Zero Balance Bank Account: All You Must Know About Interest Rates
Note that bank themselves will not offer a zero balance accounts, customers are required to ask the bank themselves
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Zero Balance Savings Account is a type of account where you are not required to have a minimum balance. A majority of banks in India keep a limit of Rs 10,000 per account to maintain the account.
Note that banks themselves will not offer a zero balance account, rather customers are required to ask the banks for it. In a Zero Balance Account, the account holder can withdraw funds anytime and even leave the account empty.
Zero balance accounts are usually salary accounts that are opened by the employer. Employees are not required to maintain a minimum account balance. Once you leave the company, depending on the account, you may be charged to maintain a balance.
If you need an account for basic functions that will free you from having to worry about your bank balance running low, a zero bank balance account is for you. However, they do come with certain restrictions of their own.
Top Zero Balance Savings Account
| Top Zero Balance Savings Account | |
|---|---|
| Account Name | Interest Rate (up to Rs 1 lakh) |
| IDFC First Bank Pratham Savings Account | 6.00% |
| DBS digiSavings | 3.50% |
| YES Bank Smart Salary Advantage | 5.00% |
| Kotak Mahindra Bank 811 Digital Bank Account | 3.75% |
| IndusInd Bank Indus Online Savings Account | 3.75% |
| Standard Chartered Bank Aasaan | 3.25% |
| HDFC Bank BSBDA | 3.25% |
| State Bank of India BSBDA | 2.75% |
A zero balance savings account also comes with all the usual facilities and banking services that is provided with a regular savings bank account.
Below are the list of Zero Bank Saving Accounts:
IDFC First Bank Pratham Savings Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
|---|---|---|
| Pratham Savings Account | For balance <= Rs 1 lakh | 6.00% |
| > Rs 1 lakh and <= Rs 1 crore | 7.00% |
- The account comes with a privilege of unlimited ATM withdrawals.
- Get free access to internet and mobile banking
- You can download a mini statement and review your balance at anytime.
- An individual can register for this account with their Aadhaar Card at the nearest bank branch.
DigiSavings Zero Balance Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
|---|---|---|
| DigiSavings | Up to Rs.1 Lakh | 3.50% |
| Above Rs.1 Lakh & up to Rs. 2 Lakh | 5.00% | |
| Above Rs. 2 Lakh & up to Rs. 20 Lakh | 3.50% | |
| Above Rs. 20 Lakh to Rs. 50 Lakh | 3.75% | |
| Above Rs. 50 Lakh | 4% |
- The bank provides up to 5% interest rate, e-Wallet feature, unlimited free ATM withdrawals from any ATM
- Free 24×7 fund transfers using UPI, IMPS, NEFT and RTGS
- Cashback of up to 10% on shopping from a wide range of online merchants
YES Bank Smart Salary Advantage Zero Balance Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
|---|---|---|
| Smart Salary Advantage | Less than Rs.1 lakh | 5.00% |
| Rs.1 lakh to less than Rs.1 crore | 6.00% | |
| Rs.1 crore and above | 6.25% | |
| Above Rs. 20 Lakh to Rs. 50 Lakh | 3.75% | |
| Above Rs. 50 Lakh | 4% |
- The account comes with a privilege of unlimited ATM withdrawals at YesBank ATMs.
- Five free transactions at any other bank’s ATM in India
- A free Account with standard AMC & NSDL charges applicable
- The YesBank Zero Balance Account debit card offers accidental death cover, lost card liability, and purchase protection
Kotak Mahindra Bank 811 Digital Bank Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
|---|---|---|
| 811 Digital Bank Account | Up to Rs.1 lakh | 3.75% |
| Above Rs. 1 lakh | 4.50% |
- The bank provides the account holder a maximum 6% interest rate with the 811 Digital Bank Account.
- Free transfer of funds online.
- You can also pay your credit card bills with the debit card provided with this account.
State Bank of India Basic Savings Bank Deposit Account (BSBDA)
| Account Name | Account Balance | Rate of Interest (% p.a.) |
|---|---|---|
| Basic Savings Bank Deposit Account | Up to Rs.1 lakh | 2.75% |
| Above Rs.1 lakh | 2.75% |
- The account holder is provided with a Rupay ATM-cum-debit card.
- There is no upper limit to maximum balance in the account.
- An individual can open the account at all SBI branches with valid KYC documents.
ICICI Bank Zero Balance Account
Also known as Basic Savings Bank Account, this account can also be opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY)
Features of ICICI Bank Basic Savings Bank Account
- MAB requirement: Nil
- Initial funding: Nil
- Mode of holding: Single or Joint
- Free Rupay Card facility
- Free cash deposit
- Free passbook facility
- Internet Banking and Mobile Banking available on request.
Features ICICI Bank Basic Savings Bank Account under PMJDY
- Free Passbook
- Free Personalised Rupay Debit Card
- Free cheque leaves
HDFC Basic Savings Bank Deposit (BSBDA) Small Account
- Free passbook facility for all individual account holders
- Enjoy free cash deposits at branches and ATMs within the prescribed limits.
- Access your account with your free Rupay Card
- Four withdrawals free per month including Cash withdrawals (Branch/ ATMs), NEFT/RTGS (Branch), Clearing, Funds Transfers, Internet Debits, Standing Instructions, EMI, POS Transactions, etc.
- Free lifetime BillPay
- Free e-mail statements
- Transaction limits apply for Small accounts.
Transaction Limits of HDFC BSBDA Small Account
As a BSBDA Small Account holder you are subject to the following transactional limits:
- The total balance in your account should not exceed Rs 50,000 at any point of time.
- The total credits in all your account should not exceed Rs 1,00,000 at any point of time.
- The total withdrawals and transfers in your account should not exceed Rs 10,000 in a month.
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