zero balance accounts

Best Zero Balance Savings Account In India

A basic savings bank deposit (BSBD) account is a good option for those who are unable to maintain a regular Minimum balance. As these accounts does not require any minimum balance which means the account will be functional even if there is no balance in it. It offers the same interest rate as a normal savings account. However, the number of reliable Indian banks, both in the private and the public sector which offer beneficial banking transaction options with zero balance can be counted on the fingers of your hand.

1. Kotak Mahindra Zero Balance Account:

  • Their 811 fully digital account provides the option of zero balance account in less than 5 minutes.
  • Online shopping facility with virtual debit card.
  • mStore App allows one to shop online without downloading other apps and avail the scan and pay option.
  • Credit card can be scanned and paid directly in stores.
  • Online transactions on this account are non-chargeable.
  • Free Fund transfers through NEFT and RTGS .
  • Balance, however should not be more than Rs. 1 lac at any time.
  • 1 lakh is the maximum amount that can be transferred online.
  • All transactions are subject to KYC verification within 1 year of opening the account.
  • Interest Rate per Rs. 1 lac – 5%

2. Axis Bank Zero Balance ASAP Account:

  • Can be opened instantly, provided the customer does not already have an Account in the bank.
  • Mobile number, Aadhaar and PAN required at the time of opening.
  • Any balance of above Rs.1000 automatically accrue flexi FD benefit.
  • Online shopping possible through free virtual card.
  • Transfer of fund, Payment of bills and Account Statement on the virtual platform are free services.
  • Maximum amount balance is Rs. 1 lac, subject to KYC validation within 1 year of its opening.
  • Post-KYC validation, no upper limit on cash balance.
  • 4 free ATM transaction allowed at other bank ATMs.
  • Interest Rate up to 1 lac to 50 lacs – 3.5 %

 

3. Digibank by DBS Zero Balance Account

  • The Development Bank of Singapore provides this facility to the users of smartphones and Aadhaar Card since it is app based banking service.
  • With an array of free service such as unlimited ATM withdrawals from any ATM, free online fund transfer, e-wallet feature it is one of the most promising new generation Bank.
  • Its VisaDebit card has pay wave feature, a faster, easier and more secure way of making payments.
  • However cash or cheque cannot be used to fund the account.
  • Interest on Savings Deposit per Rs. 1 lac – 6%.

4. Standard Chartered Bank Zero Balance Account

  • The Digital Account through which it delivers zero balance facility is known as Aasaan Zero Balance Account.
  • International Debit Card allows free ATM withdrawals.
  • Free Multicity Cheque book facility.
  • Locker facility at discounted rates and doorstep facilities available.
  • Interest on Savings Bank deposit per Rs.1 lac – 3.5%

5. SBI Zero Balance Account

  • SBI offers BSBDA (Basic Savings Bank Deposit account) facility to its customers with the zero balance option.
  • The only public sector bank on the list.
  • No maximum ceiling limit on the cash deposit.
  • No additional charges.
  • KYC is mandatory.
  • Not open to customers already having pre-existing accounts in any category.
  • RuPay Debit Card option available with this Scheme.
  • 4 Free Cash withdrawal at other ATMs and unlimited ATM transactions at Home ATMs.
  • Interest on Savings Bank deposit per Rs.1 lac – 3.5%

Check out: Best banks for Current account in India

6. ICICI Bank Zero Balance Account

  • Facility of BSBDA (Basic Savings Bank Deposit Account) available with zero balance.
  • However pre-existing customers of the bank cannot avail this facility.
  • Free of cost Debit Card and 15 leaves Cheque Book, provided free of cost.
  • Internet Banking and Cash Deposits are completely free of charge.
  • ATM Transaction in any other Bank Counter is charged Rs.90/- per transaction.
  • Half-yearly interest is paid which is 3.5% against a fund balance of Rs. 1 lac.

7. IDFC Bank Zero Balance Account

  • Pratham Zero Balance Account facility available.
  • Such accounts can be opened on providing Aadhaar Card details at any Branch or micro ATM centre.,
  • Theses Accounts may be utilised to avail government subsidies and funds.
  • Pass Book and Debit Card available without any extra cost.
  • Internet banking, Mobile Banking and Free Cheque Book facility available, on request. Unlimited ATM transactions free.
  • Interest Rate per Rs.1 lac – 4%

8.  IndusInd bank Zero Balance Account

  • Basic Small Savings Account facility with zero balance.
  • ATM Card with free ATM transactions in home ATM centre and 5 free transactions at other ATM Centre.
  • Free Debit Card, Pass Book and Cheque book made available at the time opening the account.
  • Online Fund Transfer facility through NEFT and RTGS, at no extra cost.
  • Foreign remittance barred in this Account.
  • Interest Rate per Rs.1 lac – 4%.

9. HDFC Zero Balance Account

  • Basic Savings Bank Deposit Account offers zero balance facility.
  • Free RuPay debit card available with each account, upgradable to International debit card.
  • Free IVR based customer care facility.
  • Four free Cash withdrawals at other Bank ATM.
  • Free Online Fund Transfer through NEFT and RTGS.
  • Interest on Savings Deposit per Rs.1 Lac – 4%.

10. RBL Bank Zero Balance account

  • Abacus Digital Savings Account available at zero balance.
  • Only Aadhaar Card and PAN Card required to open the Account online.
  • Instant Account Opening Provision.
  • Internet Banking facility through logging in on RBL’s website.
  • Maximum of Rs. 1 lac can be deposited instantly.
  • Fixed deposit facility available.
  • KYC submission mandatory within one year of opening the account.
  • Interest on Savings Deposit per Rs.1 lac – 5.5%

Apart from these the Federal Bank also offers Zero Balance account with 3.5% rate of interest per 1 lac, known as the ‘Selfie account’ which can be activated using the Aadhaar and PAN Card details. This, too, is an app based account, available only for resident Indians.

Even government initiative to provide inclusive banking service to all sections of the community has been implemented with the introduction of Pradhan Mantri Jan Dhan Yojna, which basically allows an individual to avail all banking benefits at any of the public sector Banks in the country at Zero Balance, along with the added benefit of Accidental Insurance of Rs. 1 lac.

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