Top 12 Zero Balance Savings Accounts in India for 2024

Posted by  Fintra , updated 2023-12-06

Top 12 Zero Balance Savings Accounts in India for 2024

Savings bank accounts are considered the most basic banking facility which engages people worldwide. In India, various banks have successfully introduced several attractive features to make their bank accounts popular. Amongst these features include the zero balance savings account, wherein there is no compulsion to have a minimum balance. Some banks began this feature as a result of the Government of India’s initiative of providing savings bank accounts to all citizens under the Pradhan Mantri Jan Dhan Yojana (PMJDY). In general, a zero balance savings account is a type of account where the individual doesn't have to maintain any minimum balance. At times, since maintaining a minimum balance can be a tough task, especially for those who are more of a spender than a saver, having this type of account helps substantially. Thus, a majority of Indian banks enable customers to open such accounts and begin their savings journey. 

However, with innumerable options in front, picking the best one out of the rest can appear to be an arduous task. Hence, keeping that in mind, Fintra has compiled and curated a list of the Top Zero Balance Savings Accounts India in 2024. The topics we'll cover are:

  1. What is a Zero Balance Savings Account?
  2. Top 12 Zero Balance Savings Account India

                     savings account benefits

What is a Zero Balance Savings Account?

In general, banks are considered the perfect financial institutions, which enable one to make considerable savings if one ever thinks about savings. For these reasons, banks invented zero balance savings accounts to make it easier for users to save money and at the same time have a bank account. Due to its growing popularity, a broad list of Indian banks now provides some excellent features and interests on the savings a user makes.

Going more in-depth, a zero balance savings account is a type of deposit account which doesn't demand users to keep a minimum balance in their account. In fact, for customers who desire to open a savings account without undergoing the botheration of maintaining a minimum balance, opting for a zero balance savings account will be a wise decision. For example, in this type of savings account, users aren't required to maintain a minimum balance- the account balance can go down to Rs. 0 without attracting any penalties. Other features associated with this account may also include rendering free withdrawals from the account. Above all, a zero balance savings account possesses all the standard services as compared to regular savings account in India. 

Top 12 Zero Balance Savings Account India

Below is the list of the few top Indian banks that offers a zero balance savings account:

1. IDFC First Bank Pratham Savings Account: One of the primary reasons why IDFC Bank tops the list is because it comes with the advantage of making limitless withdrawals at any micro ATM. This zero balance savings banks account falls under a unique scheme known as IDFC First Bank Pratham Savings Account and it enables you to sign up for mobile and net banking features at no hidden charges. As of now, users can obtain attractive interest rates up to 6% p.a. on their balance. Along with the above mentioned features, users will acquire free debit cards, chequebooks, make hassle-free online bill payments, and can generate mini statements. Users can even obtain entire access to Digital banking and avail other regular benefits as well of this zero balance savings account.   

Please note that the Pratham Savings Account is a Basic Saving Bank Deposit Account (BSBDA), and can be opened by customers who don't hold any other savings bank account in IDFC FIRST Bank or any BSBDA Account with any other bank. The bank even offers Small Basic Savings Deposit Account, which is a zero balance account that can be opened for eligible customers who don't have an existing savings account with IDFC FIRST Bank or any other bank. 

2. ICICI Zero Balance Savings Account: In India, ICICI Bank is a prominent bank primarily due to the technology it has implemented into its banking facilities. Claimed to utilize 256-bit encryption, it offers robust security features along with multiple savings accounts that are packed with internet banking facilities, free cash deposits, chequebooks, and lots more. Amongst its various savings accounts, one can enjoy the advantages of the zero balance requirement with ICICI Bank Basic Savings Bank Deposit Account (BSBDA). This account has been designed to assist in saving up consistently, and their zero balance savings account offers interest at attractive rates, starting from 3% p.a. A few other benefits and features include gaining access to 15000+ ATMs across India, no minimum Monthly Average Balance (MAB) required, no initial deposit required to open an account, it offers a single or joint mode of holding, acquire a free Rupay Debit Card facility, free cash deposits, free passbook facility, and internet banking and mobile banking features are available on request.

3. DBS Digi Savings Bank Account: The Basic Savings Bank Deposit Account offered by DBS is a simple basic account for regular banking transactions. Its attractive features include no minimum balance requirement, make unlimited withdrawals in a month across all channels including ATM withdrawals, avail basic banking services and cheque books, and in a month there's no limit on the number of deposits that can be made. 

