10 Best zero balance savings accounts in India (2023)

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The savings account is considered the most basic facility provided by the bank, which involves people from around the globe. In India also, banks have provided customers with different options to attract people to their banks. Among all the features introduced by the banks to attract more customers, the zero balance feature has become much more popular because its features suit the Indian middle class. In the zero balance savings account, the customer is not bound to have some minimum money in their account like the standard account. The government of India took the initiative of providing savings accounts to all the people under the scheme of PMJDY (Pradhan Mantri Jan Dhan Yojana). The zero-balance savings account doesn’t have a minimum balance to maintain continuously. For people who spend most of their time rather than saving money, this account becomes very helpful. Middle-class people who save a small amount of money from time to time also benefit from zero-balance savings accounts because they have no minimum balance to maintain. So, most banks encourage customers to begin their savings journey by opening a zero-balance savings account. There are many banks present in the market that offer better features in their zero-balance savings accounts. So, you must choose the best of all the options. First of all, let us know what a zero-balance savings account is.

Banks are generally considered the safest and the perfect place to save money. The banks also provide interest for the savings of the customer. To attract more customers and make the saving process more accessible, the banks introduced the feature of zero-balance savings accounts. The zero balance savings account is a bank account that doesn’t demand the customer to maintain a minimum balance in their account always. Opting for a zero-balance savings account is a very wise move for people who don’t want to undergo the bother of keeping a minimum balance maintained in their account. The balance in a customer’s account can go as low as zero, and no penalties will be applied to the customer. Listed below are the best zero-balance savings accounts in India.


1. IDFC first bank pratham savings account

The IDFC bank tops the list because of its feature of allowing unlimited customer withdrawals at any ATM. The zero balance savings account falls under the scheme called IDFC’s first bank pratham savings account. Opting for this savings account enables the customer to sign up for net banking, and it has no hidden charges too. The customer also receives the debit card and bank passbook and can do online transactions through UPI on their mobiles. The users can also generate the mini statement for their transactions. The IDFC bank currently provides an interest rate of 6 percent p.a., which makes it a great platform to save your money. The IDFC’s first bank pratham savings account is also a BSBDA, i.e., Basic Saving Bank Deposit Account. Customers who don’t have any BSBDA account in any other bank can have their Pratham savings account.

2. ICICI zero balance savings account

The ICICI bank has become a very popular and trusted bank in India due to the technologies incorporated into the banking process of ICICI. The bank claims to be utilizing 256-bit encryption, and it offers excellent security along with saving accounts that have internet banking, free deposits, checkbooks, etc. The customer can also enjoy the bank’s advantage with the ICICI bank BSBDA. The zero balance savings account in ICICI bank has been designed to assist the customers’ savings. The zero balance savings account provides an interest rate of 3 percent p.a. Along with the no need to maintain the monthly minimum balance, the bank also gives some other benefits like access to more than 15000 ATMs around the country, no initial deposit amount required, etc. The bank also has the option to have two modes of holding an account, either single or joint. The user acquires a Rupay debit card, free cashbook, internet banking, and mobile banking facility also provided by the bank.

3. DBS Digi savings bank account

The DBS Digi savings account is another basic account that allows you to make your banking transactions. The features provided by this bank are no minimum amount requirement, access to unlimited withdrawals and deposits in a month across all the channels, which also include ATM withdrawals, and also avail essential banking services. The account comes under the PMJDY; the zero balance savings account also. Having an account in the bank would provide the user with a free debit card for a transaction and a bank passbook, and the bank account can also be used for daily transactions like deposits or withdrawals. DBS also provides a DBS international platinum card to its customers, which cannot be matched by any ordinary card. This premium card enables the user to avail of the offers and cashback from all around Asia, and it also allows the user for higher cash withdrawals.

4. SBI basic savings bank account

The state bank of India provides users with many savings account options. The zero-balance savings account is the starting of the savings bank category. The zero balance savings account can be obtained by any person provided they have valid KYC documents, and it is available at all the branches of SBI across India. SBI provides an interest rate of 2.70 percent per annum for zero accounts. The bank also provides its customers with the Rupay debit card; no minimum balance is required, and it also doesn’t have a limit on the highest amount one can save in that account. The bank also allows the user to withdraw through any form at all the SBI branches and ATMs. The user also enjoys the features of mobile banking, NEFT, and RTGS. However, no checkbook is available in SBI for zero-balance savings account users.

