Zero Balance Account
Zero Balance Savings Account
| Zero Balance Savings Account | Interest Rate |
|---|---|
| Yes First – Yes Bank | 5.25% |
| 811 Digital Bank Account – Kotak Bank | 3.50% |
| ASAP Instant Savings Account – Axis Bank | 7.10% |
| Smart Salary Advantage – Yes Bank | 5.25% |
| Basic Savings Bank Deposit - SBI | 2.70% |
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Zero Balance Savings Accounts
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. Online 0 balance savings account allows a limited number of transactions per month around five . If the limit exceeds, then the bank will convert the zero-balance account into a regular savings account.
Best Bank For Zero Balance Account Opening Online
| Bank Name | Interest Rate |
|---|---|
| SBI | 2.70% - 2.70% |
| Axis Bank | 3.50% - 4.00% |
| Standard Chartered Bank | 0.50% - 3.25% |
How to Open Zero Balance Account 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 online bank account opening with zero balance:
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 rate of interest on this account are:
The key difference between 811 Lite savings account and 811 OTP savings account are:
BSBDA – SBI
The full form of BSBDA is Basic Savings Bank Deposit Account.
The features of SBI BSBD Savings Account are:
The rate of interest for BSBD Savings Account from SBI are:
In the latest announcement by SBI, it has removed the minimum balance requirement from all its savings accounts. 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:
The rate of interest for Axis Bank ASAP Savings Account are:
*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 rate of interest for Smart Salary Advantage Yes Bank are:
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.
FAQs
✅In which bank can we open a zero balance account?
As the name suggests, a Zero balance account is the savings account in which a balance of zero is maintained. These accounts handle items such as payroll, petty cash and other similar needs. It is offered by many banks, you can open a zero balance account in, Kotak Bank, Yes Bank, SBI, Axis Bank, etc.
✅Which bank open zero balance account online?
Banks also provide the facility of online bank account opening with zero balance. A couple of prominent banks that provide the facility of opening zero balance accounts 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 a Basic Savings Bank Deposit (BSBD) account.
Features of BSBD are mentioned below:
✅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 0 balance savings account in any of the banks that provide such a service. A zero balance account is a savings account where individuals are not required to maintain the minimum balance in their accounts. The limit in zero balance savings accounts varies from bank to bank. Generally, it is ₹ 10,000 for most banks.
✅Is it possible to make a nomination for this zero-balance savings account?
Yes, a nomination facility is available for a zero-balance savings account. It enables an account holder to appoint an individual, who can claim the amount of the deposit account after the death of the depositor.
✅Is there a difference between zero balance savings accounts & Saving Accounts?
Yes, there are a few major differences between the two. Zero saving account does not require the deposit holder to maintain a minimum balance requirement whereas customers are required to maintain a minimum balance under a savings account. Further, there are limits on the number of deposits made, number of cheque leaf issued in case of zero savings account.
✅What are the disadvantages of zero balance accounts?
The disadvantage of the zero balance accounts are:
✅What is the benefit of a zero balance account?
The benefits of a zero balance account are as follow:
✅What is a zero balance savings account?
Mentioned below are the features of a zero balance savings account:
✅How can I convert my account to zero balance?
It sometimes becomes very difficult for a common man to maintain the minimum balance account, in all those cases individuals can convert their account to a zero balance account. Below mentioned are the steps to convert the account to a zero balance account:
✅Which bank is best for a Zero Balance Account?
Zero Balance accounts are those accounts where there is no mandatory requirement for lowest minimum balance to be maintained in the account. On the basis of the services provided SBI BSBDA, PNB’s Zero Balance account, Bank of Baroda insta saving account and zero balance account in HDFC are the best. To know which bank is best for zero balance account, you can visit online marketplace like MyLoanCare and can compare all options to know all details about zero balance savings account online.
✅Who is eligible for Jan Dhan account?
Eligibility of Jan Dhan Account in mentioned below:
