13 Best Zero Balance Savings Bank Accounts in India 2023

Top Banks in India Provides Online Savings Bank Account Facility

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

  • Instant Account Opening
  • No minimum balance requirement
  • Earn Interest
  • Free Virtual Debit Card
  • Receive money from side hustle
  • Paperless account process
  • Video KYC facility
  • 4. Jupiter Zero Balance Account

  • UPI payments are completely free (no limits)
  • 1% cash back on debit card and UPI purchases
  • Debit card with VISA Signature for free (free replacement)
  • Monitor your spending and net worth.
  • Chat support is available 24 hours a day, seven days a week.
  • 5. INDIE Zero Balance Savings Account

  • Zero-balance savings account
  • No need to visit a Branch
  • Earn Rewards On Your Favourite Brands Every Month
  • 0% Forex mark-up on International transactions with INDIE Megastar Account
  • Free Virtual Debit Card
  • 6. NiyoX Digital Savings Bank Account

  • Accounts are opened completely paperless and instantly.
  • The interest rate of up to 7% on savings account balances
  • Rewards & Referrals Bonus
  • Free Virtual Debit Card
  • Savings and wealth management solution in one
  • There is Zero forex markup
  • Onboarding over the internet
  • 7. Fi Money

  • Digital zero balance savings bank account
  • No minimum balance
  • Zero Forex on Select Plans
  • Withdraw from any ATM
  • No hidden fees
  • Money insured up to Rs. 5 lakh
  • 24/7 Friendly customer support
  • 8. Equitas Selfe Savings digital bank account

  • Your account is opened absolutely free of charge
  • There is no account maintenance fees
  • When you create this account, you will receive a debit card entirely free of charge
  • You can use Net Banking, Check Book, NEFT, and Mobile Banking if you want
  • In addition, Equitas Small Savings Finance Bank provides other banking services
  • You can also select your bank account number at your own
  • Above all, you can create an Equitas Small Finance Bank Zero Balance account online from your mobile phone at any time and from any place
  • 9. IndusInd Delite Savings Bank Account

  • It is a savings account with a zero balance
  • You can earn up to 6% interest on your Saving Bank account balance
  • The account opening process is fully paperless and digital
  • With your Platinum Plus debit card, you will receive complimentary insurance worth Rs. 35.5L
  • Get free e-statements to keep track of your finances with monthly e-statements
  • Free movie tickets, dining promos, retail discounts, and other special deals are available
  • 6x Rewards on Debit Card Spending
  • When you shop on Amazon, you will receive Upto 5% cashback
  • 10. ICICI Bank MINE Account

  • It is an ICICI Bank Zero Balance Savings Account
  • A free in-app budget analyzer that can help you better plan your budget
  • Money multiplier: Earn more interest by establishing a balance limit above which money in the Savings Account will be converted into FD on demand
  • Cardless Cash Withdrawal Service with complimentary Rs. 50,000 air accidents and Rs. 50,000 purchase protection
  • The app offers a wide range of investment options
  • 11. SBI zero balance savings account

  • Accessible at all branches
  • The minimum balance is nil
  • Maximum balance/amount has no upper limit
  • There is no Cheque Book facility available
  • Withdrawals can only be made at branches or through ATMs using the withdrawal form
  • A standard Rupay ATM/debit card will be issued
  • 12. NSDL Basic Savings Bank Deposit Account

  • Zero Balance Bank Account
  • 100% paperless online account opening
  • No branch visits or physical KYC
  • Get a free virtual debit card of RuPay, Visa or Mastercard instantly
  • Send money through IMPS or NEFT payment methods to any bank account in India
  • 13. Fincare Small Finance Bank 101-First Savings Account

  • Account with a zero balance
  • Attractive Interest Rates
  • Free Mobile Banking Activation
  • Free Debit Card
  • Fixed Deposit Option
  • 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)

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