12 Best Zero Balance Bank Account in India

Do you get bored of keeping a minimal amount in your bank account?

Are you weary of paying penalties for not keeping that balance?

You’re not alone, though. Many Indians struggle to have a minimum amount in their bank accounts, but with the emergence of zero-balance bank accounts, this is no longer an issue.

This post will go through the top nine greatest zero-balance bank accounts in India, as well as their characteristics and how they might help you. We have covered everything from government-owned banks to commercial banks. A zero-balance bank account is a terrific alternative for anybody trying to save money, whether you’re a student, a small company owner, or just someone looking to save money.

So sit back, relax, and let’s get started on finding the best zero-balance bank account for you!

Equitas Bank Digital Savings Account

Since its founding in 2007, Equitas Bank has offered its clients cutting-edge banking options. Their Digital Savings Account is one such option, which is ideal for those who like the ease of doing their banking from home. This account is simple to set up and has no minimum balance; all you need is your PAN and Aadhaar card.

Additionally, there is no need to physically visit any branches because the account is entirely digital. Through the bank’s mobile application, which works with iOS and Android devices, you may simply manage your account.

The bank also guarantees lifelong free accounts and full KYC compliance for each account. It is the ideal choice for time-constrained people who value comfort and simplicity.

1. Minimum Balance Requirement:- Nil
2. Fees and Charges:- Nil (No hidden charges)
3. Ease of account opening and maintenance:- The Equitas Bank Digital Savings Account is a fully digital account that can be easily opened online using just your PAN and Aadhaar card. No need to visit a branch.
4. Interest Rates:- Interest is credited quarterly. Following are the interest rates.
   

   Up to ₹ 1 lakh	3.50%
   ₹ 1 lakh – ₹ 5  lakhs	5.25%
   Above ₹ 5 lakhs	7.00%

5. ATM Cash withdrawal:-  Free for their own ATMs. For other ATMs, 3 transactions and 5 transactions are allowed in metro and non-metro cities, respectively.
6. Debit card:-  5 types of debit cards available ( Visa Classic, Visa Gold, Visa Platinum, Visa Signature)(Charges vary accordingly)
7. Cheque Book:- A single checkbook free of cost per annum.
8. Digital Banking Services:- Free NEFT/IMPS/RTGS transactions with net banking, but fees may apply for branch transactions.
9. Eligibility Criteria
   • Above 18 years of age
   • Indian residents
   • PAN and Aadhaar card required
10. Additional Benefits
    • Facility of joint account
    • Flexible Cash Withdrawal
    • Balance Transfer
    • Minimal Paperwork
    • Less operational cost

AU Small Finance Bank Digtal Account

AU Small Finance Bank has made a name for itself in the digital banking space by launching a wide range of digital accounts catering to the needs of different customers. The bank’s zero balance digital account, known as AU Digital, offers a convenient and easy way for customers to perform all their banking and finance-related work via video calls.

This means that customers can get their queries resolved by a bank employee live, without having to visit a branch.

Additionally, the bank has also launched other digital account options such as Platinum and Royale, each catering to specific needs and providing unique benefits to customers. With AU Small Finance Bank’s digital accounts, customers can enjoy the convenience of banking from the comfort of their own homes.

1. Minimum Balance Requirement:- Nil
2. Fees and Charges:- Nil
3. Ease of account opening and maintenance:- This all-digital account can be opened via video call with bank officials, using your PAN and Aadhaar card as the only required documents.
4. Interest Rates:- Interest is credited every month, at the following rates:
   

   Under 1 lakh	3.5%
   1 lakh – 10 lakh	5%
   10 lakh – 25 lakh	6%
   25 lakh – 1 crore	7%
   1 crore – 10 crore	6%

