Opening a zero-balance savings account with a bank is an ideal option for most people. Maintaining a minimum balance in one’s savings account becomes a daunting task, especially at the end of the month. A zero balance account, as the name suggests, is a savings account that does not oblige its customer to maintain a certain amount (minimum balance) in their bank accounts.
If you have a zero balance savings account, your balance can be zero and the bank will not deduct any penalty. Most of the banks in India impose a minimum balance limit, and hence if their customers are not able to maintain the minimum balance, they deduct a certain amount.
Here are all the banks that offer a zero balance savings account
IDFC First Bank
IDFC First Bank Zero Balance Savings Account – Pratham Savings Account – carries an interest rate of 4.00 percent. The bank allows a daily ATM withdrawal limit of Rs 40,000 and also offers a complimentary personal accident insurance cover of Rs 2 lakh.
state Bank of India
state Bank of India has named its zero balance savings account service as ‘Basic Savings Bank Deposit Account (BSBDA)’. The bank offers an interest rate of 2.70 per cent and there is no upper limit on the account balance. If you have all the documents required for KYC, you can go ahead and open your account with this bank.
Yes Bank
Yes Bank offers 4.00 percent interest for its zero balance savings account, Smart Salary Benefit Account. Only salaried people are eligible to open this account Yes Bank. Customers will be given an ‘Engage’ debit card with a withdrawal limit of Rs 75,000. The card offers accidental death cover, lost card liability and purchase protection.
HDFC bank
Those who are employees of a company with salary agreement with HDFC Bank can open a zero balance savings account, Basic Savings Bank Deposit Account (BSBDA). The bank gives an interest rate of 3.00 percent to its customers. However, if a person has any other savings or salary account with any other bank, then they are not eligible to open this savings account.
Kotak Mahindra Bank
Zero Balance Savings Account, 811 Digital Bank Account of Kotak Mahindra Bank offers 3.50 percent interest rate. This account can be opened through video KYC, thereby eliminating the need to physically visit the bank. From this account, individuals can transfer money online through NEFT or IMPS.
standard Chartered Bank
Standard Chartered Bank offers an interest rate of 2.75 per cent for its zero balance savings account, Asan/BSBDA. It is important to note that the interest will be calculated at the savings bank interest rate applicable on the daily available balance. It will also be paid at quarterly intervals. The account can be opened instantly through Aadhaar based eKYC and it offers free NEFT/RTGS transactions.
indusind bank
IndusInd Bank Zero Balance Savings Account Indus Online Savings Account offers Personal Accident Insurance of Rs 2 lakh with Platinum Plus Debit Card with an interest rate of 4.00 per cent. The person opening this account should have a valid mobile linked Aadhaar number and PAN number.
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