Top Zero-Balance Savings Accounts in India
If you are considering opening a savings account with a low balance, then a zero-balance account can be the best fit for you. But why opt for a zero balance account and what is the concept behind it? Let’s delve deeper into this genre bank account and which one is the best zero-balance savings account in India.
Zero balance account- What is it?
A zero savings bank account allows you to maintain an account without a minimum balance requirement, which means that your remaining rupee may fall to Rs. 0 without any charge or penalty. So, you can stay relaxed with such a genre of savings account.
Maintaining a minimum balance can often be challenging, as most of the banks in India made it mandatory to maintain a minimum balance ranging between Rs. 5,000 and Rs. 10,000 per account. For individuals who don’t have a fixed monthly income or serve enough to cover their daily expenses, it may be cumbersome to meet this requirement. In such situations, a zero-balance savings account acts as a practical and trouble-free alternative. This genre of account helps you to gain a bank account without much hassle.
Merits of having a Zero-balance savings account
Before you opt for the best zero balance bank account in India, take a look at why to open such an account. A zero-balance savings account provides these perks –
- You don’t need to keep a minimum balance.
- Helps individuals with no fixed monthly income to open savings accounts.
- You get free services like cashbook and cheque deposits at any bank branch.
- As an account holder you can use a debit or ATM card and rent a deposit locker for a small fee.
- You also receive digital payment cards that work with electronic payment systems like RuPay for easy transactions, making it easier for you to operate the account.
- Best Zero-Balance Savings Account in India
- Here are some of the leading banks in India offering zero-balance savings accounts that can perfectly match your requirements.
State Bank of India (SBI) Basic Savings Bank Deposit Account
SBI, the biggest public bank in India caters its customers with the facility of Basic Savings Bank Deposit Account (BSBDA) to meet the needs of people who want simple banking services without keeping a minimum balance. It is one of the best zero-balance savings accounts in India.
Main Features of this account
- Zero Minimum Balance: You can use the account without any minimum balance.
- Free ATM Card: You get a RuPay debit card to make transactions.
- Some Free Transactions: You can make a set number of free withdrawals each month; you might pay fees if you go over this limit.
- Interest Rate: You earn interest on your savings at rates similar to normal savings accounts.
Things to Keep in Mind: You have a set number of free transactions; you might pay fees for extra transactions.You get basic banking services without fancy extras.
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HDFC Bank Basic Savings Bank Deposit Account
HDFC Bank offers a no-minimum-balance savings account to give essential banking services to everyone. Like SBI HDFC is also a reliable and best bank for zero balance accounts. HDFC zero balance accounts can prove to be beneficial for many individuals.
Key aspects
- No Minimum Balance: You don’t need to keep any money in the account.
- Free Passbook and Cheque Book: You get basic banking tools at no cost along with RuPay debit card.
- ATM Withdrawals: You can make some free ATM withdrawals; after that, you pay fees.
- Interest Rate: You earn interest like in regular savings accounts.
Things to Keep in Mind: You get a set number of free transactions each month.You might pay extra for services beyond the basics.
Kotak Mahindra Bank 811 Digital Savings Account
Kotak Mahindra Bank’s 811 Digital Savings Account is a zero-balance, fully digital account with a host of new-age banking features.
Key Features:
- Zero Balance Requirement: No minimum balance requirement.
- High-Interest Rates:Good interest rates on savings.
- Virtual Debit Card:Virtual debit card facility for online purchases.
- Free Online Transfers:Free transfers through NEFT, IMPS, and RTGS.
Considerations:
- Physical debit card issuance may attract a fee.
- Predominantly electronic; few physical branch contacts.
ICICI Bank Basic Savings Bank Deposit Account
ICICI Bank’s zero balance account serves customers looking for basic banking facilities without having to maintain a minimum balance.
Major Features:
- Zero Balance Facility: No minimum balance to be maintained.
- Free RuPay Debit Card:Facility for using a debit card for payments.
- Internet and Mobile Banking:Enjoy a basic online banking facility.
- Interest Rate:Normal interest rates for savings accounts.
Points to Consider
- Low volume of free transactions; there could be charges over this volume.
- Primarily provides straightforward banking services.
Interest rate of banks in India annually on zero balance account.
Zero balance savings accounts in India offer varying annual interest rates across different banks. Below are some options for your knowledge.
- State Bank of India offers 2.70% interest rate
- HDFC Bank offers 3.00% interest rate
- Kotak Mahindra Bank offers 3.50% interest rate
- IDFC First Bank offers 3.00% interest rate
- IndusInd Bank offers 3.50% interest rate
- RBL Bank offers 3.75% interest rate
- Utkarsh Small Finance Bank offers 4.00%interest rate
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How to open Zero-Balance Savings Accounts in India
If you are willing to open a zero balance bank account online, you can visit the bank’s website or may download the mobile app, choose the account type, and fill out the application form. Then you need to upload required documents like Aadhaar, PAN, and a passport-size photo. You then need to complete e-KYC verification via OTP or video call. After that your account gets activated.
How to close a zero balance bank account?
In order to close a zero balance bank account you can visit your nearest bank branch or check online closure options. Submit an account closure form with ID proof and passbook if required or as instructed by the bank branch. Then you need to sort pending transactions and transfer remaining funds. Banks may require physical verification as well. Once processed, you’ll receive an account closure confirmation.
Disclaimer – This blog is for informational purposes only. Before conducting any investment, it is advisable to carry out comprehensive research.
People Also Ask About Zero-Balance Savings Accounts in India
Which zero balance account is best in India?
If you are seeking one is the best zero balance accounts in India, you can opt for the SBI Basic Savings Bank Deposit Account (BSBDA) and Kotak 811 Digital Savings Account. They offer ease of access and digital banking features for this genre of accounts as well.
Which bank is best for a zero balance current account in India?
IndusInd Bank Freedom Current Account and ICICI Bank InstaBiz Current Account are great options that you can opt for, catering free transactions, digital banking, and additional business benefits without requiring a minimum balance.
Does HDFC allow 0 balance accounts?
Yes, HDFC Bank provides its customers with Basic Savings Bank Deposit Account (BSBDA) and HDFC Insta Savings Account, which do not require a minimum balance while providing essential banking facilities. This is one of the best banks to open zero balance accounts online.
Which bank is best for a zero-balance salary account?
HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and even SBI offer excellent zero balance salary accounts with several perks like free debit cards, higher transaction limits, and exclusive salary account perks.
For those who wish to avail basic banking facilities without any concern of maintaining a minimum balance zero balance savings account is perfect. With the facilities of SBI BSBDA, HDFC Basic Savings Account, Kotak 811 Digital Savings Account, and ICICI BSBDA, customers can avail easy banking, free digital transactions, as well as seamless ATM withdrawals. Whether you’re an employee on a salary, a freelancer, or an irregular income earner, these accounts give you financial freedom. The right bank is based on your requirements—be it digital ease, higher interest, or other banking benefits. Compare benefits and select the most suitable and the best zero-balance savings account in India for yourself.
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