5. ATM Cash withdrawal:-Unlimited free transactions at AU Small Finance Bank ATMs and other bank ATMs.
6. Debit card:- Rupay Platinum Debit Card. Issuance and an annual charge of Rs. 150+ GST
7. Cheque Book:- 25 leaves provided free of charge per annum.
8. Digital Banking Services:-Free NEFT/IMPS/RTGS transactions via net banking or video call.
9. Eligibility Criteria 
   • Above 18 years of age
   • Indian residents
   • PAN and Aadhaar card required
10. Additional Benefits
    • Domestic airport lounge access – two visits per quarter.
    • Video banking services and transactions.
    • 24×7 access to funds through the bank’s mobile app and online banking portal.
    • Wide array of products including lockers, Demat, mutual funds, loans, and insurance.
    • Paperless banking experience.

SBI Basic Savings Account

State Bank of India, sometimes known as SBI, is a name that is closely associated with dependability and confidence. SBI has been around for more than 200 years and has endured to become one of the most reputable banks in the nation. The Basic Savings Bank Deposit Account, usually referred to as the PM Jan Dhan Yojana account, is one of the bank’s most well-known products. This easy savings account has no balance and is intended for people who want a simpler banking option.

This government-sponsored program targets lower-income groups in society in an effort to promote savings among them without causing them to worry about minimum balance penalties. The account can be opened at any SBI bank, which has more than 22,000 locations throughout India. The account is ideal for people who wish to keep their money straightforward and well-organized or who want to start saving for the future.

1. Minimum Balance Requirement:- Nil.
2. Fees and Charges:- Nil
3. Ease of account opening and maintenance:- To open an account, customers simply need to fill out an application form and provide the necessary identification and address documents, such as
   • Aadhaar Card, Voter ID Card, PAN Card, or Driving License.
   • Two passport-size photos are also required.
4. Interest Rates:- Customers with balances of at least 1 lakh rupees earn an interest rate of 3.25%, while those with less earn 3.50%.
5. ATM Cash withdrawal:- Customers are entitled to 4 free ATM withdrawals per month, including withdrawals from both SBI and other bank ATMs. Transactions beyond the free limit will incur a fee of INR 20 plus 18% GST.
6. Debit card:- Customers can apply for a free RuPay debit card that does not have any AMC (Annual Maintenance Charges).
7. Cheque Book:- Not available
8. Digital Banking Services:- Electronic money transfer services like NEFT and RTGS are free to use.
9. Eligibility Criteria:-Any resident Indian with the necessary KYC documents, such as a PAN card or Aadhaar card, can open an account.
10. Terms and conditions:- Customers cannot hold any other savings account with the bank while they have a Basic Savings Bank Deposit account. If they already have a savings account, they must close it within 30 days of opening their BSBD account.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- No extra charges to worry about. However, a small surcharge of 2.5% or Rs. 10 (whichever is greater) will be applied at petrol stations.
3. Ease of account opening and maintenance:– To open a zero-balance savings account with Fi, all you have to do is download the app on your android or IOS device. Since the app is specifically designed for working professionals, a simple screening process will be conducted to verify your employment status, which should take no more than 5 minutes.
4. Interest Rates:– 2.4% for balances under 5 crore
5. ATM Cash withdrawal:- Withdrawals at Federal Bank ATMs are free of charge. At other ATMs, you can make five free transactions each month, after which a fee of₹20 will be applied per transaction.
6. Debit card:- When you open a Fi Savings Account, you will receive a complimentary VISA Platinum Debit Card with no issuance or annual maintenance fees and no international transaction fees
7. Cheque Book:- You will receive two chequebooks containing five cheque leaves, delivered to your doorstep every six months free of charge
8. Digital Banking Services:- NEFT and RTGS transactions are available online with no additional fees.
9. Eligibility Criteria:- To open an FI Money Savings Account, you will need to provide the following documents:
   • 2 passport-sized photographs
   • Proof of address (Aadhaar Card, Voter’s ID card, valid driving license, passport, NREGA job card signed by a Government official)
10. Additional Benefits
    • Enjoy the convenience of no physical branches or lengthy documentation,
    • an easy-to-use interface design,
    • and incentives such as Fi coins, which can be redeemed at select retailers.
    • You will also be assigned a personal assistant to assist you with your account.

