Saving money is a crucial step towards achieving financial security. But maintaining a minimum balance in a savings account can sometimes be challenging. That’s where zero balance saving bank accounts come in! These accounts, offered by many banks in India, allow you to open and operate your account without worrying about minimum balance requirements. This makes them a great option for anyone, especially those new to banking or individuals who prioritise spending flexibility.
Choosing the best zero balance bank accounts in India can be puzzling with numerous options available. Don’t worry, we’re here to enable you to settle on the best choice. In this article, we’ll explore the 5 best zero balance bank accounts, look at their particular highlights and help you pick the one that fits your necessities best.
List of 5 best zero balance bank accounts:
Here are the list of banks with zero balance account in india and their features and offerings that you can currently benefit from:
1. SBI Basic Savings Bank Deposit Account:
The SBI Basic Savings Bank Deposit Account (BSBDA) provides a suitable choice for individuals seeking a straightforward zero balance bank account in India without any minimum balance needs. Let us examine some of its important features:
- You can open an SBI BSBDA with valid KYC documents at all SBI branches across India.
- You’ll get a bank card for buying things and taking out money from ATM machines.
- It gives interest on the amount of money in your account, currently as high as 2.70% per year.
- There are no costs involved for keeping a zero balance in your account, making NEFT/RTGS payments, or closing your account.
2. Kotak 811 Digital Bank Account:
The Kotak 811 Digital Bank Account is the best zero balance bank account for individuals who like a completely online banking experience. Here are some features:
- You can open your account entirely online through the 811 app or website using our video verification process.
- This account offers you a secure virtual debit card that helps you to shop online, pay bills, and recharge your phone.
- Earn returns on the money in your account, currently offering up to 4% yearly on amounts over ₹50 lakh (subject to change).
- You can transfer money conveniently using IMPS, RTGS, and NEFT right from your mobile app.
- Pay conveniently at shops accepting QR codes using your phone’s camera.
3. IDFC FIRST Bank Pratham Savings Account:
In the list of 5 best zero balance bank accounts, The IDFC FIRST Bank Pratham Savings Account is one of the best saving accounts that offers various benefits. Here’s a breakdown of what it provides:
- Visit your nearest IDFC FIRST Bank branch with necessary documents for verification.
- Receive a free RuPay Classic debit card, chequebook, and passbook for managing your finances.
- Enjoy unlimited withdrawals at any micro ATM, expanding your cash access options.
- Manage your spending with daily ATM withdrawal limits of ₹25,000 and POS transaction limits of ₹1,00,000.
- Earn interest on your savings balance, with rates currently going up to 7% p.a. (subject to change).
4. HDFC Basic Savings Bank Deposit Account:
The HDFC Basic Savings Bank Deposit Account (BSBDA) aims to help people handle their money without stressing over minimum balance needs. Let’s explore some of its benefits:
- Visit the nearest HDFC branch location with necessary Know Your Customer (KYC) documents to open this account.
- It offers a debit card that you can use to buy things and take money out from ATM machines.
- You are allowed four free transactions each month that include withdrawing cash from bank branches or ATMs,
- It offers free money transfers through NEFT/RTGS, and IMPS payments.
- Earn returns on the money in your account, currently up to 3.50% annually (though this could change).
5. RBL Digital Savings Account:
The RBL Digital Savings Account caters to the individuals who are seeking a feature-rich, zero-balance account experience. Here’s what it offers:
- You can now open an account entirely online using your Aadhaar card and PAN details.
- It offers a safe way to conduct transactions, shop online, and recharge accounts securely using your virtual card.
- You can handle your money matters without incurring the yearly charges connected with the debit card.
- It offers a complete free ATM transactions at any RBL Bank ATM or other bank ATMs.
- Receive e-statements, pay bills online, and access other convenient services.
- Gain interest on your savings balance, with rates presently arriving at up to 5.50% annually on balances surpassing ₹1 Lakh and up to ₹10 Lakh.
Final Words:
Zero balance bank accounts can make handling money easier, especially for folks with little cash flow or new to the banking scene. Still, it’s key to note these 5 best zero balance bank accounts, usually come with limits on what they can do.
When choosing the best Bank Accounts For Zero Balance In 2024, it’s important to research the benefits like fees, interest rates and requirements from different banks. Thoroughly read the terms and conditions to avoid any surprises, and remember that some accounts may have promotional periods or convert to regular savings accounts after a certain time.
