• Zero Balance Savings Account

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    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    A Savings account is a form of deposit account held at a bank by the customer that lets them park money in return for a modest interest from the bank.

    Being the most preferred form of deposit account among masses, the utilities of savings account has undergone a major facelift to become the epicenter of all banking activities for people across India. Some of the prominent utilities of a savings account are as follows.

    • Save money and earn interest
    • Issuing cheques for payment to recipients
    • For transfer of monies via internet and mobile apps
    • Debit cards issued under the savings account is used for cash withdrawals and purchases
    • For Electronic Clearing Service(ECS) of EMIs and bill payments(auto debit)

    There are various types of savings accounts administered by the banks based on gender, occupation, income group etc. Conventionally, the savings account holder is required to maintain a minimum balance in the account at all times. If the balance falls below the minimum balance amount, banks penalise by means of a nominal monetary deduction.

    Owing to latest trends in banking, “Zero Balance Savings Account” is increasing becoming a fad,

    What Is Zero Balance Savings Account?

    Where the account holder is free to operate the account without strings of maintaining a minimum balance.

    This type of savings account is offered by banks to specific category of customers such as salary account holders and on basis of Pradhan Mantri Jan Dhan Yojana (PMJDY) - a scheme from Government of India with a mission of financial inclusion. Do inquire with the nearest banking branch to ascertain your qualification.

    Features of Zero Bank Savings Account

    • No condition of maintaining a minimum Monthly Average Balance or Quarterly Average Balance.
    • Free ATM/Debit card that can be used to transact worldwide.
    • Free cheque book of fixed amount of leaves per year. Subsequent request for cheque books are charged a nominal fee.
    • Complimentary passbook is issued as part of the welcome kit, at the time of opening the account.
    • Access to internet banking and online transactions and standard charges for payment transfers.
    • Specific number of free transactions every month,subsequent transactions are billed a nominal fee.
    • Special privileges and offers for salary account holders based on the category of company/institution.

    Zero Balance Savings Account Opened Under Pradhan Mantri Jan Dhan Yojana (PMJDY)

    An ambitious mission from the Ministry of Finance, Govt. of India, this program is a national mission for financial inclusion by means of providing easy access to financial services such as Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension to all citizens in an affordable manner.

    Benefits of Savings Account Opened Under PMJDY
    • No need to maintain a minimum balance.
    • Interest on deposits as per prevailing bank rates.
    • Accidental insurance cover of Rs.1.00 lac.
    • Direct benefit transfer from Government schemes are credited to this account.
    • Overdraft facility is offered after 6 months of satisfactory operation.
    • RuPay debit card and free Accident insurance cover.

    General Terms & Conditions for Zero Balance Savings Account Opened Under PMJDY

    • The total credit in the account should not exceed Rs.1 lac in a given financial year.
    • The debit balance should not exceed Rs.50,000 at any point of time.
    • The account holder should submit all documents as per KYC guidelines from RBI.
    • Other terms that are specific to the bank where the account is being held.

    Zero Balance Savings Account FAQ

    1. How is a zero balance savings account different from other savings account?
    2. Generally, banks have the concept of minimum Monthly Average Balance (MAB) for savings account. When the account balance does not meet the MAB requirements, non-maintenance charges will be levied. For a zero balance savings account, there is no MAB requirement.

    3. What is BSBDA? Is a zero-balance account similar to BSBDA?
    4. Following the RBI mandate, Basic Savings Bank Deposit Account or BSBDA is now offered by all banks. A BSBDA has no minimum balance requirement and the customers are offered debit card. BSBDA is zero-balance account but banks may offer the zero-balance flexibility to other types of savings account variants also.

    5. What documents do I have to submit for opening a zero balance savings account?
    6. You will have to submit the basic KYC documents - Identity proof and address proof.

    7. What other benefits do I get with a zero balance savings account?
    8. With a zero-balance savings account, most of the banks offer a free ATM-cum-debit card, passbook and cheque book. Also, facilities like internet and mobile banking are offered by several banks.