Kotak 811 Digital Bank Account

Kotak Mahindra Bank, a reputable name in the Indian banking industry, offers a unique digital banking solution with their Kotak 811 Digital Bank Account. This innovative account comes in three different variants, each tailored to meet the specific needs of its customers. The level of Know Your Customer (KYC) verification required for each variant varies, with stronger verification leading to access to more services.

The full KYC variant of the Kotak 811 account is particularly noteworthy, as it is a zero-balance account that provides customers with a wide range of benefits and services despite not requiring any minimum balance. This account is designed for those who seek a convenient and hassle-free banking experience. With the full KYC variant of Kotak 811, customers can enjoy the full suite of digital banking services while having their funds insured up to a certain limit as per the RBI regulations.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- No hidden fees
3. Ease of account opening and maintenance:– Quick and easy online process to open a Kotak 811 account with no need for physical branches or extensive paperwork
4. Interest Rates:-Attractive interest rate of 3.5% for deposits up to 50 lahks and 4% for deposits above that amount
5. ATM Cash withdrawal:- No charges for cash withdrawals
6. Debit card:- Virtual prepaid card is available, and the option to add a physical debit card with an annual fee of INR 299 (including GST)
7. Cheque Book:- INR 3 per cheque leaf
8. Digital Banking Services:– Convenient online transactions with NEFT/RTGS/IMPS available at no extra cost
9. Eligibility Criteria:- To be eligible for a Kotak 811 account, you must be:
   • 18 years of age or older
   • Have a valid Aadhaar and PAN card
   • A resident of India with an Indian address
   • Not currently hold any previous relationship with Kotak Mahindra Bank
10. Additional Benefits
    • 24/7 access to your account through the internet and mobile banking
    • Over 180 features including bill payments, investment options, and more
    • Secure app with two-factor authentication and a user-friendly interface

Indus Digi-Start: Digital Savings Account

IndusInd Bank has a long-standing history of providing innovative banking solutions catering to the diverse needs of its customers. One such offering is the IndusInd Bank Savings Account, which offers a wide range of options to choose from, be it for a high-end lifestyle or for running a business.

With the IndusInd Bank Savings Account, customers can enjoy the flexibility and convenience of banking with one of India’s leading private sector banks. From privileges such as 24/7 banking access, dedicated relationship managers, and exclusive offers, IndusInd Bank Savings Account is the perfect choice for anyone looking for a comprehensive banking experience.

1. Minimum Balance Requirement:– Initial deposit of INR 20,000 is required to open an Indus  digi-start savings account
2. Fees and Charges:- Enjoy all the benefits of this account with no non-maintenance charges after the initial deposit
3. Ease of account opening and maintenance:– Open a digital savings account with IndusInd Bank without ever having to step foot in a physical branch. Simply fill out an online application form and have your Aadhaar and PAN card handy.
4. Interest Rates:– Earn 3.50% interest on balances up to INR 1 lakh
5. ATM Cash withdrawal:- Withdraw cash for free at any ATM in India using your IndusInd Bank debit card
6. Debit card:- Receive a titanium debit card for INR 249 + GST. The card also includes liability coverage of INR 1 lakh and purchase protection of INR 50,000
7. Cheque Book:- Free chequebook included with the account
8. Digital Banking Services:– Utilize IndusInd Bank QuickPay for easy and fast money transfers via SMS, email, or social platforms without needing the receiver’s bank account information
9. Eligibility Criteria:- To open an Indus digi-start   savings account, you must have:
   • A valid Aadhaar number linked to your mobile number
   • A physical copy of your PAN card
   • A camera on your mobile device or desktop 
10. Additional Benefits
    • Cashback: INR 500 on various transactions such as recharges and cab bookings
    • Special deals: Offers on travel, fashion, and shopping periodically
    • Option to choose your own account number, whether it be your phone number, date of birth, or a lucky number of your choice!

