A savings account is one of the most popular banking products among customers. A large number of people in our country have a savings account to keep their money safe as compared to keeping their homes or carrying it everywhere with them. The lender also provides you interest on the money you keep in your savings account with the facility to withdraw a portion of it or full amount anytime anywhere you need without paying any charges for it. But there is this thing about which a lot of individuals ask – Is there a minimum balance that they have to keep in their savings account?
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A minimum balance is an amount fixed by the bank that the account holders need to keep in their savings account. But there are a few banks who provide Zero Balance Accounts to the customers. Such lenders do not charge any fees on keeping zero balance in their account. For individuals who are planning to start their financial journey and are looking for banks which can provide Zero Balance Savings A/c , this article could be a good read for them. We will be telling you about top banks providing Zero Balance Savings A/c in India. You will be able to make a better decision after knowing all your options. So, keep reading!
List of Top 10 Best Zero Balance Savings Account
We will be talking about both public and private banks that provide Zero Balance Savings Account and also about the other features that these banks provide to the customers. All of them are mentioned below. Have a look at each one of them!
State Bank of India (SBI) Zero Balance Savings Account
When we talk about the leading banks of India, the name of SBI comes at the top because of its large customer base spanned across all parts of India and the seamless services it provides. Among its various services, the SBI Zero balance savings account is one of the most popular products for the customers. You can operate your savings account without keeping money in your account and you will not need to pay any kind of penalty for this. Apart from all its amazing services and facilities, you will also get interest on the money you put into your account.
Some of the important features related to the SBI Zero Balance Saving Account are shown in the below table. Check them out!
| Features | Details |
|---|---|
| Interest Rates | 2.70% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Bais Rupay Debit Card |
| Cheque Book | First 10 cheque leaves free in a financial year Thereafter, 10-Leaf Cheque Book at INR 40 plus GST 25-Leaf Cheque Book at INR 75 plus GST |
| Account Operation | Single or Jointly |
| Nomination Facility | Available |
| Eligibility | All individuals/Central/State Govt Departments |
| Other Features | Mobile Banking SMS Alerts Internet Banking YONO App facility State App Anywhere SBI Quick Missed Call Facility |
RBL Bank Zero Balance Savings Account
RBL Bank is one of the popular private banks that zero balance saving account to individuals. And when it comes to the maximum balance, there is no limit fixed by the lender. On the money in your account, you will get interest rates ranging from 4.50% - 6.25% per annum that is among the highest interest rates offered on the savings account. Not only this, but you will also be getting a Free Rupay Debit Card that will have a withdrawal limit of INR 50,000 in a day. You can check some other details related to the RBL Zero Balance Savings A/c in the below table.
| Features | Details |
|---|---|
| Interest Rates | 4.50% - 6.25% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Free Rupay Debit Card with a withdrawal limit of INR 50,000 |
| Chequebook Facility | 2 cheque books per annum(40 Leaves) for free |
| Eligibility | Resident Indian |
| Other Features | Free NEFT through Internet Banking Unlimited Free transaction at RBL ATMs Free Replacement of Damaged Card Higher FD rates |
HDFC Bank Zero Balance Savings Account
HDFC Bank is one of the renowned names when it comes to the leading private banks of India. With the help of the HDFC Bank Zero Balance Savings Account, you will not need to maintain Minimum Average amount. Other than this, you also don’t need to deposit any money to open this savings account at HDFC. If you fail to keep any balance in your savings account, you will not need to pay any charges. You will also get a passbook for your account free of cost.
Some of the other important details are shown in the table below. Have a glance!
| Features | Details |
|---|---|
| Interest Rates | 3.00% - 3.50% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Free Rupay Debit Card |
| Chequebook Facility | Free 25 cheque leaves per financial year |
| Eligibility | Resident Individuals Hindu Undivided Families (HUFs) Customer should not have any other existing Basic Savings Bank Deposit A/C with another bank Customer should not have any other HDFC Savings Account |
| Other Features | 4 Free Withdrawals per month at ATMs Free Replacement of Damaged Card Free email statements |
IndusInd Bank Zero Balance Savings Account
With the Indus Online Zero Balance, you can have a Zero Balance Saving Accounts that will suit your saving needs. On opening this account, you will get an amazing Premium Debit Card that can give you benefits on several categories like entertainment, shopping, etc, both online and offline. You will just need your Aadhaar Card and PAN Card and your account will be opened instantly.
