Zero Balance Savings Account is a type of account where you are not required to maintain a minimum balance. It is one of the most difficult tasks to maintain a minimum balance in the account. A majority of banks in India are at least keeping a limit of Rs.10,000 per account to maintain. This thing becomes problematic for the people who are earning enough to meet the requirements.
In such cases, Zero Balance Savings Account is the most ideal option as there is no stipulated minimum balance and you are at liberty to withdraw funds anytime and leave the account empty. Discussed below are some of the top zero balance savings accounts in 2020 for Indian Citizens.
| Top Zero Balance Savings Account | |
| Account Name | Interest Rate (up to Rs 1 lakh) |
| IDFC First Bank Pratham Savings Account | 6.0% |
| DBS digiSavings | 3.5% |
| YES Bank Smart Salary Advantage | 5.0% |
| 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% |
If you do not wish to maintain the monthly average balance (MAB) in your savings account, then opting for a zero balance savings account is the most suitable option. The Monthly Average Balance is a sum of all the end-of-day closing balance divided by the number of days in that month. A zero balance savings account provides all the usual facilities that come with a regular savings bank account. If you are planning to open a zero balance savings account, check out the below-listed primary features and interest rates offered by top zero balance savings account
IDFC First Bank Pratham Savings Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Pratham Savings Account | For balance <= Rs.1 lakh | 6.0% |
| > Rs.1 lakh and <= Rs 1 crore | 7.0% |
Features of Pratham Savings Account
- Pratham Savings Account is a zero balance that comes with the privilege of unlimited ATM withdrawals
- You can make quick transactions at any micro ATM
- Get free access to the internet and mobile banking
- Pay online bills hassle-free and get a free mini statement and know about account balances anytime and from anywhere
- You can apply for this account using your Aadhaar Card at the nearest bank branch
DBS- DigiSavings
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| DigiSavings | Up to Rs.1 Lakh | 3.5% |
| Above Rs.1 Lakh & up to Rs. 2 Lakh | 5.0% | |
| Above Rs. 2 Lakh & up to Rs. 20 Lakh | 3.5% | |
| Above Rs. 20 Lakh to Rs. 50 Lakh | 3.75% | |
| Above Rs. 50 Lakh | 4% |
Features of DigiSavings Account
- You can use your Aadhaar Card to open digiSavings account online
- The bank provides a range of products and services, such as 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
- Competitive interest rates on savings, fixed and recurring deposits
- Cashback of up to 10% on shopping from a wide range of online merchants
YES Bank- Smart Salary Advantage
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Smart Salary Advantage | Less than Rs.1 lakh | 5.0% |
| Rs.1 lakh to less than Rs.1 crore | 6.0% | |
| Rs.1 crore and above | 6.25% |
Features of YES Bank Smart Salary Advantage
- The account comes with no minimum balance requirement
- Free and unlimited transactions at any YES Bank ATM across the country
- Get monthly 5 free transactions at any other bank’s ATM in India
- A free Account with standard AMC & NSDL charges applicable
- The 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 | 4.5% |
Features of 811 Digital Bank Account
- This is a zero balance online savings account provided by Kotak Mahindra Bank with a maximum of 6% interest rate
- Zero charges on non-maintenance of balance in the account
- Get the new 811 Virtual Debit Card which can be used to shop online
- You can transfer money online for free
- Pay your credit card bills online as per your convenience with Kotak 811
IndusInd Bank- Indus Online Savings Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Indus Online Savings Account | Up to Rs.1 lakh | 4.0% |
| Rs.1 lakh & up to Rs.10 lakh | 5.0% | |
| Above Rs.10 lakh | 6.0% |
Features of Indus Online Savings Account
- You can open this savings account instantly by simply completing the online application
- This account can be opened by opting for a Premium Debit Card or by doing high Instant Funding
- Choose account number of your choice
- Free NEFT / RTGS / IMPS transactions on online channels
- Save Up to Rs.250 / month on Fuel Surcharge Waiver, Save Rs.3000 / year
Standard Chartered Bank- Aasaan / BSBDA
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Aasaan | Up to Rs.50 lakh | 3.25% |
| Above Rs.50 lakh & up to Rs.150 crore | 3.75% | |
| >=Rs.150 crore to < Rs.300 crore | 3.10%* | |
| >= Rs.300 crore | 0.5% |
*This rate will be equal to 25 basis points lesser than the repo rate
Features of Aasaan
- Open your account instantly using Aadhaar based eKYC
- Get an International Platinum debit card free for the first year and enjoy 15% off across 600 restaurants
- Get free monthly account statements and free passbook
- Free NEFT / RTGS transactions
- Fee cash deposit, cash withdrawal, DD and PO
HDFC Bank- Basic Savings Bank Deposit Account (BSBDA)
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Basic Savings Bank Deposit Account | Below Rs.50 lakh | 3.25% |
| Rs.50 lakh & above but less than Rs.500 crore | 3.75% | |
| Rs.500 crore & above | RBI Repo Rate + 0.02% |
Features of Basic Savings Bank Deposit Account
- Free passbook facility for all individual account holders
- Enjoy free cash and cheque deposits at branches and ATMs.
- Access your account with your free Rupay Card
- Free lifetime BillPay, InstaQuery facility, email statements
- Easy banking with facilities including Net Banking, Phone Banking and Mobile Banking that allow you to check your account balance, pay utility bills, or even stop cheque payments via SMS
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% |
Features of Basic Savings Bank Deposit Account
- This account variant can be opened by any individual provided he or she has valid KYC documents
- No upper limit to maximum balance in the account
- Get a basic Rupay ATM-cum-debit card
- The withdrawals can be done using withdrawal form at branches or through ATMs
- The account is available at all branches of State Bank of India
Conclusion
In a large market like today’s where there are thousands of products catering to all the different financial and banking needs of the individuals, it is important to choose the right type of Savings Account for future reference. There are lots of parameters that need to be considered while opting for the best Zero Balance Savings Account. You need to keep in mind certain important criteria including the interest rate, transaction charges, net banking facility, cash withdrawal and deposit limit, the security of funds, and more. All these features vary from bank to bank and hence need to be kept in consideration while choosing the best suited Zero Balance Savings Account to cater to all your financial needs.
12 Comments. Leave new
Hi Ojasvini. Is this list valid in 2020? Or have there been any changes?
Hi Sunil, yes this list is valid for 2020.
My Aadhar card is not linked with Mobile Number. Can I open 0 Balance account
Hi Vipin, as per the Supreme Court of India, it is not mandatory to link your bank account with Aadhaar Card to open a new bank account. However, you should link your mobile number with Aadhaar for various services such as you can e-verify the income tax return using your Aadhaar number wherein an OTP is sent to the linked mobile number. You can easily update your personal details online using your linked Aadhaar by entering an OTP sent to your mobile number.
thank for sharing a great article ,happy to read
Please give me a link of hdfc to open zero balance account
HDFC Zero Balance Account
I want to open a zero balance account in standard chartard or kotak bank.
Hi Sanmita,
You can open a zero balance savings account with either Standard Chartered or Kotak Mahindra Bank. Please visit the bank’s official website to open the account online.
may i open saving account in zero balance in any bank
Many banks like HDFC Bank, Kotak Mahindra Bank and Standard Chartered offer zero balance accounts. However, this facility is not available in all the banks.