For those who are unaware, the minimum balance value does not imply that funds must remain dormant in the account for the entire month in order to satisfy the requirement. Instead, the minimum average balance is determined by dividing the average balance in the account at the end of each month by the total number of days.
Customers who want to open a zero-balance savings account can get in touch with any of the banks listed below, which provide the best and most advantageous zero-balance accounts in the nation.
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Top Zero-Balance Savings Account for Indian Citizens:
Bank | Features |
HDFC Zero Balance Account | Free RuPay debit card or international debit card Fund transfers through NEFT and RTGS IVR based phone banking Four free cash withdrawals at other bank ATMs |
SBI Zero Balance Account | Basic KYC documents are required. The account includes a free debit card, four free cash withdrawals from other bank ATMs, and unlimited free cash withdrawals from SBI ATMs. |
Axis Zero Balance Account | Free RuPay debit card with a cash deposit limit of up to Rs. 10,000. Includes four free transactions at other bank ATMs each month. |
Indusind Zero Balance Account | Indian citizens aged 18 and above are eligible for a free debit card, passbook, and cheque book. They also receive 5 free transactions each month and free fund transfers via NEFT and RTGS. |
IDFC Zero Balance Account | Internet and mobile banking, along with a free cheque book, passbook, and debit card. |
RBL Zero Balance Account | Customers can invest in fixed deposits with a maximum deposit limit of Rs. 1 lakh per account. To continue using the account after one year, customers must submit their signatures. |
Standard Chartered Zero Balance Account | Free International debit card, Discounts on locker facility, Doorstep facilities |
Kotak Mahindra Zero Balance Account(Kotak 811) | Customers can use mStore to shop online Fund transfers through NEFT and RTGS Free virtual debit cards Scan and pay option |
ICICI Bank Zero Balance Savings Account | Free RuPay debit cardFree passbook and cash depositsSingle and joint accounts are availableCustomers can access 15,000+ ATMs all over India |
YES Bank Zero Balance Account | Avail attractive interest ratesFree RTGS and NEFT payment facilitiesInternational Platinum Chip Cards can be availedFree demand drafts |
DBS Zero Balance Account | Unlimited withdrawals can be made in a monthFree cheque booksUnlimited deposits can be made in a monthFree debit card |
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Documents Required to Open a Zero Balance Savings Account:
The documents required to open azero-balancesavings account are as follows:
- PAN card
- Passport
- Driving licence
- NREGA card
- Voter ID
- Aadhaar card
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Latest Interest Rate for Zero Balance Savings Account:
Bank | Name of zero-balance savings account | Interest rate |
IndusInd Bank | Indus Small Savings Account | 4% |
IDFC Bank | Pratham–savings account (BSBDA) | Up to 6.75% |
RBL Bank | Digital Savings Account | 7.00% |
Kotak Mahindra Bank | 811 | 3.50% |
Standard Chartered Bank | Basic Banking Account | 2.75% |
HDFC Bank | Basic Savings Bank Deposit Account | 3.00% |
Axis Bank | Basic Savings Account | 4% |
State Bank of India | Basic Savings Bank Deposit Account | 2.70% |
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Pradhan Mantri Jan Dhan Yojana (PMJDY) Zero-Balance Savings Account:
Customers may open a zero-balance savings account through the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y.) scheme in addition to the basic savings account or zero-balance savings account offered by banks across the nation.
The Modi-led Government launched the program in 2014 to provide financial access to everyone in the nation, even those without any, particularly in rural areas. Customers can open an account under this system without any KYC documentation; their signature and fingerprint would be sufficient as proof of eligibility.
Features & Benefits of Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y):
Some of the features and benefits of the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y) are listed below:
- No minimum required balance.
- Customers are eligible for accident insurance cover of Rs.1 lakh.
- If customers have subscribed to Government schemes or subsidies, they can avail for the direct benefit transfer through this account.
- After completion of 6 months of holding the account, customers can avail the overdraft facility.
- Free RuPay debit card when opening the account.
- No charges for a using an ATMdebit card.
- Free passbook and cheque book when opening the account.
- Freenet bankingfacilities.
- Can be used as a salary account as well.
- No cash deposit transaction fees.
- Free NEFT and RTGS facilities.
- Locker facilities available.
Conclusion:
Zero balance savings accounts are a practical option for managing finances without worrying about maintaining a minimum balance. With various banks offering attractive features and interest rates, it's easy to find one that fits your needs. Compare options to choose the best account for your financial goals.
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FAQs on Best Zero Balance Savings Account for Indian Citizens
- Is it possible to open a joint basic savings account?
Yes, it is possible to open a joint basic savings account. For this, the second-party has to be related to the primary account holder and both have to be present when opening the account.
- What is the initial deposit that I have to make to the bank when opening a zero-balance savings account?
Since the zero-balance savings account is a basic savings account, it has no monthly average balance requirement. An initial deposit in a savings account has to be made only if there is a minimum balance requirement, and as this has no minimum average balance requirement no initial deposit has to be made. In short, a zero-balance savings account can be opened for free.
- How can I access by zero-balance savings account to either check my balance, make a withdrawal and so on? Can I do this only at a bank?
No, you can access your zero-balance savings account via the internet and phone banking facilities, at an ATM and at the bank if required.
- Is there a difference between the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y) zero-balance savings account and the one offered by the bank?
While the nature of the zero-balance savings account is the same, customers to the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y) are eligible to opt for Government subsidies and other such benefits offered by the Government of India.
- Can NRIs (Indian passport holders) open zero-balance digital savings accounts?
Yes, NRIs (Indian passport holders) can open zero-balance digital savings accounts after completing the standard process and KYC online.
- Can I have multiple Basic Savings Bank Deposit Accounts in the same bank?
No, you are allowed to hold only one 'Basic Savings Bank Deposit Account' in a bank.
- Do banks impose any age or income criteria to open a zero-balance savings account?
No, banks are advised not to apply limits such as age and income criteria to open a zero-balance savings account.
- Can I open other deposit accounts in addition to the Basic Savings Bank Deposit Account in the same bank?
Yes, you are allowed to hold other deposit accounts in the bank where you hold a Basic Savings Bank Deposit Account.
- Which banks provide a zero-balance savings account?
All banks must provide basic savings accounts to customers, according to the RBI and government regulations.
- Is it possible to change my regular savings account to a zero-balance savings account?
You might not be able to convert your savings account to a zero balance savings account because zero-balance accounts are designed for new bank customers.