DBS Digi Savings Bank Account

Leading Asian financial institution DBS Bank offers a digital savings account that is created to fulfill the demands of today’s tech-savvy people. There is no minimum balance requirement to create or keep the DBS Digi Savings Bank Account active because it is a zero-balance account. This account may be accessed using the bank’s digital channels, including mobile banking and internet banking, and is simple to open without the need for any paperwork. You may easily carry out activities including deposits, withdrawals, and fund transfers using the DBS Digi Savings Bank Account.

The account also comes with a free debit card and passbook that you can use for your daily banking needs. Additionally, customers can also enjoy the benefits of DBS’ International Platinum Debit Card, which provides a range of offers and benefits across Asia, including cashback on all spending, exclusive deals for shopping, travel, and leisure, higher withdrawal and spending limits, and competitive foreign exchange rates.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- Zero fees for account opening or maintenance
3. Ease of account opening and maintenance:–  Easily open a digital savings account with DBS Bank by visiting the website or using the mobile app. Make sure you have your PAN Card, ID, and proof of address documents ready for a seamless process.
4. Interest Rates:– Enjoy an interest rate of 3.25% on deposits up to INR 1 lakh, with interest paid on a quarterly or other basis as determined by the bank.
5. ATM Cash withdrawal:- Unlimited free withdrawals via ATMs and other channels.
6. Debit card:- Receive a complimentary DBS International Platinum Debit Card with your account
7. Cheque Book:- Free chequebook provided with your account
8. Digital Banking Services:– Enjoy free online money transfer services with RTGS, IMPS, and NEFT.
9. Eligibility Criteria:- Anyone who is a resident Indian, NRI, Hindu Undivided Family, or foreign national can open a savings account with DBS Bank. You will need to provide proof of identity and address as per the KYC requirements.
10. Additional Benefits
    • Unlimited monthly deposit capability
    • Free passbook for easy account tracking
    • Use your account for daily transactions, such as deposits, withdrawals, and remittances.
    • Free monthly statements
    • Replacement of lost, stolen, or damaged card at no cost

HDFC Basic Savings Account

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- There are no fees associated with opening a Basic Savings Bank Deposit Account with HDFC Bank. Additionally, a Debit Card will be provided to you at no cost.
3. Ease of account opening and maintenance
   • You may choose to open your account in person at an HDFC Bank branch and receive assistance from a designated employee.
   • Alternatively, you can open your account online by simply providing your mobile number and uploading your form and necessary documents.
4. Interest Rates:– Earn a 3% interest rate on balances up to 50 lakhs
5. ATM Cash withdrawal:- Four complimentary withdrawals per month through any method including cash withdrawals at a branch or ATM, NEFT, RTGS, IMPS, Clearing, DD/MC issuance, etc.
6. Debit card:- Access your account with a complimentary Rupay Card
7. Cheque Book:- 25 complimentary cheque leaves per financial year. Additional chequebooks can be purchased for 25 leaves at a cost of Rs 100/- (Rs.75 for senior citizens)
8. Eligibility Criteria:- 
   • Resident Individuals (sole or joint account)
   • Hindu Undivided Families
   • Must not have an existing BSBD Account with any other bank
   • Must not have any other Savings account with HDFC Bank
   • Minors above the age of 10 years are eligible to open self-operated minor accounts and receive an ATM/Debit card
9. Additional Benefits
   • Safe Deposit Locker and Super Saver facilities are available
   • Free passbook service for all individual account holders
   • Complimentary cash deposits at branches and ATMs
   • Lifetime BillPay at no cost
   • Free e-mail statements for account balance, paying utility bills, or stopping cheque payments via SMS

Standard Chartered Basic Account 

Since its founding in 1853, Standard Chartered Bank has a long and illustrious history of offering financial services to both individuals and companies. The bank’s dedication to making banking straightforward and available to everyone is demonstrated through the Basic Account, a no-frills savings option. This account is the ideal option for people searching for a simple method to manage their funds because it has no minimum balance restrictions.

