Best Bank for 0 Balance Account in India

Saving money is an essential aspect of financial planning, but maintaining a minimum balance in a savings account can be challenging for many individuals. That's where zero balance savings accounts come into play. These accounts allow you to save money without the burden of maintaining a minimum balance. In this comprehensive guide, we will explore the best zero balance savings accounts available in 2023, providing you with all the information you need to make an informed decision.

State Bank of India: Basic Savings Bank Deposit Account (BSBDA)

One of the top choices for a zero balance savings account is the State Bank of India's Basic Savings Bank Deposit Account (BSBDA). This account is available to anyone with adequate KYC documents and does not impose any limitations on the upper limit or maximum balance. Upon opening the account, you will receive a basic Rupay ATM-cum-Debit Card.

• Interest Rates:
• Up to Rs. 1 lakh: 3.25% per annum
• More than Rs. 1 lakh: 3.0% per annum

Axis Bank: ASAP Instant Savings Account

Another excellent option for a zero balance savings account is the Axis Bank ASAP Instant Savings Account. You can easily open this account by downloading the Axis mobile app or applying online. The account provides unlimited TRGS and NEFT transactions through the mobile app and offers an auto FD feature for balances over Rs. 20,000.

• Interest Rates:
• Less than Rs. 50 lakhs: 3.50% per annum
• 50 lakhs and less than Rs. 10 crore: 4.0% per annum
• 10 crores and less than Rs. 200 crores: Repo + 0.35%
• 200 crores and more: Repo + 0.85%

Kotak Mahindra Bank: 811 Digital Bank Account

The Kotak Mahindra 811 Digital Bank Account is another noteworthy option for a zero balance savings account. This account offers attractive interest rates and zero charges for not maintaining a minimum balance. Additionally, you will receive a virtual debit card for online shopping and enjoy free credit card bill payments and online money transfers.

• Interest Rates:
• 1 lakh: 4.0% per annum
• 1 lakh and up to Rs. 10 lakhs: 6.0% per annum
• Above Rs. 10 lakhs: 5.50% per annum

HDFC Bank: Basic Savings Bank Deposit Account (BSBDA)

HDFC Bank's Basic Savings Bank Deposit Account (BSBDA) is an excellent choice for a zero balance savings account. Opening this account provides you with a range of benefits, including a free passbook facility, free cheque and cash deposits at branches, and a Rupay card without any charges. Furthermore, you can conveniently access your account through phone and net banking for transactions and check deposits.

• Interest Rates:
• Less than Rs. 50 lakhs: 3.50% per annum
• 50 lakhs and less than Rs. 500 crores: 4.0% per annum
• 500 crores and more: Repo Rate of RBI + 0.02%

IDFC First Bank: Pratham Savings Account

If you prefer unlimited ATM withdrawals and quick transactions, the IDFC First Bank Pratham Savings Account is an ideal option. This account provides free access to mobile and internet banking, allowing you to pay bills and make transactions seamlessly. You can apply for this account at any nearby branch.

• Interest Rates:
• Less than Rs. 1 lakh: 6.0% per annum
• Less than Rs. 1 crore: 7.0% per annum

RBL Bank: Digital Savings Account

RBL Bank's Digital Savings Account is a top contender for a zero balance savings account. With no non-maintenance charges, unlimited ATM transactions, and easy account opening through Aadhaar and PAN numbers, this account offers convenience and flexibility. You can enjoy paperless transactions and instant account access through mobile and internet banking.

• Interest Rates:
• 1 lakh: 5.0% per annum
• More than Rs. 1 lakh and up to Rs. 10 lakhs: 6.0% per annum
• More than Rs. 10 lakhs and up to Rs. 3 crores: 6.75% per annum
• More than Rs. 3 crores and up to Rs. 5 crores: 6.75% per annum

Conclusion

According to experts who write for us on money and finance, zero balance savings accounts are a great option for individuals who struggle to maintain a minimum balance. The State Bank of India's Basic Savings Bank Deposit Account, Axis Bank's ASAP Instant Savings Account, Kotak Mahindra Bank's 811 Digital Bank Account, HDFC Bank's Basic Savings Bank Deposit Account, IDFC First Bank's Pratham Savings Account, and RBL Bank's Digital Savings Account are among the best choices available in 2023. Consider your personal finance preferences and requirements to select the account that suits you best. Start saving without worrying about maintaining a minimum balance with these top zero balance savings accounts.