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Zero Balance Account

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

What Is Zero Balance 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 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 Account FAQ

  1. How is a zero balance account different from other savings account?

    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.

  2. What is BSBDA? Is a zero-balance account similar to BSBDA?

    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.

  3. What documents do I have to submit for opening a zero balance savings account?

    You will have to submit the basic KYC documents - Identity proof and address proof.

  4. What other benefits do I get with a zero balance savings account?

    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.

  5. What will happen to my savings account if I don’t use it for a long time?

    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 July 1,2017 onwards.

News About Zero Balance Savings Account

  • 10 Things to Know About SBI’s zero-balance savings account

    A zero-balance savings account is one in which a minimum balance is not required. SBI’s zero-balance savings account is called the SBI Basic Savings Bank Deposit (BSBD) is aimed at economically challenged sections of society in order to encourage savings in bank accounts without the stress of maintaining a minimum balance and without payment of any penalties for not maintaining the balance. This account can be opened by anyone who has valid Know Your Customer (KYC) documents. The minimum balance amount is zero. It can be opened jointly or singly, with either or a survivor. However, cheque book facility cannot be availed. The interest rate is the same as for regular savings accounts. Currently, for deposits of Rs.1 lakh and lower, the interest rate is 3.25% per annum.

    The holder of this account is not permitted to open any other savings account in the same bank. If such a savings account already exists, it will be closed within 1 month of the opening of this Basic Savings Bank Deposit account. A debit card which belongs to the RuPay network will be issued free of cost to holders of this particular account. There are no annual maintenance charges for this card. Four free-of-cost cash withdrawals can be availed on a monthly basis, which includes withdrawals from SBI and other banks’ ATMs. There is no charge to activate accounts that are not operational. There are no closure charges applicable either. Customers who do not have KYC documents are eligible for the SBI Small Account, providing they are above 18 years of age. For minors, two zero balance accounts are available with SBI. These are called Pehli Udaan and Pehla Kadam.

    29 January 2020

  • Compare the interest rates before opening an account in a small finance bank

    Small finance banks usually pay higher interest rates on the balance in savings accounts than other public and commercial banks since they have a healthy NPA (non-performing asset) ratio. Also, due to this reason the depositors can be assured that their money deposited in these banks is safe from risks. The small finance banks also pay higher returns on deposits in saving accounts compared to its big commercial peers like the State Bank of India and the HDFC Bank. AU, Equitas, Suryoday, Jana, Ujjivan, ESAF, Fincare, North East Small Finance Bank, and Capital Small Finance Bank are some of the popular small finance banks. These banks offer an interest rate ranging between 4% to 8% p.a. on savings account deposits. However, the interest rate is subject to certain conditions. Since, the interest rate on the balance varies from one bank to another it is wise to compare the interest rates offered by different small finance banks before opening an account in a bank. This way a depositor will be able to get the best interest rates on their hard-earned savings.

    15 January 2019

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Zero Balance Savings Account Reviews