The Basic Account from Standard Chartered is the best option whether you’re just getting started or searching for a trustworthy account to manage your regular transactions. Anyone searching for a hassle-free banking experience will love how simple it is to open and manage.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- Zero fees for opening and maintaining a Standard Chartered savings account.
3. Ease of account opening and maintenance:– To open an account with Standard Chartered, visit one of their branches and fill out an application form with your personal information and submit any required documents
4. Interest Rates:– 2.75% on balances up to 50 lakh
5. ATM Cash withdrawal:- Enjoy unlimited, free withdrawals from any ATM in the country.
6. Debit card:- Obtain a complimentary debit card for easy access to your funds and to make purchases.
7. Cheque Book:- Receive a complimentary, multi-city chequebook for your convenience.
8. Digital Banking Services:– Transfer money quickly and without additional charges using NEFT, IMPS, and RTGS.
9. Eligibility Criteria
   (i) Resident individual

   (ii) Accepted forms of identification and proof of address include:

   • Passport,
   • Driving license
   • Proof of possession of Aadhaar number
   • Voter’s Identity Card issued by the Election Commission of India
   • Job card issued by NREGA
   • Letter issued by the National Population Register containing details of name and address.
10. Additional Benefits
    • Unrestricted access to any Standard Chartered branch in India with no extra charges.
    • 24/7 phone and online banking services for assistance with any issues.
    • Access to a variety of instant payment solutions including UPI, Bharat QR, Bharat bill payment solutions, and Samsung Pay.

ICICI Basic Savings Account

ICICI Bank, one of India’s leading private sector banks, offers a Basic Savings Account to customers looking for a simple and accessible way to manage their finances. Established in 1994 and headquartered in Mumbai, ICICI Bank has a wide network of branches and ATMs across the country.

With the introduction of the Pradhan Mantri Jan Dhan Yojana (PMJDY), ICICI Bank has made it even easier for people from all walks of life to open a savings account, regardless of their financial situation. This initiative, launched by the Indian government, aims to provide financial inclusion and access to credit for previously excluded sections of society, and ICICI Bank’s Basic Savings Account is a key component of this effort.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:-No deposit needed to open an account
3. Ease of account opening and maintenance 
   • You can apply for ICICI Basic savings account by visiting their website or by calling their customer care service.
   • You can also visit the nearest ICICI bank branch and request to open an account.
4. Interest Rates:– 3% for balance under 50 lakhs. Interest will be paid every quarter.
5. ATM Cash withdrawal:- First 5 transactions are free of charge. Each withdrawal after that will cost you Rs 20.
6. Debit card:- You get a free Rupay Debit Card with no annual charges. The daily spending/withdrawal limit is INR 10,000.
7. Cheque Book:- One chequebook is provided free of charge. Each additional chequebook will cost you Rs 20
8. Digital Banking Services:– Free transfer of funds using NEFT & RTGS
9. Eligibility Criteria
   • You must be an Indian resident above 18 years of age.
   • NRIs are not eligible to open this account.
   • You are not holding any other savings account, including a BSBDA with ICICI bank
   • You are applying for the account in your individual capacity and not as a Karta of Hindu Undivided Family (HUF)
10. Additional Benefits
    • You get free cash deposits
    • Passbook facility is available for free Internet Banking
    • Mobile Banking is available upon request
    • Offers a single or joint mode of holding
    • Access to 15000+ ATMs across India

RBL Basic Savings Account

The Ratnakar Bank Limited, often known as the RBL, is a respectable organization that has been helping the Indian people for more than 70 years. Since its founding in 1943, the bank has expanded to include more than 300 branches and offices in significant cities all across the nation.

