Banks and financial institutions in India offer diverse banking products and services to meet the financial requirements of individuals from different segments. While most savings accounts have some charges or minimum balance requirements, numerous banks offer zero balance accounts where you don’t need to worry about minimum deposits.
In a regular savings account, you must pay the penalty every time your account balance falls below a threshold. It makes banking a little cumbersome for students, freshers, and individuals earning a low income. However, with a zerobalance savings account, they can enjoy various banking services without paying extra charges.
What is a Zero Balance Savings Account?
A zero balance account offers the freedom to maintain no balance in the savings account. These accounts are ideal for students living away from their families as they may find it hard to maintain account balances. Individuals with irregular salaries may also face the same issue.
Zero balance savings accounts can be opened online within a few minutes and include no or minimal charges on banking services. You can enjoy almost the same services as a regular savings account would offer.
Banks offering maximum features on a Zero Balance Savings Account
Here is the list of banks with maximum features and benefits on zero balance savings accounts.
- IDFC FIRST Bank
IDFC FIRST Bank Future FIRST Account comes with no minimum balance requirement, eliminating the need to maintain balances in your bank account. You can open it online via IDFC FIRST Bank mobile app within a few minutes.
The bank offers interest rates of up to 6% per annum and a debit card to access funds from ATMs across the country. You can also get exciting shopping deals, airport lounge access, and personal accident cover with the IDFC FIRST Bank Future FIRST account.
- HDFC Bank
HDFC Bank offers a range of banking products and services, including zero balance bank accounts. You can apply for zero balance savings account online via HDFC Bank’s mobile banking app or website.You can earn an interest of 4.5% per annum on savings account balances and use theRupay debit card to access funds from ATMs and digital kiosks. In addition, you get several discounts and offers on online shopping and merchant payments.
- Axis Bank
The Axis Bank Basic Savings Account comes with no minimum balance requirement, so you do not need to worry about managing your account and maintaining a required minimum balance.The bank offers up to a 5% interest rate per annum on savings account balances. Along with fund access through the mobile app, you also get a debit card for cash withdrawal and online shopping.
- ICICI Bank
ICICI Bank provides students, freshers, and other customers access to theICICI Bank Zero Balance Savings account.You can open zero balance savings account online using ICICI Bank’s mobile banking app or by visiting the bank branch in person. The bank offers an interest rate of up to 5% per annum on the savings account. In addition, you also get a debit card to access funds through ATMs and digital kiosks.
- State Bank of India (SBI)
The SBI Zero Balance Savings Account aims to meet the requirement of students living away from their families and freshers who struggle to maintain a minimum balance.Itprovides and access to services such as electronic fund transfers, online shopping, and a Rupay debit card to withdraw cash from ATMs nationwide.You can open an SBI zero balance account through the SBI Yono app or by visiting a local branch.
Banking services and products have evolved. Account maintenance charges have also been reduced significantly due to the influence of digital banking. A zero balance bank account further helps maximise your savings by eliminating the need to maintain a minimum balance in your account.