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Holding a savings account is one of the most essential requirements for every individual to manage their finances. Earlier, customers had to maintain a minimum balance in their savings accounts ranging from INR 5000 to 10,000 in almost all banks. However, in today’s time, many banks have started offering the facility of opening up a zero-balance savings account.
A zero balance savings account is a type of account where you are not mandated to keep a fixed minimum balance, thus ensuring that you never have to pay a charge in case your account balance goes low.So, you can withdraw as much amount as you like without worrying about paying any penalties, and even go to 0 balance in times of need.
Let’s have a look at the top 10 zero balance savings account options in India that you can choose from.
List of the Top 10 Zero Balance Savings Account Options in India
Bank | Interest Rate |
|---|---|
Kotak 811 Full KYC Savings Account | Starts from 3.5% |
| RBL Basic Savings Account | Starts from 3.75% |
| Axis Bank Basic Savings Account | Starts from 3% |
| IndusInd Bank Savings Account | Starts from 3.5% |
| IDFC First Bank Pratham Savings Account | Starts from 3% |
AU Digital Savings Account | Starts from 3.5% |
| YES Bank Savings Account | Starts from 3% |
Utkarsh Basic Savings Bank Deposit Account | Starts from 4% |
Standard Chartered Bank Savings Account | Starts from 2.75% |
| HDFC Bank Savings Account | Starts from 3% |
1. Kotak 811 Full KYC Savings Account
Account Balance | Rate of Interest (% p.a.) |
|---|---|
Up to INR 1 lakh | 3.50% |
Above INR 1 lakh up to Rs 1 crore | 3.50% |
Major Features:
- Virtual Debit Card: You get a virtual debit card for online shopping, bill payments, and recharges.
- Higher transaction limits: Compared to a Limited KYC account, a full KYC account allows for higher transaction limits.
- Full-fledged savings account: Unlike the Lite account, a full KYC account offers all the features of a regular savings account.
- Extended validity: Unlike a Limited KYC account which expires after 12 months, a full KYC account has no expiry.
- No limits on deposits: A full KYC account has no upper limit on the amounts that can be credited to the account.
2. RBL Basic Savings Account
Account Balance | Rate of Interest (p.a.) |
|---|---|
Upto INR 1 lakh | 4.25% |
INR 1 lakh to INR 10 lakh* | 5.50% |
INR 10 lakh to INR 25 lakh* | 6.00% |
INR 25 lakh to INR 2 crore* | 7.50% |
INR 2 crore to INR 3 crore* | 7.00% |
INR 3 crore to INR 7.5 crore* | 6.50% |
INR 7.5 crore to INR 25 crore* | 6.25% |
INR 25 crore to INR 50 crore* | 6.25% |
INR 50 crore to INR 100 crore* | 5.25% |
INR 100 crore to INR 200 crore* | 6.00% |
INR 200 crore to INR 400 crore* | 4.00% |
Above INR 400 crore* | 6.75% |
*On daily balances of more than INR 1 Lakh
Major Features:
- Free Rupay debit card: Get a basic Rupay debit card for ATM withdrawals and POS transactions.
- Free cash withdrawals: Enjoy unlimited free ATM withdrawals at RBL Bank ATMs and 5 free withdrawals per month at other ATMs.
- Daily transaction limits: Withdraw up to 50,000 daily at ATMs and spend up to 30,000 daily using your debit card at POS terminals.
- Digital banking services: Access online bill payments, phone banking, mobile banking, SMS banking, and internet banking for managing your account.
- Free chequebook issuance: Get 2 free chequebooks with 40 leaves per year.
3. Axis Bank Basic Savings Account
Account Balance | Rate of Interest |
|---|---|
Less than INR 50 lakh | 3.00% p.a. |
INR 50 lakh to INR 2,000 crore | 3.50% p.a. |
INR 2,000 crore and above | Overnight MIBOR + 0.70% p.a. |
* MIBOR stands for Mumbai Interbank Offered Rate. It's the interest rate at which banks in Mumbai lend short-term, unsecured funds to each other. In simpler terms, it's the rate banks charge one another for borrowing money overnight in the Indian rupee wholesale money market.
Major Features:
- Free RuPay debit card: Comes with the account for ATM withdrawals and purchases.
- Free cash deposits: Enjoy unlimited free cash deposits at Axis Bank branches.
- Free withdrawals: Get 4 free ATM withdrawals per month from Axis Bank ATMs.
- Higher withdrawal limit: Withdraw up to 40,000 daily from ATMs.
- Digital banking services: Access online banking, mobile banking, and phone banking to manage your account.
- Interest on savings: Earn interest on your daily account balance, credited quarterly at a rate of 3.0% - 4.0% (subject to change).