RBL has made a reputation for itself in the banking sector by putting a strong emphasis on addressing the financial requirements of a varied variety of clients, including women, senior persons, and those in the workforce. The Basic Savings Account, one of their numerous products, is a straightforward choice for anybody eager to start saving and taking control of their money.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- No additional charges
3. Ease of account opening and maintenance:– Open an RBL Bank savings account with ease by visiting the RBL Bank website and following a few simple steps. An alternative option is to give a missed call at 9355-71-9355 to quickly start your savings account.
4. Interest Rates:– 4.25% p.a. on balances of up to Rs. 1 Lac, calculated on a daily basis
5. ATM Cash withdrawal:- Enjoy unlimited free transactions at RBL Bank ATMs. The withdrawal limits are set at 50,000 rupees for ATMs and 30,000 rupees for POS.
6. Debit card:- Obtain a complimentary RyPay Card free of cost
7. Cheque Book:- Receive 2 complimentary payable at par cheques per year, with 40 leaves in each book
8. Digital Banking Services:– Transfer funds for free using NEFT & RTGS
9. Eligibility Criteria:- To apply for an RBL Bank savings account, the applicant must be a resident Indian and 18 years of age or older. The Executive Plus Account requires a minimum net salary of Rs.50,000 per month
10. Additional Benefits
    • Phone Banking
    • Mobile Banking
    • SMS Banking & Alerts
    • E-Statements
    • Internet Banking
    • Online Bill Payment Services
    • Access to any RBL branch across India
    • Free replacement of damaged cards
    • Increased FD rates for active RBL account holders

Axis Basic Savings Account

One of the top private sector banks in India, Axis Bank, is known for giving its clients excellent financial services. Since its founding in 1993, the bank has developed into one of the most reputable and admired financial organizations in the nation. The bank’s Basic Savings Account, which enables users to take advantage of the greatest services without having to maintain a minimum amount, is one of its most well-liked products. Customers may now create a Basic Savings Account with Axis Bank by making a simple video chat with a representative due to the bank’s dedication to innovation and technology.

1. Minimum Balance Requirement:– Nil
2. Fees and Charges:- No extra costs. INR 500 as an account closing fee
3. Ease of account opening and maintenance:-Quickly open an account by applying online and completing a video call verification with bank officials. No paperwork is required, just bring your PAN and Aadhaar card.
4. Interest Rates:– Interest is calculated on a daily basis and credited to the account quarterly. The rate varies based on the account balance and currently ranges between 3% and 3.5%
5. ATM Cash withdrawal:- Daily withdrawal limit of INR 40,000 with 4 free withdrawals per month
6.  Debit card:- Free RuPay Debit Card with no issuance or annual fees
7. Cheque Book:- 1 complimentary chequebook per quarter. Additional cheques at INR 4 per leaf
8. Digital Banking Services:– Effortlessly transfer funds online with NEFT/RTGS/IMPS at no additional charge
9. Eligibility Criteria:- Eligible applicants must be Indian residents without an existing savings account at Axis Bank and will need to provide two recent passport-sized photos, as well as proof of identity and address.
10. Additional Benefits
    • Free cash deposits
    • Convenient banking with access to multiple branches and ATMs across India
    • Internet and Mobile Banking services
    • E-statements, SMS alerts, and a passbook for easy account management

In India, having a bank account with no minimum balance requirement may be quite advantageous financially, especially for individuals seeking an account without a minimum deposit requirement.

These accounts make banking more accessible and convenient by providing free debit cards, free ATM withdrawals, online account setup, digital banking services, and more. They also offer wonderful opportunities for people to save money because they don’t have to worry about paying fees for keeping low balances.

Overall, anyone wishing to create a new bank account or transfer to a more economical banking provider should consider these zero-balance bank accounts.