This account falls under the Pradhan Mantri Jan Dhan Yojana, the zero balances savings account, also known as the Basic Savings Bank Deposit account. It will provide you with a free debit card and passbook, and the account can be used for daily needs like deposits, withdrawals, remittances, etc. You will also avail the DBS International Platinum Debit Card, which simply can't be matched by other ordinary cards. The DBS International Platinum Debit Card opens the gates to worldwide rewards and privileges, including cash back on all spending and exclusive offers for shopping, travel, and leisure across India. Other benefits of this Premium Card are getting special privileges and offers across Asia, higher cash withdrawal and spending limits, and obtaining the most competitive rates on foreign exchange.

For more details please click here.

4. SBI Basic Savings Bank Account: SBI offers a broad range of savings bank accounts; its zero-balance savings account is the starting point for the savings banks category. This account can be obtained by any individual provided they have valid KYC documents, and it’s available at all branches of the State Bank of India. The zero balance savings account offers interest at attractive rates, starting from 2.70% p.a. Other benefits include no minimum balance amount requirement, no upper limit to the maximum balance in the account, obtain a basic Rupay ATM-cum-debit card, making withdrawals using a withdrawal form at any SBI branches/ATMs, and enjoy the features of mobile/net banking that also includes UPI, RTGS, and NEFT. As of now, it's been stated that there is no chequebook facility available.

For more details please click here

                                   open zero balance savings account

5. RBL Zero Savings Bank Account: One of the unique features of the RBL zero balance savings account, also known as the Basic Saving Account, is that it offers the ability to invest in FDs. It's believed the maximum deposit one can make is up to Rs. 1 Lakh. The RBL Bank provides attractive interest rates on various deposit/savings schemes, and for the savings accounts, interest can go up to 6.00% p.a.

RBL zero balance savings account's other features include obtaining a free Rupay Card with cash withdrawal limit of Rs. 50,000 for ATM and Rs. 30,000 for POS, free fund transfers using NEFT and RTGS, unlimited free transactions at RBL Bank's ATMs, access the account from any RBL branches in India, two cheque books (40 Leaves) free per annum, and get higher Fixed Deposit rates including tax savings deposits. Users can also ease the journey of using this account by making use of phone/mobile banking, SMS Banking and Alerts, receive E-Statements, Internet Banking facilities, and make online bill payment services. One can get free replacement of a damaged card as well. This account can only be opened by visiting any branch of RBL Bank. 

For more details please click here

6. Kotak 811 Zero Balance Account (Kotak Mahindra Bank-811 Digital Bank Account): Kotak 811 is a zero balance savings account that has zero charges and maintenance fees. Upon opening the account, users will instantly get a virtual debit card which can be used for online purchases and other online transactions. Along with the virtual debit card, users will also get a credit card free for a lifetime, and can get up to 4% interest p.a. This digital savings account enables users to do regular banking activities like transferring funds online for free, paying bills, investing, and more. It has unlimited account validity and unrestricted deposits and spends. It's extremely easy to open this online digital bank account as you can complete the verification through Video KYC. Along with the above mentioned cards, when joining this account you will instantly get a #DreamDifferent Credit Card without paying any joining and annual fees. 

For more details please click here.

7. YES Bank Zero Balance Savings Account: There are various types of savings accounts provided by YES Bank and amongst them, the zero balance savings accounts are as follows: Smart Salary Platinum, Smart Salary Exclusive, and Smart Salary Advantage. Describing in general, all YES Bank's savings accounts offer the account holders similar facilities and services. Users gain access to net banking and mobile banking, can view account summary, statements, and fund transfers, free RTGS/NEFT payment facility, IMPSfacility is provided through Mobile banking, 24*7 Personal Banking Assistant, e-Statements, recharge phone, DTH, free issuance of demand drafts, sign up for SMS alerts, and one can even pay bills, loan EMI’s, and insurance premiums all in one compact spot.

Some other features and benefits availed by opting for the YES Bank Smart Salary Platinum Zero Balance Savings Account are earning attractive interest rates, free Demat Account opening and get 100% AMC Waiver for the first year, through the account, one can invest in National Pension System (NPS) and get exclusive tax benefits, free and unlimited transactions across any ATM, obtain benefits over Rs. 32,000 with Platinum Debit Card, and get one view of your Savings Account, Fixed Deposits and Mutual Funds. Like Smart Salary Platinum Zero Balance Savings Account, the YES Bank Smart Salary Exclusive Zero Balance Savings Account has similar features, but it also has two other benefits. For example, make free and unlimited transactions at YES Bank and other bank ATMs in India, and get a daily domestic and international ATM withdrawal limit of Rs. 75,000.

For more details please click here.