- SMS alerts: Receive SMS alerts for transactions on your account for better security.
Note: Maximum credit limit: Aggregate of all credits in a financial year - maximum Rs. 1 Lakh. Account Balance at any point - maximum Rs. 50,000.
4. IndusInd Bank Savings Account
Account Balance | Rate of Interest (% p.a.) |
|---|---|
Daily balance up to INR 1 Lakh | 3.50% |
Daily balance INR 1 lakh to INR 10 lakh | 5.00% |
Daily balance INR 10 lakh to INR 25 lakh | 6.75% |
Daily balance INR 25 lakh to INR 5 crore | 6.75% |
Daily balance INR 5 crore to INR 50 crore | 6.75% |
Daily balance INR 50 crore to INR 100 crore | 6.75% |
Major Features:
- Debit Card: All accounts come with a debit card for ATM withdrawals, online shopping, and bill payments.
- Digital Banking: Manage your account conveniently through the IndusMobile app and IndusNet online banking platform. This allows for features like fund transfers, bill payments, and account statements.
- Interest on Savings: Earn interest on your account balance. The interest rate can vary depending on the specific account type and your average monthly balance as stated in the above table.
Note: The annual maximum cash depositing limit in the savings account is Rs. 10 lakhs.
5. IDFC First Bank Pratham Savings Account
Account Balance | Rate of Interest (p.a.) |
|---|---|
Less than INR 1 Lakh | 3.00% |
INR 1 Lakh to INR 5 Lakh | 4.00% |
INR 5 lakh to INR 50 Crore | 7.00% |
INR 50 Crore to INR 100 Crore | 5.00% |
INR 100 Crore to INR 200 Crore | 4.50% |
INR 200 Crore or above | 3.50% |
Major Features:
- Free RuPay Classic debit card: Get a debit card for ATM withdrawals, online transactions, and POS purchases.
- Zero charges on transactions: Enjoy free IMPS, NEFT, RTGS bank transfers, SMS alerts, ATM transactions (within India), chequebook issuance, cash deposits, and more. This translates to zero fees for many everyday banking activities.
- Higher withdrawal limits: Compared to some basic savings accounts, you may benefit from increased ATM withdrawal limits.
6. AU Digital Savings Account
Account Balance | Rate of Interest (p.a.) |
|---|---|
Less than INR 1 lakh | 3.50% |
INR 1 lakh to INR 10 lakh | 5.00% |
INR 10 lakh to INR 25 lakh | 7.00% |
INR 25 lakh to INR 1 crore | 7.00% |
INR 1 crore to INR 5 crore | 7.25% |
INR 5 crore to INR 10 crore | 7.00% |
Major Features:
- Free RuPay Platinum debit card: This debit card allows for ATM withdrawals, online shopping, and bill payments.
- Free transactions: Enjoy free NEFT/RTGS fund transfers and IMPS money transfers if done through net banking or video KYC.
- Limited free ATM withdrawals: You can withdraw money without any limits from AU bank ATMs. You get a certain number of free withdrawals per month at other bank ATMs (usually around 5). There may be charges for exceeding this limit.
- Mobile banking: Manage your account using the AU Bank mobile banking app.
Note: You can deposit up to Rs. 1 lakh per month for free at any branch. Deposits exceeding Rs. 1 lakh incur a charge of Rs. 4 per thousand.
7. YES Bank Savings Account
Account Balance | Rate of Interest (% p.a.) |
|---|---|
Upto INR 1 lakh | 3.00% |
INR 1 lakh to 5 lakhs | 4.00% |
INR 5 lakh to 10 lakhs | 5.00% |
INR 10 lakh to 100 crores | 7.00% |
Major Features:
- Debit card: All accounts come with a debit card for ATM withdrawals, online shopping, and bill payments. You may have a choice of regular or international debit cards depending on the account type.
- Digital Banking: Manage your account conveniently through YES Bank's mobile app and internet banking platform. This allows for features like fund transfers, bill payments, and account statements.
- Rewards program: Get reward points or cashback on debit card spends.
- Free transactions: Get free or discounted NEFT, RTGS, and IMPS transfers.
Note: Maximum total cash deposit allowed in a YES Bank Savings Account annually is Rs. 10 lakhs.
8. Utkarsh Basic Savings Bank Deposit Account
Account Balance | Rate of Interest (p.a.) |
|---|---|
Balance up to INR 1 Lakh | 4.00% |
INR 1 Lakh to 5 Lakh | 6.25% |
INR 5 Lakh to 50 Lakh | 7.50% |
INR 50 lakh to 10 crore | 7.25% |
INR 10 Crore to 50 crores | 7.50% |
Above INR 50 crore | 7.75% |
Major Features:
- Free debit card: Get a free RuPay debit card for ATM withdrawals, online transactions, and purchases at Point-of-Sale (POS) terminals.
