Since keeping a minimum amount in a savings bank account is difficult, many people choose a zero balance savings account where they are not forced to keep a certain balance.
A zero balance savings account is ideal for those who struggle to maintain a minimum balance and earn just enough to fulfill their needs. A zero balance savings account does not need a minimum balance in your bank account.
Many people in our country maintain a savings account to keep their money secure rather than having it in their houses or bringing it about with them. The lender also pays you interest on the money you maintain in your savings account and allows you to withdraw a portion of it or the entire amount whenever and wherever you choose without incurring any fees. But there is one question that many people have: Is there a minimum balance that they must maintain in their savings account?
A minimum balance is a set amount set by the bank that account holders must maintain in their savings account. However, there are a few banks that offer consumers Zero Balance Savings Accounts. Such lenders do not levy any fees for maintaining a zero balance in their account.
Individuals who are about to start on their financial path and are seeking banks that provide Zero Balance Savings Accounts may find this article useful. We will inform you about the best banks in India that provide Zero Balance Savings Accounts. After you've considered all of your alternatives, you'll be able to make a more informed conclusion.
Keep these documents on hand before going for online KYC
Anyone with a valid KYC document can start a zero balance savings account via using video KYC from their mobile phone. The following documents are necessary to open an account:
- Your Aadhaar Card (Linked with Mobile Number)
- Your PAN card
- Your mobile phone for OTP
- A white paper and a pen
List of Best Zero Balance Savings Bank Accounts in India|
1. AU Small Finance Bank Zero Balance Account Savings Account
- Instant Savings Account
- Bank offers monthly interest payout
- Zero Balance Account
- Free Virtual Debit Card
- Domestic Airport Lounge Access
- High-interest rates
2. Axis ASAP Zero Balance Savings Account
- Exclusive cashback
- Earn points, avail rewards
- Auto FD feature
- Set and achieve goals
- Minimal documentation
3. Kotak 811 Zero Balance Savings Bank Account
4. Jupiter Zero Balance Account
5. INDIE Zero Balance Savings Account
6. NiyoX Digital Savings Bank Account
7. Fi Money
8. Equitas Selfe Savings digital bank account
9. IndusInd Delite Savings Bank Account
10. ICICI Bank MINE Account
11. SBI zero balance savings account
12. NSDL Basic Savings Bank Deposit Account
13. Fincare Small Finance Bank 101-First Savings Account
Pros of zero balance savings account
Here are some of the benefits of a zero balance savings account:
- There is no minimum balance requirement: A zero balance account has no minimum balance requirement. In other words, consumers who hold such an account are not required to maintain a specified average monthly amount.
- Net Banking: Account holders with a zero balance can use the Internet Banking service. Customers can then check their balance, transfer funds from one account to another, recharge their mobile phones or DTH, pay bills, and so on.
- Cheque Books: When customers create a basic savings account, they receive a complimentary cheque book. Customers with online zero balance accounts, on the other hand, must pay a small fee for checks. Cheques can be used as a bank identity document.
- Debit card: When a basic savings account is started with a zero-balance savings account, customers receive a free debit card that may be used to withdraw cash and make payments. In the case of an online savings account, account holders may receive a VISA or RuPay debit card, depending on the bank. These debit cards have complimentary insurance coverage.
- Cash withdrawals: Basic savings account users can withdraw up to four times each month, including cash withdrawals through branch, ATM, NEFT, RTGS, IMPS, and other methods.
- Student Friendly: I'm aware that some banks provide student accounts, but this account isn't a terrible alternative. Furthermore, pupils struggle to keep up. They would save Rs 100 to 200 for non-maintenance and spend it elsewhere, such as a restaurant.
- Virtual Debits: are typically associated with accounts that have a zero balance.
- Zero balance accounts also provide yearly interest rates of up to 5%.
Cons of a Zero Balance Savings Account
- They have transactional restrictions. If you do more transactions than the specified limit, you will be charged an amount. If you make additional transactions, you will be charged, which is just as exhausting as a regular savings account.
- Amount of cash deposits is limited; if you deposit more than the limit, you will be charged again.
- Fees for IMPS and NEFT
- Physical debit card and chequebook fees
- If you deposit a substantial sum of money, your account may be frozen (A six figure amount in most cases)