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What is a zero balance savings account? A Zero Balance Savings Account is a type of account where you are not required to maintain a minimum balance, i.e. your account balance can go down to Rs. 0 and it won’t attract any penalties.
It is one of the most difficult tasks to maintain a minimum balance in the account. A majority of banks in India keep a minimum balance limit of Rs. 5000 – Rs.10,000 per account to maintain. Such a requirement may become problematic for those of us who earn just enough to meet their requirements.
In such cases, Zero Balance Savings Account is an ideal option. Discussed below are some of the top zero balance savings accounts in 2021 for Indian Citizens. But first, let’s checkout the interest rates of these zero balance accounts:
| Top Zero Balance Savings Account | |
| Account Name | Interest Rate (up to Rs 1 lakh) |
| IDFC First Bank Pratham Savings Account | 4.00% |
| YES Bank Smart Salary Advantage | 4.00% |
| Kotak Mahindra Bank 811 Digital Bank Account | 3.50% |
| IndusInd Bank Indus Online Savings Account | 4.00% |
| Standard Chartered Bank Aasaan | 2.75% |
| HDFC Bank BSBDA | 3.00% |
| State Bank of India BSBDA | 2.70% |
Note: The above-mentioned interest rates are updated as of 12th May 2021.
Now, we tell you what you can benefit from the above-stated zero balance accounts:
IDFC First Bank Pratham Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Pratham Savings Account | <= Rs.1 lakh | 4.00% |
| > Rs.1 lakh and <= Rs 10 lakh | 4.50% | |
| >10 lakh<= 2 crore | 5.00% |
Features of Pratham Savings Account
- It’s a BSDBA that can be opened by those who do not have a savings account in any other bank
- Unlimited ATM withdrawals with access to any micro ATM
- Daily ATM withdrawal limit – Rs. 40,000
- Comes with Rupay Classic Debit Card
- Complimentary personal accident insurance cover of Rs. 2 lakh
YES Bank- Smart Salary Advantage
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Smart Salary Advantage | Less than Rs.1 lakh | 4.00% |
| Rs.1 lakh to less than Rs.10 lakh | 4.75% | |
| Rs.10 lakh to less than 100 Crore | 5.50% |
Features of YES Bank Smart Salary Advantage
- Only for salaried persons
- Free and unlimited transactions at any ATM across the country
- Get monthly 5 free transactions at any other bank’s ATM in India
- Comes with IMPS & UPI facility for quick money transfers
- Option to open free Demat account
- Complementary “Engage” debit card with ATM withdrawal limit of Rs. 75,000
- The debit card offers accidental death cover, lost card liability, and purchase protection
Confused between a salary account and a savings account? Head this way, please.
Kotak Mahindra- 811 Digital Bank Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| 811 Digital Bank Account | Up to Rs.1 lakh | 3.50% |
| Above Rs. 1 lakh up to Rs 1 crore | 4.00% |
Features of 811 Digital Bank Account
- Can be opened online with video KYC – bank visit eliminated
- Install 811 App or visit the website to quickly open an account
- Comes with an instant free virtual debit card
- {hsycial debit card issued at a fee of Rs. 199 p.a.
- You can transfer money online via IMPS and NEFT
IndusInd Bank- Indus Delite Savings Account
| Account Name | Account Balance | Rate of Interest (% p.a.) |
| Indus Online Savings Account | Up to Rs.1 lakh | 4.00% |
| Above Rs.1 lakh & up to (including) Rs.10 lakh | 5.00% | |
| Above Rs.10 lakh | 5.50% |
Features of Indus Online Savings Account0
- Complimentary Premium Debit Card
- Personal accident insurance of Rs. 2 lakh with Platinum Plus debit card
- 5% cashback when shopping on Amazon.in
- Choose the account number of your choice
- Online money transfers via NEFT / RTGS / IMPS
- Should have a valid mobile-linked Aadhar number and PAN to open this account
Standard Chartered Bank- Aasaan / BSBDA
| Account Balance | Rate of Interest (% p.a.) |
| Up to Rs.50 lakh | 2.75% |
| Above Rs.50 lakh & up to Rs. 40 crore | 3.25% |
| Above Rs. 40 crore | 0.50% |
Note: Interest will be calculated at applicable Savings Bank Interest Rate on the daily available balance and the same will be paid at quarterly rests.
Features of Aasaan
- Open your account instantly using Aadhaar based eKYC
- Free unlimited ATM withdrawals at any bank’s ATM
- Complimentary cheque book and debit card
- Free NEFT / RTGS transactions
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 | 3.00% |
| Rs.50 lakh & above | 3.50% |
Features of Basic Savings Bank Deposit Account
- Free passbook facility for all individual account holders
- 4 free ATM withdrawals – no limit on the amount
- Complimentary Rupay debit card
- Regular e-mail account statements
- This can be opened only by those who are employees of a company with a salary agreement with HDFC Bank
- Being a BSBDA, this account cannot be opened if one has another savings or salary account in any other bank
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 | 2.70% |
| Above Rs.1 lakh | 2.70% |
Features of Basic Savings Bank Deposit Account
- This account variant can be opened by any individual provided they have 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 the State Bank of India
Conclusion
Opening a savings account is one of the very first steps towards maintaining one’s finances. For those who haven’t had any bank account before, a zero balance account can be beneficial as these are Basic Savings Bank Deposit Accounts. Also, when you’re opening a zero balance savings account, you can rest assured of zero balance-related penalties. Before having your pick, analyze these accounts basis ATM withdrawals, debit card benefits, transaction charges and complimentary insurance among others. And you’ll be ready to kickstart your savings in no time.
14 Comments. Leave new
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.
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.