- MyLoanCare
- Savings Account
- Zero Balance Account
Zero Balance Account
Zero Balance Account Banks
Zero Balance Savings Account are savings account in which you are not required to maintain any minimum balance. Some of the most popular zero balance savings accounts are Kotak 811, Yes First, BSBDA SBI and ASAP by Axis Bank.
Zero Balance Savings Account | Interest Rate |
---|---|
Yes First – Yes Bank | 5.50% |
811 Digital Bank Account – Kotak Bank | 4.00% |
ASAP Instant Savings Account – Axis Bank | 7.10% |
Smart Salary Advantage – Yes Bank | 5.50% |
Basic Savings Bank Deposit - SBI | 2.70% |
- MyLoanCare does not charge any fees for processing your application. Never pay any cash to anyone for your application.
- Never share your OTP with anyone.
Please Re-confirm Your Number
Please Re-confirm Your
0 Balance Account
Zero Balance Savings Account is best suited for depositors who are not comfortable in keeping a balance in the savings account. In terms of facilities and services, these accounts offer all basic features as offered by a regular savings account, though it may not have some of the personalized services offered with a regular savings account.
Process for Zero Balance Account Opening Online
All leading banks of India provide an easy process of opening a zero balance account online through mobile apps or through their mobile sites.
Here is a step by step process of opening a zero balance account:
- Visit the play store or app store on your smartphone.
- Download the mobile app of the bank in which you want to open the basic savings bank deposit account with zero balance.
- Create your account by following the instructions as they may appear in that particular app.
- Update your documents like Identity proof and address proof and fill the form to open your zero balance account online.
A few steps may vary with respect to each mobile app. However, the basic process would be the same as discussed above.
Banks Offering NetBanking Services
Popular Zero Balance Account Opening Banks
As per the current market trends, some of the leading banks that offer zero balance accounts are Kotak 811 by Kotak Bank, Smart Salary by Yes Bank, and ASAP instant savings account by Axis Bank.
811 Digital Bank Account – Kotak Mahindra Bank
The 811 account from Kotak Bank offers zero balance savings account under two heads; 811 Lite Savings Account and 811 OTP Savings Account.
Features of 811 Savings Accounts are:
- The maximum interest rate of upto 6%.
- An 811 virtual debit card available in the Kotak 811 mobile app.
- Free online money transfer
- In the 811 Kotak mobile app, you can use the mStore for online shopping, book movies, flight tickets without downloading other apps.
The rate of interest on this account are:
- 4.00% for account balance Upto ₹ 1,00,000.
- 4.75% for account balance between ₹ 1,00,001 to ₹ 10,00,000.
- 5.50% for account balance Above ₹ 10,00,000.
The key difference between 811 Lite savings account and 811 OTP savings account are:
- KYC is mandatory for the 811 OTP account, whereas for the 811 Lite account, KYC needs to be submitted within 36 months of account activation.
- In the 811 Lite account, you can transact up to ₹ 20,000 per month.
BSBDA – SBI
The full form of BSBDA is Basic Savings Bank Deposit Account.
The features of SBI BSBD Savings Account are:
- 4 Free Cash withdrawals from ATM
- Basic RuPay debit card is issued free of cost
- No charge on opening or closing the account
The rate of interest for BSBD Savings Account from SBI are:
- 4.00% for account balance Upto ₹ 1,00,000.
- 4.75% for account balance between ₹ 1,00,001 to ₹ 1,00,00,000.
- 5.50% for account balance Above ₹ 1,00,00,000.
In the latest announcement by SBI, it has removed the minimum balance requirement from all its savings account. Among all its savings account products, BSBD Account is most popular.
ASAP Instant Savings Account – Axis Bank
If you are looking to get your zero balance account opened in no time, then ASAP Instant Savings Account, from Axis Bank, is a perfect choice.
Features of ASAP Instant Savings Account by Axis Bank are:
- Unlimited number of NEFT/RTGS from the mobile app.
- Get 10% cashback each month on BookMyShow.
- You can get 3X eDGE reward points by using the physical online rewards debit card.
The rate of interest for Axis Bank ASAP Savings Account are:
- 3.50% for account balance Upto ₹ 1,00,000.
- 4.00% for account balance between ₹ 1,00,001 to ₹ 5,00,00,000.
- 3.50% for account balance Above ₹ 5,00,00,000.
- For balance above ₹ 20,000, prevailing 1 year rate of interest for Flexi Fixed Deposit.
*The base limit for the repo rate is fixed at 4%. The interest rate is calculated based upon incremental balance slabs.
Smart Salary Advantage - Yes Bank
Get a zero balance savings account and salary account in one with Yes Bank Smart Salary Advantage.
The features of Yes Bank Smart Salary Advantage Savings Account are:
- The account provides personal accident insurance cover upto ₹ 2 Lakh .
- Unlimited free cash withdrawal form Yes bank ATM
- Monthly 5 free ATM transactions for other bank’s ATM.
The rate of interest for Smart Salary Advantage Yes Bank are:
- 7.10% for account balance Upto ₹ 99,99,99,999.
A zero balance savings account is the new trend in the banking facility. It provides access to banking facilities on mobile. Further, students and individuals who want the freedom from maintaining a minimum balance in their savings account can choose any of the above mentioned zero balance savings accounts.
Open saving account with different Banks online
- Axis Bank Savings Account Opening Online
- ICICI Bank Savings Account Opening Online
- Kotak Bank Savings Account Opening Online
- Yes Bank Savings Account Opening Online
- Citibank Savings Account Opening Online
- Standard Chartered Bank Savings Account Opening Online
- Bank of Baroda Savings Account Opening Online
- IDBI Bank Savings Account Opening Online
- Indian Bank Savings Account Opening Online
- PNB Savings Account Opening Online
- SBI Savings Account Opening Online
- HDFC Bank Savings Account Opening Online
- South Indian Bank Savings Account Opening Online
- Andhra Bank Savings Account Opening Online
- Canara Bank Savings Account Opening Online
- DBS Bank Savings Account Opening Online
- India Post Office Savings Account Opening Online
FAQs
✅In which bank can we open a zero balance account?
Zero balance account is provided by many banks, some of them are, Kotak Bank, Yes Bank, SBI, Axis Bank, etc.
✅Which bank open zero balance account online?
A couple of prominent banks that provide the facility of opening zero balance account online are Yes Bank, Kotak Bank and Axis Bank.
✅Can I open a bank account with zero balance?
Yes, you can open a savings account with zero balance in those banks that provide such a facility. Some of the prime examples are; Axis Bank, Yes Bank, Kotak Mahindra Bank, SBI, etc.
✅Can I open the SBI account with zero balance?
Yes, you can open a savings account in SBI with zero balance. Its called Basic Savings Bank Deposit (BSBD) account.
✅How much money is required to open a savings bank account?
Each bank has a different policy on the minimum balance required to open a savings account. Whereas, you can also choose to open a zero balance savings account in any of the banks that provide such a service.
