10 best zero balance saving accounts in India in 2023.

10 best zero balance saving accounts in India in 2023: How to find the best savings account in India? Well, you can start by considering some of the best zero-balance saving accounts in India. Many such accounts can provide you with a lot of different benefits. This blog will take you through the 10 best zero-balance saving accounts in India.

 

10 best zero balance saving accounts in India

1. Basic Savings Bank Deposit Account (SBI).
2. IDFC FIRST Bank Pratham Savings Account.
3. Equitas Selfe Savings Account.
4. Indus Delite Savings Account.
5. Kotak 811 Full KYC Account (Kotak Mahindra Bank).
6. Jupiter Savings Bank Account.
7. Standard Chartered Bank (Aasaan/BSBDA).
8. RBL Zero Savings Bank Account.
9. YES Bank Zero Balance Savings Account.
10. HDFC Bank – Basic Savings Bank Deposit Account (BSBDA).

 

1-Basic Savings Bank Deposit Account (SBI)

With the biggest network of branches across the country, even in rural areas, SBI has introduced its own version of zero balance accounts with no fancy features but can be used by the beneficiaries of various government schemes.

 

Pros of a Basic Savings Bank Deposit Account

A free ATM/debit card is available from Rupay.

 

Cons of a Basic Savings Bank Deposit Account

There is no charge for the first four cash withdrawals.

 

Key Features

 

1. There is no check book facility
2. This account comes with a Rupay ATM-cum-debit card.
3. The Basic Savings Bank Deposit Account cannot be combined with any other savings bank account with SBI.
4. There are only four free cash withdrawals per month. Among these withdrawals will be ATM withdrawals, cash withdrawals, and AEPS cash transactions.
5. It is free and unlimited to use NEFT, IMPS, and RTGS.

 

2-IDFC FIRST Bank Pratham Savings Account

This particular bank account, as the name suggests, is a way for IDFC Bank to cater to the needs of people who do not even have a single bank account, and do not have a savings or bank account at all.

Besides the good interest rate, this account also has a wonderful feature that other zero-balance accounts do not have – it offers free and unlimited ATM withdrawals from any bank’s ATM machine, which is an uncommon feature.

 

Pros of IDFC FIRST Bank Pratham Savings Account

 

• The best interest rates are available to you.
• Insurance cover for personal accidents.
• There is no deposit required in order to open an account.
• ATM transactions are free and unlimited, and they can be made at any bank’s ATM.

 

Cons of IDFC FIRST Bank Pratham Savings Account

 

Compared to other banks, the bank has fewer branches.

 

Key Features

 

1. There is a monthly interest credit (as opposed to a quarterly credit, which is the industry norm).
2. Due to the compounded interest rate, the principal of the loan grows every month, providing a better interest rate due to the increasing principal every month.
3. If the deposit is less than INR 10 lakh, the interest rate is 4% and if it is more than INR 10 lakh, the interest rate is 6%.

There is a limit of INR 2 lakh on the personal accidental insurance cover.

4. You can deposit unlimited amounts of cash for free.

There are four free withdrawals of cash from the home branch or any other branch (not from an ATM).

5. If you withdraw cash from any of the branches after four transactions, you will be charged INR 2 per INR 1,000. After this, you will be charged INR 2 per INR 1,000 in the future.
6. There is no charge for using NEFT, IMPS, and RTGS.

 

3-Equitas Selfe Savings Account

 

A new digital savings account, called Selfie, has been launched by Equitas bank as part of its digital savings program. According to the name, their target audience is young people; as the name implies, they cater to them.

In this account, you do not have to maintain a minimum balance, so there is no requirement to keep a balance in this account. This new small bank offers one of the best interest rates in the industry, and interest is credited quarterly.

 

Pros of Equitas Selfe Savings Account

 

• Spending money online can earn you cashback.
• As far as digital transactions are concerned, there is no limit.
• It is possible to obtain insurance coverage.

 

Cons of Equitas Selfe Savings Account

 

• As part of account opening, you will receive a digital debit card that can only be used for online shopping.
• To open an account, you will need to deposit a minimum of INR 25,000.

 

Key Features

 

1. On all online purchases, you will receive 1% cashback.
2. By using GRAB DEALS, you can get 12.5% cashback on Amazon and Flipkart.
3. With GRAB DEALS, you can save 5% to 45% on 30 other brands.
4. A baggage and air accident insurance policy is available.
5. Check books are free and unlimited.
6. There is a minimum deposit requirement of INR 25,000 for the account to be opened. This amount will be available for withdrawal as soon as the account becomes active.
7. It is free to make unlimited demand drafts.