    9. What will happen to my savings account if I don’t use it for a long time?
    10. Your savings account will become dormant if there are no customer-initiated transactions for a specified period of time. Transactions through ATM, internet and phone banking will not be allowed by the bank if your account becomes dormant and you must activate it again to continue enjoying the benefits.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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    Zero Balance Savings Account Reviews

  • Page 1 of 32 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Best"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bank bazaar is doing very great job . we really need this type of technology in our country and they are contributing through their beautiful idea and working on that too with a clear and genuine way. Sometimes people just think of bring change but some are actually working on it without giving hassle to any of their customers.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Bank Bazaar Debit Card
      "Very helpful"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I was looking for a zero balance ac opening and bank bazaar.com help me open instantly with a genuine bank thank u bankbazaar.com and hope in future you update me with good offer and good banking facilities. Also I am looking out for compliments like Mug , tshirt etc.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2018
    • Bank Bazaar Debit Card
      "VERY NICE .ACCESS TO EASY AND EASY TO TRANSACTION.THANK YOU."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      NICE WORK YOU PEOPLE ARE DOING. BANK BAZZAR IS VERY USEFULL .ITS AWESOME VERY EASY TO USE.I AM PROUD OF BANK BAZZAR . IT WILL MAKE YOUR SMILE IS AWESOME.ITS AWESOME PLATFORM TO OPEN AN SAVING ACCOUNT. THIS SITE IS AWESOME.I WOULD LIKE TO OPEN THIS ACCOUNT.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU GOOD
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "Nice Work"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Nice work you people are doing, really super. Bank Bazaar is very platform in total service Bank Bazaar is a very important process and very fast process in terms of loan& Other services, am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU
      Was this review helpful? 0
      , pondicherry
      Reviewed on May 16, 2018
    • Bank Bazaar Debit Card
      "Thank you "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Thank you so much because I don't have any bank account so I got good reply Good response from you so thank full you people thank you so much for helping I'm so happy thank you, I'm happy to open my 0 account, Thank you Regarding Divya h naik
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • Bank Bazaar Debit Card
      "NICE "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 13, 2018
    • Bank Bazaar Debit Card
      "Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 08, 2018
    • Bank Bazaar Debit Card
      "V good and good service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Thank bank bazzar Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 29, 2018
    • Bank Bazaar Debit Card
      "HELPFUL IN OPENING ACCOUNT"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      ITS AN AWESOME PLATFORM TO OPEN AN SAVING ACCOUNT. I LOVE THIS SITE. THERE CUSTOMER RELATIONS DAMNN GOOD TO CUSTOMER. THEY NEVER BETRAYED CUSTOMERS. IN THE SENSE THAT THEY ARE ALWAYS HELPFUL TO US. ALL THE THINGS ARE GETTING DONE BY THIS SITE. WE DON'T HAVE TO DO NOTHING. FROM THIS SITE U CAN APPLY FOR EDUCATIONS LOAN, CAR LOAN, ETC. AND U CAN APPLY FOR DEBIT CARD WITH NO HECTIC. THIS SITE IS AWESOME. I AM PROUD OF BANK BAZZAR.COM
      Was this review helpful? 0
      , manipal
      Reviewed on Apr 26, 2018
    • Bank Bazaar Debit Card
      " Life Insurance, Health Insurance and Car Insurance etc.You "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bank products like Savings Account, Credit Card, Fixed Deposit etcBANK BAZAAR is a good platform for all the financial products .I am not satisfied with the customer service and responses. The process was taking a long time other than that The website is user friendly .The web portals accuracy and speed is very good otherwise I am very much comfortable accessing this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2018
    • Bank Bazaar Debit Card
      "Band and bank bazar"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 16, 2018
    • Bank Bazaar Debit Card
      "Not to say good or bad"
      YES BANK
      0.5 4.5/5 "Excellent!"
      I am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 14, 2018
    • Bank Bazaar Debit Card
      "Better for open new savings account and credit card"
      YES BANK
      0.5 4.0/5 "Great!"
      Bank bazzar is very platform in total service Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "Awesome appreciate your help with this is a good though."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Really awesome this is good to see this type of applications really awesome that is the reason, I am happy to apply for this card @ bank bazar. This site bank bazaar is one of my favorite application and it would be great if this is advertised @ all perimeters like all social media app and this would give more results.
      Was this review helpful? 0
      , nellore
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "its awesome "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Its very easy to use Its make me smile its awesome I want it and when u dont know your credit score so you can visit this site its very usefull ans very easy to use it i love it and again its awesome and now i have my credit score woooowwwwwwiiiiiiiieeeeeee
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Same family life settlement Bank are currently debit card "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Personal Bank saving Lifestyle ok ,family savings account life settlement issues etc. but no problem I love bankbaaar live family savings personal account currently no problem AFI general welcome please lifestyle same welcome Bank Bazaar..
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Bank bazzar is very platform in total service "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
      Was this review helpful? 0
      , nasik
      Reviewed on Mar 31, 2018
    • Bank Bazaar Debit Card
      "good"
      YES BANK
      0.5 4.5/5 "Excellent!"
      bank bazaar helped me to get the credit score.. even banks are not ready to disclose about this. and its free too.. and easy to choose best debit/credit cards. so i really refer bank bazaar to everone who is looking for credit or debit cards.. thank you
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 31, 2018
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