MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Zero Balance Account

Zero Balance Account Banks

Last Updated 23rd Jan 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 account are Kotak 811, BSBDA SBI and ASAP by Axis Bank.

Zero Balance Savings Account Minimum Rate of Interest
811 Digital Bank Account – Kotak Bank 3.50%
ASAP Instant Savings Account – Axis Bank 7.10%
Smart Salary Advantage – Yes Bank 5.00%
Basic Savings Bank Deposit - SBI 2.70%
Apply for Savings Account

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:

  • 3.50% for account balance Upto Rs. 1 Lakh.
  • 4.00% for account balance between Rs. 1 Lakh to Rs.5 Cr.
  • 3.50% for account balance Above Rs. 5 Cr.

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 Rs. 20,000 per month.


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:

  • 2.70% for account balance Upto Rs. 1 Lakh.
  • 2.70% for account balance Above Rs. 1 Lakh.

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:

  • 7.10% for account balance Upto Rs. 100 Cr.
  • For balance above Rs. 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 Rs. 2 lakhs
  • 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:

  • 5.00% for account balance Upto Rs. 1 Lakh.
  • 6.00% for account balance between Rs. 1 Lakh to Rs.1 Cr.
  • 6.25% for account balance Above Rs. 1 Cr.

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


In which bank can we open a zero balance account?

Zero balance account is provided by many banks, some of them are, Kotak 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 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, 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.

Notification ×
  • Home Loan

    Home Loan starting at 6.75%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Please wait while your information is being processed...