List Of Top 10+ Banks That Open Zero-Balance Savings Accounts For Indian Citizens, Their Benefits And Their Latest Interest Rates

Top 10 Banks That Open Zero-Balance Savings Account: As the name suggests, the Zero-balance savings account is a bank account where no amount of money is needed to open it. These zero-balance accounts have become widely popular in India due to their flexibility and affordability. These account holders have the privilege of not maintaining a minimum balance in their accounts, which makes such accounts the perfect option for people with fluctuating incomes or limited financial resources. Let’s take a look at the top banks that offer zero-balance savings accounts in India, along with their benefits and latest interest rates.

Top 5 Benefits of Zero-Balance Savings Accounts:

Zero Balance Accounts ensure banking accessibility to people from all walks of life, like students, senior citizens, and lower-income groups, especially in semi-urban, rural areas.

Zero balance accounts are cost-effective as no monthly average bank balance is required to maintain these accounts.

The Zero-Balance account is convenient to use with basic account handling and easy online banking facilities.

Zero Balance accounts are like any other account and offer benefits like free cashbook, cheque deposit at any branch and debit or ATM card facility.

List Of Top Banks That Offer Zero-Balance Savings Accounts:

HDFC Bank

HDFC provides a Zero-Balance Basic Savings Bank Deposit Account (BSBDA). The key features of this account include a free RuPay debit card or international debit card, Fund transfers through NEFT and RTGS, and IVR-based phone banking.

State Bank of India

SBI provides Zero-Balance Basic Banking Savings Accounts with key features of basic banking services with no penalties for low balance.

Axis Bank

Axis Bank offers Zero-Balance Basic Savings Accounts along with key features like a free cash deposit limit of up to Rs. 10,000 and mobile banking services.

IndusInd Bank

IndusInd Bank has a Zero-Balance Indus Delite Savings Account with numerous cashback offers, exclusive deals and complimentary insurance. Account holders also get 5 free transactions every month and free fund transfers via NEFT and RTGS.

IDFC First Bank

IDFC First Bank provides a Zero-Balance Pratham Savings Account (BSBDA) with High interest rates and digital banking services.

RBL Bank

RBL Bank offers a Zero-Balance Basic Savings Account with high interest rates and convenient banking services. Account holders may also invest in fixed deposits with a maximum deposit limit of Rs. 1 lakh per account.

Standard Chartered Bank

Standard Chartered Bank allows a Zero Balance Basic Banking Savings Account, with a free International debit card, numerous discounts on locker facility and the bank also provides doorstep facilities.

Kotak Mahindra Bank

Kotak Mahindra Bank offers a Zero-Balance 811 Digital Savings Account with key features like a virtual debit card and many online shopping benefits.

ICICI Bank

ICICI Bank provides a Zero-Balance BSBDA with basic banking services and no minimum balance requirement.

YES Bank

YES Bank’s Zero Balance Account are known for its attractive interest rates, free RTGS and NEFT payment facilities and International Platinum Chip Cards.

DBS Bank

DBS’s Zero Balance Account has unlimited withdrawals in a month with free chequebooks and a debit card.

List of Latest Interest Rates For Zero-Balance Savings Accounts:

Name of the Bank	Name of the Zero-Balance Savings Account	Interest Rate (p.a.)
IndusInd Bank	Indus Small Savings Account	3.00% - 7.00%
IDFC Bank	Pratham Savings Account (BSBDA)	3.00% - 7.25%
RBL Bank	Digital Savings Account	3.50% - 7.50%
Kotak Mahindra Bank	811	3.00% - 4.00%
Standard Chartered Bank	Basic Banking Account	2.75% - 5.50%
HDFC Bank	Basic Savings Bank Deposit Account	3.00% - 3.50%
Axis Bank	Basic Savings Account	3.00% - 3.50%
State Bank of India	Basic Savings Bank Deposit Account	2.70% - 3.00%
Utkarsh Bank	Utkarsh Basic Savings Bank Deposit Account (BSBDA)	4.00% - 7.75%
AU Small Finance Bank	AU Digital Savings Account	3.00% - 7.25%

What List Of Documents Are Required To Open A Zero-Balance Savings Account?

To open a zero-balance savings account, you need:

PAN card

Passport

Driving licence

NREGA card

Voter ID

Aadhaar card

Read Also: List of 50+ Indian Banks and Their Headquarters: SBI, HDFC, ICICI, Axis Bank And More

Read Also:  UIDAI Aadhaar Card Update: How to Change Name, Address and DOB on Aadhar Online