers zero balance accounts to its customers.

Some of the reasons why you should open a zero balance account are as follows:

  • No minimum balance requirement
  • No minimum initial deposit
  • Open account instantly by downloading the bank’s mobile banking app or through the bank’s website
  • Free virtual debit card
  • Free online transactions
  • Fewer and lower charges
  • Attractive interest rates

 

  • 4.Is it good to open a zero balance online account offered by banks?

Online zero balance savings account is a type of savings account offered by various banks. If you are looking for a savings account without any minimum average balance, zero balance account is a good option.

You can open these accounts online instantly. As these accounts are opened online, you have to complete the KYC procedure within 12 months after opening the account.

After the full KYC procedure is completed, restrictions on deposits and withdrawals are lifted.

However, most of these accounts are new-to-bank customers.

  • 5. What important things should be kept in mind before opening 811 Account by Kotak Mahindra Bank?

Here are some of the important things that you should keep in mind before opening 811 Account:

  • You need to have a PAN card, Aadhaar card and mobile number registered Aadhaar card to open a Limited KYC Account
  • You need to be an Indian citizen above 18 years
  • You should not be a politically exposed person (PEP)
  • You should not have an existing relationship with the bank or any zero balance account in any other bank
  • The account is valid for 12 months and you can keep only Rs.1 lakh at any particular time. You can remove these limitations by completing the full KYC by fixing an appointment or visiting the nearest bank branch. After completing your KYC process, your limited KYC account will be converted to a Full KYC account without any limitations.

 

  • 6. Can I open a bank account with zero balance?

You can open a zero balance account, if you have a PAN card, above 18 years and you are Indian citizen.

Kotak 811, Axis ASAP and digisavings are some of the main zero balance savings account.

  • 7. Can I convert my savings account into zero balance through online?

Typically, zero balance accounts that can be opened online such as Kotak 811, Axis ASAP are meant for customers who don’t have any existing relationship with the bank. Hence, you may not be able to convert your savings account into zero balance account. Moreover, you can’t open a new zero balance account with your bank.

  • 8.How much money is required to open a zero balance savings bank account?

Each bank has a different policy on the minimum balance required to open a savings account. Whereas, you can also choose to open a zero balance savings account in any of the banks that provide such a service.

 

  • 9.What is the initial deposit that I have to make to the bank when opening a zero-balance savings account?

Most zero balance accounts such as basic savings account and online zero balance accounts don’t have any minimum initial deposit. However, there are a few exceptions. Axis ASAP, the zero balance account of Axis Bank has a minimum initial deposit of Rs.10,000.

  • 10.What should I do if I want to check my balance, make cash withdrawal etc.?

You can check your balance and other banking transactions through internet banking, mobile banking, Whatsapp banking etc. You can make cash withdrawal through the bank’s ATM card.

  • 11.What are the difference between the basic savings zero-balance savings account and online savings zero balance accounts?

The basic savings account is a part of financial inclusion program that banks have introduced under Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y). Customers can opt to receive government subsidies and other government benefits on this account.

Online savings zero balance accounts are digital savings account offered by various banks that customers can open online by visiting the bank’s webpage or by downloading the mobile banking app.

  • 12. Can I add a nominee in zero balance savings account?

Yes, you can. While opening the bank account online, you can add your nominee details. Adding nominee details in your bank details is a good practice as after the death of the account holder, the funds are transferred to the nominee without any  issue

  • 13. Can I open a joint zero balance savings account?

Yes, you can open a joint zero balance account. However, please check with your bank for information as different banks may have different rules. Kotak 811 customers can open a joint account after they have completed their full KYC process.

  • 14. Is it a good idea to open a zero balance online account offered by banks?

Opening a zero balance account online is a good idea. Even if you have a savings account, you can open an online savings account as a secondary account and use it to park your emergency fund or save for your splurges.

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