5. RBL zero savings bank account

The RBL zero savings bank, along with the standard features provided by the other banks, provides an exciting option for zero-balance savings account users to invest in FDs. The maximum saving amount in this bank is believed to be one lakh. The RBL bank provides various interest rates for different accounts, and the interest rate for the savings account can go as high as 6 percent p.a. The RBL zero balance savings account has some other features also. The bank provides the user with a Rupay debit card; the cash withdrawal limit is 50000 for ATMs and 30000 for POS. Free transaction through NEFT AND RTGS is also provided by the bank; there is no limit on transactions through ATMs, access from any RBL branch, or two checkbooks, and the user also gets higher fixed deposit rates. The users can also use mobile banking and SMS banking, receive E-statements, and make online bill payments. The customer can also get a free replacement for a damaged card. However, the account can only be opened after visiting any RBL branch across India.

6. Kotak 811 Zero Balance Account

The zero balance savings account of Kotak has zero minimum amount and zero maintenance fees. When a user opens an account, the user will get a virtual debit card from the bank for online purchases and transactions. The users will also get a credit card after opening an account which they can use for a lifetime and will get upto a 4 percent interest rate per year. The savings account in Kotak bank enables the user to transfer funds without any charges, pay bills, invest for the future, and many other things. The account has unlimited validity, and the withdrawal and deposits have no limit. The account can be opened easily through the online method by verifying KYC through video.

7. YES bank zero balance savings account

YES bank has various accounts available for saving. The zero balance savings accounts are:- Smart Salary Exclusive, Smart Salary Platinum, and Smart Salary Advantage. The YES bank’s savings accounts also provide users with the same services. The users have access to mobile banking, can view their account summary, have the statements, can transfer funds, and access accessible payment facilities using RTGS and NEFT. IMPS facility is also provided by mobile banking, and the users also get 24*7 banking assistance, e-statements, free issuance of the demand drafts, can pay the loan EMIs, and get all the insurance premiums in one place. The YES bank savings account has free and unlimited transactions at YES bank and the ATMs of other banks around India. The user also gets a withdrawal limit of 75000 rupees for domestic and international ATMs daily.

8. HDFC bank’s basic savings bank deposit account

HDFC bank has been a leading bank that attracts many people to open their savings accounts. HDFC bank’s BSDBA pr primary savings bank deposit account is a zero balance savings account that will meet all the needs regarding savings of a customer. The savings account in HDFC bank also does not require a minimum balance to be maintained. The account holder can have zero balance and will not be penalized. The user also gets access to all the branches of HDFC bank and all the ATMs around India. The user can check the balance and other information of their account and also have the ability to transact online through UPI on their mobiles. The user also receives e-statements and SMS, which helps the user control the expense. The savings account also provides users with a safe deposit locker and super saver facilities. The user can deposit cash free of cost at the branches of HDFC and all ATMs.  The user gets a free Rupay card, 25 free cheque leaves, free lifetime BillPay, and email statements, and is also eligible to make four monthly withdrawals.

9. IndusInd Bank Zero Balance Savings accounts

The Indusind bank savings account provides customers with an exciting option of swift internet banking through mobile, banking at the doorstep, personalized account numbers, and many more options. The zero balance savings account of Indusind bank is known for its zero balance savings accounts like Indus small savings account, Indus delite:Zero Balance Savings account, and Indus Easy: BSBD Accounts.

The Indus small savings account has a lot of benefits, and it has very minimal requirements. The customer can have a zero-balance account and still enjoy all the banking facilities and services provided by the bank. The user also gets a Rupay card upon opening an account. The Indus delite savings account can be opened by anyone from any place. The savings account has no restrictions. The user also gets attractive cashback on the e-commerce platforms

The user also gets 6x returns on the money spent through the debit card.

The Indus easy: BSBD savings account is a BSBDA. This account can offer the customer maximum benefits with minimum requirements. The user also receives a Rupay debit card after opening an account. All the savings mentioned above account options provide internet banking to the customers.

10. Axis Bank Basic Savings Account

Axis bank also provides a variety of savings accounts to its customers. Zero balance savings accounts are also included in those savings accounts. The basic savings account provided by Axis bank is a part of the PMJDY scheme, and the zero balance savings account provided by Axis bank gives the best-in-class banking facility to the users. The customers can have cash deposits free of cost and access to different branches of Axis bank and ATMs across India. Zero accounts also provide the option of internet banking through mobile. The basic savings account also provides the service of SMS alerts, e-statements, a free Rupay debit card, and a passbook. The user can earn an interest of 3-4 percent on the daily balance quarterly.


The zero-balance savings account has become popular in the country, especially among low-wage earning people and students. All the banks do not offer the best services in zero accounts. To avail of the best benefits of those banks, you should start saving your money in the best savings accounts provided by the banks, where you have to maintain a minimum balance. The user should understand all the terms and conditions before signing up to open an account. Some banks provide zero account service for one year and then turn those accounts into regular accounts. So, the user should research before opening a zero account in a bank to gain the maximum benefits with the minimum requirements.

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The Financial Blaze Team

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