- Free and unlimited ATM access: Enjoy unlimited free cash withdrawals at both Utkarsh Bank ATMs and other bank ATMs within India.
- Interest on savings: Get an interest of up to 5% on your savings balance.
- Internet banking access: Manage your account online for added convenience.
- Complementary personal accident insurance cover: Receive accidental death insurance coverage for a certain amount (details available on the bank's website or upon inquiry).
- Rewards program: Earn reward points on debit card spending.
Note: There's a limit on the maximum balance you can hold in this account at any given time. It's capped at Rs. 50,000. The total amount credited to your account in a financial year shouldn't exceed Rs. 1 lakh.
9. Standard Chartered Bank Savings Account
Account Balance | Rate of Interest (% p.a.) |
|---|---|
Up to INR 50 lakh | 2.75% |
INR 50 lakh to INR 40 crore | 3.25% |
Above INR 40 crore | 4.00% |
Major Features:
- Debit card: Get the convenience of ATM withdrawals, online shopping, and in-store purchases with a Visa or RuPay debit card. The specific card type (regular, platinum, etc.) may vary.
- Digital Banking: Manage your account conveniently through Standard Chartered's mobile app and online banking platform. This allows for features like fund transfers, bill payments, and account statements.
- Interest on Savings: The interest rate can vary depending on your average monthly balance, and any promotional offers.
10. HDFC Bank Savings Account
Account Balance | Rate of Interest (% p.a.) |
|---|---|
Below INR 50 lakh | 3.00% |
INR 50 lakh and above | 3.50% |
Major Features:
- Debit card: All HDFC Bank Savings Accounts come with a debit card for ATM withdrawals, online shopping, and bill payments. The card type (regular, platinum, etc.) may vary depending on the account.
- Digital Banking: Manage your account using HDFC Bank's mobile app and NetBanking platform. This allows for features like fund transfers, bill payments, and account statements.
- Free account opening and maintenance: Get a waiver of annual fees or charges associated with account opening.
Why Open a Zero Balance Savings Account?
No Minimum Balance Requirement: This is the key feature. Enjoy the freedom of managing your money without minimum balance requirements. This is especially beneficial for people who may not have a consistent income or who are just starting to build their savings.
Easy Access to Banking Services: Even with a zero balance, these accounts often come with a debit card and online banking access. This allows you to make purchases, transfer funds, and manage your account easily without having to visit a physical branch every time.
Good Starting Point: Zero balance accounts can be a great way to begin your banking journey, especially if you're unfamiliar with the banking system or are a student. They allow you to get comfortable with using a debit card, online banking, and other features without any financial risk.
Suitable for Parking Small Amounts: If you receive small amounts of money regularly, a zero-balance account can be a good place to store it and earn a little bit of interest.
Managing Multiple Accounts: Some people like to keep their savings separate from their everyday spending money. A zero-balance account can be a good option for this purpose, as you can transfer funds between accounts as needed.
FAQs on Bank of India ATM PIN Generation
1. Which 0 balance account is best?
The best zero-balance savings accounts in India are the Kotak 811 Full KYC Savings Account, IDFC First Bank Pratham Savings Account, and Axis Bank Basic Savings Account. These accounts offer no minimum balance requirements and come with various digital banking features. They provide a convenient and cost-effective way to manage your finances without the need for maintaining a minimum balance.
2. What is a zero-balance savings account?
A zero-balance savings account allows you to keep an account open without maintaining a minimum balance.
3. How to open a zero-balance savings account?
You can usually open a zero-balance savings account online by visiting the bank's website.
4. What is the major advantage of opening a zero-balance account?
Zero balance accounts are good for managing small amounts of money and easy access to banking features, but may have lower interest rates.
5. Is it possible to open a zero-balance savings account online?
Yes, in many cases you can open a zero-balance savings account online.
6. How much is the maximum amount that I can deposit in a zero-balance savings account?
While there may be restrictions on deposits of up to 1 lakh and a maximum balance for zero-balance accounts, converting it to a regular savings account allows you to deposit higher amounts and removes balance limitations.
7. Can NRIs who are Indian passport holders open zero-balance digital savings accounts?
NRIs with Indian passports may be able to open zero-balance digital savings accounts, depending on the bank's policy.
8. Is it possible to change my regular savings account to a zero-balance savings account?
Zero-balance accounts are offered to new customers, so you cannot covert a normal savings account into a zero-balance account.
Disclaimer:This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
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