8. HDFC Bank's Basic Savings Bank Deposit Account: HDFC Banks have certainly created their impact as being one of the leading banks for many Indians to open an account. Speaking about zero balance savings accounts, the HDFC Bank's Basic Savings Bank Deposit Account or BSBDA is the zero-balance savings account that will meet all the banking needs of the individual. This zero balance savings account does not require the account holder to maintain a minimum balance on its account. By providing access to the best banking services, the BSBDA account enables the account holder to access banking services across multiple branches and ATMs around India. The user can even check account information and transact digitally through the Internet and mobile banking services. To stay in control of its income and expenses with ease, the user will receive regular e-statements, SMS alerts and a free passbook.

With attractive interest rates, this account also provides Safe Deposit Locker and Super Saver facilities, free cash deposits at branches and ATMs, access the account with the free Rupay Card, get free 25 cheque leaves per financial year, receive free lifetime BillPay, e-mail statements, make 4 withdrawals for free per Month including Cash withdrawals, NEFT/RTGS, IMPS, Clearing, Funds Transfers, Internet Debits, Standing Instructions, EMI, POS Transactions, etc. The account holder will also get facilities of Net Banking, Phone Banking and Mobile Banking.

For more details please click here.  

9. Indusland Bank Zero Balance Savings Accounts: IndusInd Bank offers a host of savings accounts that providethe advantage of swift mobile banking, doorstep banking, personalised account number, and much more. Along with this, the bank is also known for its zero balance savings accounts, which are named Indus Small Savings Account, Indus Delite: Zero Balance Saving Account, and Indus Easy: BSBD Accounts. 

Following is brief information on the above mentioned accounts: 

Indus Small Savings Account- This account brings a host of benefits with extremely minimum requirements. One can avail banking facilities and services at zero balance requirement, which means no minimum balance required, and simplified documentation. Once opened, the user will get Rupay Debit Card as well. 

For more details click here

Indus Delite: Zero Balance Saving Account- This savings account can easily be opened from anywhere. Opt for this zero balance account and use it without any restrictions or limitations. Receive attractive cashback on major e-commerce platforms, no maintenance of minimum balance required, earn 6x rewards on the debit card spends, and obtain attractive cashback and offers. 

Indus Easy: BSBD Accounts- The Indus Easy Savings Account is a Basic Savings Bank Deposit Account (BSBDA) that offers maximum benefits with minimum requirements. Take advantage of all basic banking facilities at no minimum balance requirement, and get a free ATM Card as well.  

Do note that each of the above zero balance savings accounts does provide Internet and mobile banking facilities and offers attractive interest rates to grow your money.

10. Axis Bank Basic Savings Account: Axis bank offers a variety of savings accounts which also includes zero balance accounts. The Basic Savings Account is part of the Pradhan Mantri Jan-Dhan Yojana scheme and this zero balance savings account brings the best-in-class banking services, without the need of maintaining a minimum balance. The benefits of this zero balance savings account include free cash deposits, access to multiple branches and ATMs across India, and internet and mobile banking services. The Basic Savings Account provides you with e-statements, SMS alerts, a passbook, free RuPay Debit Card, and you can earn up to 3.0%-4.0% interest on daily balances, quarterly.

For more details please click here.

11. Standard Chartered Basic Banking Account: Standard Chartered's zero balance Basic Banking Account makes life simpler as it is a low-maintenance, no-frills savings account. It is equipped to meet all the basic banking requirements. Besides not having to maintain any minimum balance, the account also provides a free debit card for daily spending and ATM withdrawals, free personalised, multi-city cheque book, online banking facilities, and one can transfer funds easily using IMPS, NEFT and RTGS. Along with these features, users can also make instant payments using UPI, BharatQR, Samsung Pay, and Bharat bill payment solution (BBPS), unlimited free ATM withdrawals, and unlimited access to any Standard Chartered branch in India. Avail special discounts on locker facilities, too.

12. Jupiter Savings Bank Account (Jupiter): Jupiter is a digital neobank that provides zero balance savings accounts. It is running its operations in collaboration with Federal Bank. Some key features of it include the facility of unlimited NEFT, RTGS, UPI, earn rewards on Debit Card and UPI purchases, get a debit card for free, and lots more.

Important Note: The above list is just an outline. There might be changes from time to time. Hence, check with respective banks for the latest conditions and services before opting for an account with the desired bank.

                                benefits zero balance savings account


Zero Balance Savings Accounts are indeed quite popular amongst low-wage earners and students. However, do bear in mind some banks won't offer plenty of features on such types of bank accounts. Although one will get access to limited basic services, to enjoy advanced features, switch to the best savings account that asks for a minimum balance.

Before opening such accounts, do read their terms and conditions. Some banks might provide zero balance savings accounts just for a year, and after that, they might convert to a regular savings bank account. Hence, to choose the best, research considerably to find out what will suit your requirements the best and then do the needful.