Top Zero Balance Savings Accounts in India for 2023

Every time you wish to open a savings account, you might have heard about a zero balance savings account. Do you know what is a zero balance savings account? It is a type of savings 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 can be a difficult task to maintain a minimum balance in the account. A majority of banks in India keep a minimum balance limit of Rs. 5,000 – Rs. 10,000 per account to maintain. Such a requirement may become problematic for those of us who earn just enough to meet our requirements.

In such cases, a zero balance savings account is an ideal option. Discussed below are some of the top zero balance savings accounts in 2023 for Indian citizens. But first, let’s check out the interest rates of these zero balance accounts:

Top Zero Balance Savings Account

Note: The above-mentioned interest rates are updated as of 2nd January 2023.

RBL Basic Savings with your Account

Note: On daily balances in access of Rs. 1 Lakh

Features of RBL Savings Account

• Free RuPay Card with a cash withdrawal limit of Rs. 50,000 for ATM & Rs. 30,000 for POS
• 2 cheque books free per annum
• Free replacement of damaged card
• Higher fixed deposit rates to help your money grow, including tax savings deposits
• Unlimited free transactions at RBL Bank’s ATMs

Read More: RBL Bank Savings Account

IDFC First Bank Pratham Savings Account

Features of Pratham Savings Account

• This IDFC Bank savings account is 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 with your accident insurance cover of Rs. 2 lakh

Read More: IDFC First Bank Savings Account

IndusInd Bank- Indus Delite Savings Account

Features of Indus Online Savings Account

• Complimentary Premium Debit Card
• 5% cashback when shopping on Amazon
• Facility to choose an 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

Also Read: IndusInd Bank Savings Account

YES Bank Smart Salary Advantage

Features of YES Bank Smart Salary Advantage

• This YES Bank savings account is 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

Also Read: YES Bank Savings Account

Utkarsh Basic Savings Bank Deposit Account (BSBDA)

*Interest rates are applicable on incremental balance.

Features of Utkarsh Basic Savings Bank Deposit Account

• Classic RuPay debit card with no annual maintenance charges for the first year
• Unlimited domestic cash withdrawals at all ATMs
• Passbook facilities for all account holders

Also Read: Utkarsh Small Finance Bank Savings Account

AU Digital Savings Account

Features of AU Digital Savings Account

• Complimentary domestic airport lounge access
• RuPay Debit Card which provides purchases protection, enhanced insurance coverage, and exciting offers and discounts
• Debit card with the option of contactless transactions up to Rs. 5,000 in India
• Extended banking hours and a visit to any AU Bank branch till 6 PM
• Free unlimited IMPS/RTGS/NEFT fund transfers with your through digital channels

Kotak Mahindra 811 Digital Bank Account

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 (physical debit card issued at a fee of Rs. 199 p.a.)
• You can transfer money online via IMPS and NEFT

Also Read: Kotak Mahindra Bank Savings Account

HDFC Bank- Basic Savings Bank Deposit Account (BSBDA)

Features of Basic Savings Bank Deposit Account

• Free passbook facility for all individual account holders
• 4 free ATM withdrawals per month – no limit on the amount
• Complimentary RuPay debit card
• Free 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

Also Read: HDFC Bank Savings Account

Standard Chartered Bank- Aasaan / BSBDA

Note: Interest will be calculated at the applicable savings bank interest rate on the daily available balance and the same will be paid at quarterly rests.

Features of Aasaan Savings Account

• Open your Standard Chartered Bank savings account instantly using Aadhaar based eKYC
• Free unlimited ATM withdrawals at any bank’s ATM
• Complimentary cheque with your book and debit card
• Free NEFT / RTGS transactions

Also Read: Standard Chartered Bank Savings Account

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

Features of Basic Savings Bank Deposit Account

• This SBI savings account variant can be opened by any individual provided they have valid KYC documents
• No upper limit to the maximum balance in the account
• Get a basic Rupay ATM-cum-debit card 
• The withdrawals can be done using a withdrawal form at branches or through ATMs
• The account is available at all branches of the State Bank of India

Also Read: SBI Savings Account

Conclusion

Opening a savings account is one of the very first steps toward 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 no 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.