How To Open Zero Balance Savings Account in 2018

Want to open a zero balance account in India in banks like SBI, ICICI and HDFC? Then you are at the right place as I am going to share details about Zero Balance Savings Account, how to open online, documents required to open, KYC process and other related information.

Gone are the days when opening a bank account was a tedious task. You have to travel to that branch many times for collecting the forms, providing many supporting documents, looking for someone’s references and many other things.

What is zero balance bank account?

As the name suggest, zero balance bank account means a savings account where you don’t have to maintain a monthly average balance (MAB). E.g. I have a SBI savings account where every month I have to make sure a minimum Rs 5,000 balance has to be there, otherwise bank may levy charges due to no maintenance of monthly average balance (MAB).

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But with this kind of accounts you can get rid of such troubles as there is no minimum balance that need to be maintained. A number of leading banks like State Bank of India (SBI), ICICI and HDFC have a Basic Savings Bank Deposit (BSBD) Account that lets you keep your money without any burden of charges or fees

List of Banks Offering Zero Balance Savings Account in 2018

BankAccount NameInterest Rate
IDFC BankPratham–savings account (BSBDA)4% (up to Rs 1 Crore)
5% (Rs 1 Crore to Rs 10 Crores)
6% (above Rs 10 Crores)
IndusInd BankIndus Small Savings Account4% (up to Rs 5 Lakhs)
5% (>Rs 5 Lakhs and <RS 1 Crore)
6% (above Rs 1 Crore)
Kotak Mahindra Bank8115% (below Rs 1 Lakh)
6% (Rs 1 lakh to Rs 1 Crore) and 5.5% (above Rs 1 Crore)
RBL BankAbacus Digital Savings Account5.50% (up to Rs 1 Lakh)
6% (Rs 1 Lakh to Rs 10 Lakhs)
6.5% (Rs 10- Lakhs to 1 Crore)
6.75% (Rs 1 Crore to Rs 5 Crores)
Standard Chartered BankBasic Banking Account4%
Axis BankBasic Savings Account3.5% (up to Rs 50 Lakhs)
4% (above Rs 50 Lakhs)
HDFC BankBasic Savings Bank Deposit Account4%
ICICI BankBasic Savings Account4%
State Bank of IndiaBasic Savings Bank Deposit Account3.5% (below Rs 1 Crore)
4% (above Rs 1 Crore)
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Source: paisabazaar.com

Which is the best bank to open an account in India?

This is a very common and typical question asked by many people when they are looking to open a bank account in India. You can open a bank account in bank as per your choice or the features you found.

E.g. people mostly open savings account with highest interest rates, or tied up with their company for salary account or with popular banks like State bank of India.

In case of zero balance savings account, you first check with your existing banks whether they offer such accounts or not. Generally all the salary accounts are mostly zero balance savings account, but now a days banks are offering savings accounts with no monthly average balance (MAB).

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What are the documents required to open a New Zero Balance Savings Account?

In order to open a new Savings Account, simply walk into the nearest Bank and speak to a customer service executive. Remember to carry the following documents (original for verification and self-attested copies for submission).

  • Identity Proof
  • PAN card
  • Address Proof
  • Latest passport size photographs

If you have Aadhaar card, then you must carry the same to complete the KYC process. Aadhaar card & PAN card is mandatory these days for opening a bank account in India.

If you have not applied for Aadhar card then apply for Aadhar card now and also you have to link your aadhaar with PAN card as early as possible. To apply for PAN card you can follow the article.

How To Open Zero Balance Savings Account in 2018
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I'm Santanu, co-founder of mydailylifetips.com. Love to read & write about Life hacks, How to guides, Money Saving tips and travel stories on this space. Checkout my first Hindi YouTube Channel on Personal Finance Guide.

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