The Best Zero Balance Account you can open online in India

Apr 13, 2023 - 18:01
Apr 13, 2023 - 18:36
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The Best Zero Balance Account you can open online in India

Savings Bank Accounts are considered one of the essential financial needs one needs in this new digital age, Many banks including small finance banks and payments banks have already included the facility of opening a Savings bank account digitally without any branch visit with just your AADHAAR, PAN and a simple video-based KYC. Several Banking institutes have introduced various features in their product lines to market their Savings accounts to the masses and among these features, the Zero Balance also known as No Average Monthly Balance or AMB savings account to cater the needs of many people. The Banks started the Zero Balance Savings account after the Government of India initiated the Pradhan Mantri Jan Dhan Yojana(PMJDY). Still, since then the banks have had their product lines for these types of accounts. A zero-balance Account is where you don't have to maintain any average monthly balance in your savings account without incurring any penalties. Although you can still open a Zero Balance Account under PMJDY you have to visit your nearest Branch and have the procedure and documentation physically there, while there are many options for a zero balance account you can choose from we have included some with regular banks and better credibility without any charges on your account.

Kotak 811 Savings Account

Kotak Mahindra Bank got our first position for their Kotak 811 Saving Account which 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 spending. It's extremely easy to open this online digital bank account as you can complete the verification through Video KYC. Kotak 811 also comes with an 811 credit card based on the credit profile a user has with them for a secured or un-secured 811 credit card which is also a Life Time Free credit card a user can avail with their 811 accounts.

For more details please click here.

IndusInd Digital Account

IndusInd Bank offers a host of savings accounts that provide the advantage of swift mobile banking, doorstep banking, personalized 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, For more details please click here.

Fi Federal Savings Account

Federal Bank has tied up with EpiFi Technologies to present you their digital age zero balance savings account one can open with all the features of a regular savings account plus a plethora of other services like fi coins which can be redeemed for various things available in the app, the maintenance and other types of charges are completely free or some are conditionally free like their debit card which is free if you spend a certain amount of money in a financial year, which honestly isn't any worse for the non-AMB savings account.

For more details please click here.

Jupiter Money Savings Account

Just like our above Fi account, this one is too from the federal bank but with Amica Financial Technologies and the best part is you can have both accounts without any actual problem if you want to, the features are almost the same except you can earn 1% back on the spending of your Debit card and UPI transaction which can be a solid choice for someone looking to get a little something back for their everyday usage. The debit card again is chargeable but can be free if you spend around 50K in a financial year or maintain 10K plus AMB for six months in a financial year. Again not a bad deal in any way for day-to-day banking tasks.

For more details please click here.

Conclusion

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.

While you can open these regular Zero balance accounts without much hassle, you can always open a BSBDA account from your nearest Branch of any bank or can get another type of non-AMB account based on your relationship with the said bank. There are also many zero balance accounts from Small Finance Banks like Equitas and Payments Bank like Airtel or PayTM it depends on you whether you want to have an account with them or not. The saving accounts we listed are from regular Banks which tend to be much more active and lucrative in offers and other types of banking needs.

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