 

4-Indus Delite Savings Account

 

It is a savings account that offers a lot of new benefits, such as reward points that can be used for shopping. As soon as the account is activated, an initial amount of INR 10,000 has to be deposited. However, since it is a zero-balance saving account, this money can be withdrawn as soon as the account is activated. With this card, you’ll get a free credit card for life.

 

Pros of Indus Delite Savings Account

 

• Cashback programs are available.
• Reward points for using a debit card.
• Physical debit card available.
• Insurance covers are available.

 

Cons of Indus Delite Savings Account

 

An initial sum of INR 10,000 is required to open the account.

 

Key Features

 

1. Some e-commerce companies offer cashback programs from time to time as a way of encouraging customers to make purchases.
2. From BookMyShow, you can get one movie ticket for the price of one and get one for free.
3. With this account, you have the option to obtain a Platinum Plus debit card.
4. Platinum Plus debit cards offer 6X rewards on purchases made with them. INR 1 lakh is the limit for PoS (point of sale). Cross-currency markup of 2%.
5. Insurance cover of one lakh rupees for personal accidents.
6. An insurance policy of 30 lakh rupees is available for air accidents.
7. A liability cover of INR 3 lakh is available in the event of a lost card.

 

5-Kotak 811 Full KYC Account (Kotak Mahindra Bank)

 

Among the three types of zero balance accounts offered by Kotak Mahindra Bank, the Bank’s Kotak 811 Full KYC account is the most useful as it provides its customers with a checkbook, a debit card (if required by paying an additional INR 199) and a free digital debit card.

 

Pros of Kotak 811 Full KYC Account

 

• There is the option of getting a physical debit card.
• This account does not require a cash deposit in order to open it.

 

Cons of Kotak 811 Full KYC Account

 

• SMS alerts are available at a charge.
• You will be able to make just one free financial transaction.

 

Key Features

 

1. As far as NEFT, IMPS, and RTGS are concerned, the facility is available for free.
2. There are no fees for a 1-rupee cash transaction in a month or many transactions worth 10,000 rupees. After this, there will be a charge of INR 4.5 per INR 1,000 transaction.
3. The first five financial transactions per month will not be charged, but thereafter, every financial transaction will be deducted at the rate of 20 rupees per transaction.
4. You will not be charged for checking leaves up to five per quarter, but after that, you will be charged rupees in order to check one leaf.
5. There is a charge of 0.50 paisa per SMS alert that is sent out according to the request of the client for a weekly or daily report.
6. The interest rate for a balance under 50 lakh rupees is 3.50% per annum, and for a balance above 50 lakh rupees, it is 4% per annum.

 

6-Jupiter Savings Bank Account

 

Jupiter’s zero-balance savings account is offered in collaboration with Axis Bank and Federal Bank. The concept of an all-digital bank is quite new to the market, but this savings bank account is quite competitive and offers some great features that are worth checking out.

 

Pros of Jupiter Savings Bank Account

 

• Zero forex charges on international debit card purchase transactions.
• Physical debit card available.

 

Cons of Jupiter Savings Bank Account

 

Demand draft is free just once a year.

 

Key Features

 

1. It is possible to make unlimited payments through NEFT, RTGS, and UPI.
2. There are five IMPS transactions available at the moment.
3. It is possible to obtain a physical debit card (199 rupees is charged just once), as well as a virtual debit card for free.
4. There will be no forex charges applied to international debit card purchase transactions.
5. As a new customer, you are entitled to a free checkbook with 5 leaves. After that, you will be charged a rate of INR 3 per leaf and a courier fee of INR 60 for each kit.
6. There will be a free demand draft once a year, and after that, there will be a charge for the service.
7. There is a limit of five free visits per year to the branch. After that, it will cost INR 50 per visit (branch of the partner bank); thereafter, there will be a charge of INR 1000 for each visit.

 

7-Standard Chartered Bank (Aasaan/BSBDA)

From current accounts to savings accounts, to a variety of loans and financial products, Standard Chartered offers a wide range of banking products and services to its customers. In addition, it offers a variety of savings accounts that cater to the needs of unique segments of society.

 

Pros of Standard Chartered Bank (Aasaan/BSBDA)

 

• Online Banking.
• Platinum debit card.
• Unlimited free ATM withdrawals.
• Free debit card.

 

Cons of Standard Chartered Bank (Aasaan/BSBDA)

 

Bad customer service

 

Key Features

 

1. Using Aadhaar-based eKYC, you can open your Standard Chartered Bank savings account instantly
2. There are no limits to the number of withdrawals you can make at any ATM of any bank
3. With your book and debit card, you will receive a complimentary check
4. Transactions via NEFT / RTGS are free of charge
5. You can withdraw cash from any bank’s ATM as many times as you like, and there is no charge for doing so.

