Are you looking to open a Zero Balance Savings Account? Different banks in India do provide their customers with such account opening option. So, let’s get deeper into it and learn more about such privileges.
Banks are perfect financial institutions that help to make considerable savings if you ever think about savings in general. However, in a country like India, many people want to have a bank account but can’t, Why? It’s the minimum balance limit that the account holder must keep for it to remain sustainable. Not many are privileged to meet that minimum balance requirement.
For the same, banks came out with zero balance savings accounts that make it easier for the user to save money and even have a bank account at the same time. With its growing popularity, a broad list of banks provides some immaculate features and interests on the savings you make. If you are wondering which one might be the best? Then we have a top 10 savings bank accounts that provide some of the best zero savings accounts. Check it out.
Zero Balance Savings Account India -Minimum Balance Requirement
Some of you might have a question regarding the minimum balance requirement in the case of a Zero balance savings account. As the name implies, you don’t have to maintain any balance. No monthly average requirement criteria is applicable in this category of savings account. Along with this the initial deposit has no cap as well. You can deposit as low as 100/- in such accounts. Or we should say that this account can be opened with zero money. To open it you must have a valid ID proof, PAN card and a KYC-verification has to be done.
Top 10 Zero Balance Savings Account India
Here are a few banks offering a zero balance savings account:
1. IDFC Bank
The primary reason as to why it tops the list is because it offers unlimited withdrawals at any micro ATM’s in the country. The zero balance savings banks account comes under a unique scheme known as “IDFC First Bank Pratham Savings Account” which offers mobile /net banking features as well. Moreover users can get attractive interest rates, which is in-between 6%-7% for balances in-between one lakh to ten crore rupees.
Along with all of the features mentioned above, users get free debit cards, check books, and passbooks. All you need is an Aadhaar card for opening such an account.
2. ICICI Zero Balance Account
ICICI Bank is a renowned bank in India. Primarily due to its technology that it has implemented into its banking facilities. There are well over 200+ branches across the country and utilize 256-bit encryption to offer robust security features. Furthermore, it offers multiple savings accounts all packed with internet banking facilities, free cash deposits, checkbooks, and more.
However, while withdrawing money from any other ATM, the user will be charged 90 rupees, which is quite expensive. The interest rate is capped at 3.5% under 50 lakh rupees and 4% for balances above 50 lakh rupees.
3. DBS Digi Savings Bank Account
The user’s Aadhaar card is enough to open a zero balance savings accounts. Users have features such as cashless payments, VISA payments, and more. The interest rate is flat 5%, which varies on the amount deposited in the banks. Moreover, some interactive cashback offers as well where users can get 10% on online hopping.
Mobile/net banking is free of cost, and users can transfer funds through RTGS/UPI/NEFT and IMPS. It’s quite a technology-oriented bank and offers some seamless banking experience through its mobile application.
4. SBI Basic Savings Bank Account
SBI offers a range of savings bank accounts; however, their zero-balance savings account is the starting point for its savings banks category. Customers can open an account with the help of valid KYC accounts and get an interest rate of 2.5% for balances over one lakh rupees.
Every account holder under the zero-balance savings account gets a free RuPay debit card and four free ATM withdrawals every month. Users do get mobile/net banking but are limited to UPI, RTGS, and NEFT. However, there is a specific charge applied if money is withdrawn from another bank’s ATM.
5. RBL Zero Savings Bank Account
The one unique feature that RBL zero balance account offers is that the account holder can invest in FD’s. However, the maximum deposit that anyone can make is up to one lakh rupees. There are no maintenance charges, and users can carry out an unlimited online transaction. Even opening the account is paperless and can be done online.
The interest you get is considerable because you get 5% for one lakh or more than one lakh rupees. The interest rates go up to 6.75% for balances that are more than five crore rupees. However, the only drawback is that you will have to submit a form stating that you will continue to use the bank account after one year.
6. Kotak Mahindra Savings Bank Account
The zero-balance savings bank account comes with zero charges and maintenance fees. Users get a virtual debit card that can be for online shopping and other online transactions. Moreover, users get a 4% annual interest and variable on the amount deposited. However, the availability of a physical debit card isn’t there; however, the entire process of opening an account so seamless without any hurdles or paper. Everything is done paperless.
7. YES Bank Zero Balance Savings Account
YES bank’s zero-balance savings account is unique as it offers five free ATM withdrawals per month and unlimited withdrawals at YES bank ATM’s. Although net/mobile banking is limited to NEFT and RTGS, you get complimentary titanium debit cards with a broad range of benefits and offers. Users’ interest from the bank range from 4%-6% for balances of more than one lakh rupees.
8. HDFC Zero Balance Savings Account
HDFC banks have undoubtedly created their impact as the leading bank for many Indian’s to open an account. With HDFC basic savings bank accounts, you get a bunch of goodies and other things. Account-holders get checkbooks, debit cards, passbooks, withdrawals/deposits, email drafts, and much more, all for FREE.
Moreover, the interest rates that the bank offer is between the range of 3%-3.5%. Also, an online transaction such as NEFT/IMPS/RTGS, ATM withdrawals (up to 4 per month) is all free of cost. There are locker facilities and safe deposit boxes as well that customers can opt for.
9. IndusInd Bank account
The zero-balance savings account offered by IndusInd bank offers unlimited ATM transactions and zero charges on net/mobile banking features. the interest rates range from 4%-6% for balances that range from one lakh rupees to ten lakh rupees. Also, the savings bank options range from zero savings account to premium accounts.
All the user requires is. PAN card and Aadhaar card to create the account and start using it. Through online banking, users can avail themselves of features as IMPS/ NEFT/ RTGS, all free of cost.
10. Axis Bank
Axis bank offers a variety of savings accounts that included zero balance accounts. Furthermore, it’s a proud winner of surplus awards towards customer care and service in general for many years now. However, with a zero-balance account, it does cut down services. Users still get a free RuPay debit card, four free transactions at ATMs per month, and a deposit that is limited to 10,000 rupees.
Compared to all of the other banks, you do get a relatively lesser interest rate as mentioned above. Suppose the balance is less than that. Fifty thousand rupees but more than 20,000 rupees, the interest is at 3.50% and goes up to 4%. The zero-balance savings account is named under ASAP instant savings account.
Zero Balance Savings Bank Account in India: Few More to Add
- Standard Charted Basic Savings Bank Account.
- Punjab National Bank Account
- Citi Bank Account.
- Lakshmi Vilas Bank Account.
- Bandhan Bank Account.
Important: The list is on “as is” basis. There might be changes from time to time to the list of Zero-balance savings accounts. Kindly check with respective banks for latest conditions and services before opening an account with them.
Wish to start investing, do have a look at the Best Demat & Trading Account in India
Zero Balance Savings Bank Account
Zero balance savings account are quite popular amongst low wage earners and students. However, do keep in mind that banks don’t offer surplus features on these types of bank accounts. You get a access to limited basic services only. For exploring the advanced features, you’ll have to switch to the best savings account asking for a minimum balance.
Also, do read the terms and conditions before opening such an account. Few banks provide zero balance savings account only for a year, and after that, you will have to convert to a regular savings bank account. For choosing the best, research extensively into knowing what would serve your requirements the best and do the needful.