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Zero Balance Account

Zero Balance Savings Account

Last Updated 27th Oct 2021

  • 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 account opening online is easy and hassle-free.
  • Online bank account opening with zero balance requires you to submit basic KYC documents.
Zero Balance Savings Account Interest Rate
Yes First – Yes Bank 5.25%
811 Digital Bank Account – Kotak Bank 3.50%
Yes Bank
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5.5%* interest p.a + up to 1500** YES Rewardz Points on account opening
Earn up to 50k** YES Rewardz Points in 1st year
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Disclaimer: For balance above INR 10 lcs to INR 1Cr. For YES FIRST customers. Terms and conditions apply. For more details please visit: www.yesrewardz.com
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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 NameInterest 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:

  • Visit the play store or app store on your smartphone.
  • Download the mobile app of the zero balance account opening 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.
  • 4.50% for account balance between ₹ 1,00,001 to ₹ 10,00,000.
  • 5.25% 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.
  • 4.50% for account balance between ₹ 1,00,001 to ₹ 1,00,00,000.
  • 5.25% 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 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:

  • 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.
  • 3.50% 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.

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:

  • No minimum balance requirement.
  • Maximum balance limit on BSBDA is ₹ 50,000
  • The interest rate applicable on BSBD is similar to the rates applicable on SBI Regular Savings Bank accounts.
  • No annual maintenance charges and all transactions and deposits in the account are free of cost.

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:

  • Only residents of India are eligible to open a zero-balance savings account. NRIs are not eligible to open this account.
  • Limit in the total credit in the zero savings account
  • If the individual fails to make transactions for a specific period of time, the customer will not be allowed to carry out any transactions.
  • No foreign remittances are allowed

What is the benefit of a zero balance account?

The benefits of a zero balance account are as follow:

  • No minimum balance maintenance requirement.
  • A complimentary passbook and cheque book are issued at the time of opening the account.
  • Free ATM card is offered
  • 3 to 5 free withdrawals from other bank ATMs.
  • Free internet banking.
  • Overdraft facility is also available after the 6 months of opening of the zero savings account.
  • Zero savings accounts also offer special privileges for salary account holders based on the category of their company.

What is a zero balance savings account?

Mentioned below are the features of a zero balance savings account:

  • No minimum Monthly Average Balance or Quarterly Average Balance requirement.
  • Free ATM is offered.
  • A free cheque book is provided.
  • A complimentary passbook is issued at the time of opening of account.
  • Specific number of free transactions every month is available

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:

  • Visit the nearest bank branch.
  • Request the respective authority for the Application form that you need to fill up to convert your savings account to a zero balance account.
  • Fill up all the relevant details.
  • Submit the application form and all the documents required.
  • The bank will verify all the documents and information provided.
  • On successful verification, your savings account will get converted 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:

  • Resident Indian
  • Minors aged above 10 years
  • Applicant who can submit any form of identity proof which is duly authorized by gazette officers

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