 

8-RBL Zero Savings Bank Account

In addition to offering a zero balance savings account, also known as a Basic Saving Account by RBL Bank, one of the unique features of this account is that it gives you the option to invest in Fixed Deposits (FDs). A deposit of more than one lakh rupees is believed to be the maximum amount that can be made. As part of its deposit/savings schemes, RBL Bank provides its clients with attractive interest rates, and for the savings accounts, the interest rate can go as high as 6.00% per annum.

 

Pros of RBL Zero Savings Bank Account

 

• Transferring funds using NEFT and RTGS is free of charge.
• There is no limit to the number of transactions you can make at RBL Bank’s ATMs.
• Every year, you will receive two free cheque books.

 

Cons of RBL Zero Savings Bank Account

 

• Demand drafts cost 50 rupees.
• Some other features are also paid.

 

Key Features

 

1. It comes with a free RuPay Card with a cash withdrawal limit of Rs. 50,000 for ATM withdrawals and Rs. 30,000 for POS withdrawals
2. Per annum, you will be entitled to two free checkbooks
3. Replacement of a damaged card will be free of charge
4. There are higher fixed deposit rates available to help you grow your money, including tax-saving fixed deposits
5. The bank’s ATMs offer unlimited free transactions

 

9-YES Bank Zero Balance Savings Account

There is a range of savings accounts available from Yes Bank to meet the banking needs of individuals. In addition to savings accounts specially designed for senior citizens, minors, members of the military, and women, some of them also have premium features and benefits, while others are basic savings accounts with a few basic features.

 

Pros of YES Bank Zero Balance Savings Account

 

• Earning Interest
• NetBanking
• Cashless Convenience

 

Cons of YES Bank Zero Balance Savings Account

 

Only the first 5 Transaction at other banks are free

 

Key Features

 

1. As part of their Netbanking services, they offer free RTGS/NEFT payment facilities.
2. You can pay your utility bills through Netbanking for free if you are a registered biller.
3. Netbanking and Branch Banking offer free issuance of Demand Drafts up to a certain limit.
4. We are able to provide Platinum Chip Cards for international use upon request.
5. The savings account customers of Yes Bank receive an ATM-cum-debit card, which provides them with access to a wide network of ATMs located all over the country. If you wish to make transactions abroad, you can also choose an international debit card.

 

10-HDFC Bank – Basic Savings Bank Deposit Account (BSBDA)

 

A Basic Savings Bank Deposit Account, or BSBDA for short, is a form of Savings Account that has no minimum balance requirement. A BSBDA account holder will receive an ATM/Debit card as part of the account opening formalities as part of the account opening process.

Furthermore, the holder of the account will also be entitled to free passbook services and will not be charged for a non-operational account. There are certain numbers of free deposits and withdrawals the bank permits each month, which are subject to a monthly limit.

 

A bank may also offer several other services, such as a checkbook, an e-statement, a demand draft, check collection, and other features, either at no charge or at a nominal fee. As with regular savings accounts, banks offer the same rate of interest on these accounts as they do on regular savings accounts.

 

Pros of HDFC Bank Basic Savings Account

 

• Complimentary RuPay debit card.
• Free e-mail account statements.

 

Cons of HDFC Bank Basic Savings Account

 

A maximum of 4 withdrawals in a particular month

 

Key Features

1. All individual account holders are entitled to a free passbook service
2. The ATMs and branches of the bank offer free cash deposits
3. There are four free withdrawals per month, including cash withdrawals (branch/ ATMs), NEFT/RTGS withdrawals (branch/online), IMPS withdrawals, clearing, funds transfers, internet debits, standing instructions, EMI payments, and POS transactions. If there are more than four withdrawals in a month across any mode of payment, charges will be assessed as per the nature and mode of the transaction.
4. Each financial year, you are entitled to 25 free check leaves

 

Conclusion

We hope you enjoyed our blog about the 10 best zero-balance saving accounts in India. Our article provided a list of the 10 best zero balance saving accounts in India, so you will be able to find one which is perfect for you.

These are some of the best zero-balance saving accounts in the country and will make it easier for you to save money in India. Please contact us anytime if you have any questions or concerns by visiting the comment section.

Frequently Ask Question

Question- Best zero balance saving account?

Answer- Equitas Selfe Savings Account is best.

Question- Any debit card charges in zero balance saving account?

Answer- Depend on the bank, all bank not taken debit card charges. But some bank taken.