The below table has some of the features related to the IndusInd Online Zero Balance that you can look at and decide whether it would be a suitable option for you.
| Features | Details |
|---|---|
| Interest Rates | 4.00% - 6.00% per annum |
| Monthly Average Balance | Nil/INR 1,500/INR 2,500/INR 10,000 (depends on the location) |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | IndusInd Titanium Debit Card with INR 50,000 withdrawal limit Platinum Plus Debit Card @ INR 1000 plus GST charges |
| Eligibility | Valid for 1 year only; after which customer has to do face-to-face KYC |
| Other Features | Cashback on all your spends with your Debit Card Upto 15% off on best restaurants across India Free Movie Tickets worth IRN 3,000 6x Rewards on Shopping as cashback Offers on Travel, Fashion and Shopping IndusMobile Application |
Bank of Baroda Zero Balance Savings Account
After the recent merger of the Dena Bank and Vijaya Bank into the Bank of Baroda (BOB), it has emerged as one of the strongest public sector banks of India. Bank of Baroda Zero Balance Savings Account could be the most suitable choice because of its amazing features. All of those important features are shown in the below table. Please check them to know more about it.
| Features | Details |
|---|---|
| Interest Rates | 2.75% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Basic Rupay Debit Card with a maximum withdrawal limit of INR 50,000 per day |
| Cheque Book | First 50 cheque leaves free in a financial year |
| Account Operation | Single or Jointly |
| Eligibility | Customers should not have any other Savings account in any other bank to open BOB Zero Balance Savings Account |
| Other Features | Mobile Banking SMS Alerts Internet Banking |
Kotak Mahindra Zero Balance Savings Account
Popularly known as the 811 Digital Bank Account, this Zero Balance Saving Accounts by Kotak Mahindra Bank can be opened from anywhere by just a phone call. There are zero charges if you fail to maintain any balance in your SB account. With interest rates fixed at 3.50% - 4.00% per annum on balance above INR 1 lakh, this could be the best choice for you.
Have a glance at some of the important features of Kotak Mahindra Zero Balance Account in the below table.
| Features | Details |
|---|---|
| Interest Rates | 3.50% - 4.00% per annum |
| Monthly Average Balance | Nil/INR 10,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Virtual Debit Card Free Platinum International Chip Debit Card |
| Account Operation | Single or Jointly |
| Nomination Facility | Available |
| Eligibility | Resident Indian Hindu Undivided Families (HUFs) Foreign Nationals living in India |
| Other Features | Free NEFT through Internet Banking Free Cash Withdrawals at Domestic ATMs Scan and Pay to make payments for shopping, groceries, and much more |
DBS Bank Zero Balance Savings Account
DBS Bank is one of the prominent private banks of India that let individuals open the Zero Balance Account with their Aadhaar Card. The best thing about the Digi Savings account is that you don’t need to go anywhere if you want to open this account. You can do this online from anywhere by uploading your KYC documents. Look at the below table to know more about it!
| Savings Account Aspects | Details |
|---|---|
| Interest Rate | 3.25% - 3.75% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit |
| Debit Card | DBS Digibank Debit Card |
| Nomination Facility | Available |
| Features | Branchless, Signatureless, Paperless Tap-to-pay facility Cashback upto 10% on shopping Free 24x7 fund transfers via UPI, NEFT, IMPS, RTGS |
YES BANK Zero Balance Savings Account
YES BANK provides this Smart Salary Advantage Savings A/c with which you can open with Zero Balance. On having this account, you will also get unlimited free NEFT and RTGS transactions via the Internet or Mobile.
Want to know more features of this YES BANK Smart Salary Advantage? The below table has all the important details related to it. Check it!
| Savings Account Aspects | Details |
|---|---|
| Interest Rate | 4.00% - 5.50% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit |
| Debit Card | Free Titanium Debit Card with Daily Cash Withdrawal limit of INR 30,000 |
| Nomination Facility | Available |
| Features | Free and Unlimited Transaction across all YES Bank ATMs Free 24x7 fund transfers via UPI, NEFT, IMPS, RTGS Lost Card Liability Protection upto INR 1 lakh |
Punjab National Bank (PNB) Zero Balance Savings Account
With the PNB Zero Balance Savings Account, you don’t need to worry about keeping some amount in your A/c and also about the charges for not maintaining a minimum monthly average amount. The account can be opened even by minors above 10 years of age. You will get an ATM-cum Debit Card without paying any extra charges. However, you will need to pay the Annual Maintenance for your card.
Some other important details related to the PNB Basic Savings Bank Deposit Account are shown below. Have a look!
| Features | Details |
|---|---|
| Interest Rates | 3.00% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Basic Rupay ATM-cum-Debit Card |
| Cheque Book | First 10 cheque leaves free in a financial year |
| Account Operation | Single or Jointly |
| Nomination Facility | Allowed |
| Eligibility | Any Minor above 10 years of age |
| Other Features | Mobile Banking SMS Alerts Internet Banking |
Standard Chartered Bank Zero Balance Savings Account
With this basic savings account from the Standard Chartered Bank. You can save yourself from the struggle of maintaining a minimum balance every time in your account. This SC Bank Zero Balance Savings Account also provides a free of cost Standard Chartered ATM Debit Card. With this card, you can withdraw cash from any of the ATMs or make payments online and offline. There are several features of this zero balance account that we have mentioned in the table below. Please have a glance at them!
| Features | Details |
|---|---|
| Interest Rates | 0.50% - 3.50% per annum |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Debit Card | Standard Chartered Platinum Debit Card |
| Cheque Book | Free of cost Multi-city cheque book |
| Account Operation | Single or Jointly |
| Other Features | Online Banking Standard Chartered Mobile Digital Payment Solutions via UPI, BharatQR Unlimited Free ATM withdrawals all banks ATMs |
So, these are the top ten banks that provide Zero Balance Savings Account. After knowing so much information about them, you must be in a better position to make a better decision.
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