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  • Kotak Debit Card
    "Worst bank ever"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Itâ??s not even worth one star rating. This is the second time I had applied and got an atm card and itâ??s again showing itâ??s various way to not trust again. After few months the card will start declining wherever I have to pay, will say that the mpin is wrong even if itâ??s right, if you want to pay through google or paytm also it wonâ??t work. This was the last time I got any card from this bank.
    Was this review helpful? 27
    , bangalore
    Reviewed on Mar 15, 2020
  • ICICI Bank
    ICICI Bank Debit Card
    "The One just a basic saving account"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I received The One titanium debit card recently for my new saving account. I tried to use it for 10% off in recent amazon sale but cannot avail the discount on it. When I checked with customer care, I have been told that this just a basic card and bank do not offer discounts on it, better upgrade card to coral debit card. So, I do not recommend The One saving account.
    Was this review helpful? 81
    , new delhi
    Reviewed on Oct 20, 2019
  • ICICI Bank Debit Card
    "Good"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using ICICI debit card for almost 10 years. They have provided me a domestic card. There is no yearly charges because of my salary account. There is no benefits and the accessibility of the card is good. The daily withdrawal limit is sufficient. ATM's are pretty good.
    Was this review helpful? 113
    , kolkata
    Reviewed on May 12, 2019
  • YES Bank Debit Card
    "Good"
    YES BANK
    0.5 4.0/5 "Great!"
    I think its nice to apply, it has been very fast and easy let's see what happens next if its open means I'll be very much happy person, pleas let me no soon that I can be a customer of this bank I had pan card permanent account number and I didn't have addar card though.
    Was this review helpful? 125
    , hyderabad
    Reviewed on Mar 20, 2019
  • Kotak Debit Card
    "Better"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
    Was this review helpful? 154
    , mumbai
    Reviewed on Jan 28, 2019
  • Kotak Debit Card
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 152
    , new delhi
    Reviewed on Jan 16, 2019
  • YES Bank Debit Card
    "Good"
    YES BANK
    0.5 4.0/5 "Great!"
    I think its nice to apply, it has been very fast and easy let's see what happens next if its open means I'll be very much happy person, pleas let me no soon that I can be a customer of this bank I had pan card permanent account number and I didn't have addar card though.
    Was this review helpful? 102
    , bangalore
    Reviewed on Oct 03, 2018
  • YES Bank Debit Card
    "SUPER BANK"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I've been using the YES BANK Edge credit card for a while. The Value of the points are really good. I've already accumulated more than 15000 reward points. I am really impressed with the card and their services. I never had any issues with them.
    Was this review helpful? 70
    , hyderabad
    Reviewed on Sep 19, 2018
  • YES Bank Debit Card
    "What to write? You can write a review about any Loan produc"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    awesome great job i like your services i feel happy u provided help to need a urgent way tnq so much tnq bankbazar first time i am online visitor i cant explain how much i m happy bankbazar i would like too u say thnku bankbazaar your service is too much fast rapid
    Was this review helpful? 41
    , bangalore
    Reviewed on Mar 11, 2018
  • Kotak Debit Card
    "Good Bank"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Kotak Bank i opened through Online portal. It is Very Easy to Open .Zero Rupees Charges.I ordered for a Debit card of kotak bank i got it delivered.Kotak App is Very User Friendly to Everyone.Zero balance maintain No Extra Charges..Quite Good App
    Was this review helpful? 96
    , bangalore
    Reviewed on Feb 16, 2018
  • Kotak Debit Card
    "Decent Credit Card"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Salary account with them and the bank has offered a complimentary Credit card on the basis of this account. They have given me a Credit Limit of Rs.2.5 Lakhs, which I felt is quite a good one to have. One thing which let me down over here is their high interest rate. Also an added advantage is, they have good reward points system available with them.
    Was this review helpful? 55
    , chennai
    Reviewed on Jan 23, 2018
  • Kotak Debit Card
    "Good"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am using domestic debit card of Kotak Mahindra Bank. The daily withdrawal limit was 25,000 rupees which was satisfactory. I am using this debit card for the last six months. There is no charge for other ATM swipe. ATM facilities are good and enough.
    Was this review helpful? 62
    , navi mumbai
    Reviewed on Jan 04, 2018
  • ICICI Bank Debit Card
    "Good"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have converted my reward points into cash many times. It was very good. I hold Platinum Visa debit card. The withdrawal limit is more than 1L which is really good. My debit card is linked with Payback account on every purchase I used to get lot of points.
    Was this review helpful? 68
    , bangalore
    Reviewed on Nov 16, 2017
  • ICICI Bank Debit Card
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    ICICI Bank provide good service. I m using it as my salary account frim 2012. Very minimal number of time I've visit bank for any support. Net banking service is really good and debit card most of the time I use it shopping or petrol bunk. Totally service is goods.
    Was this review helpful? 58
    , bangalore
    Reviewed on Nov 09, 2017
  • Kotak Debit Card
    "Good service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    Within 4days of time I got the car loan from Kotak Mahindra bank. The customer support is good with Kotak mahindra bank. The rate of interest which they have offered was low, when compared with other banks. The required loan amount has been disbursed and I am happy with it.
    Was this review helpful? 59
    , hyderabad
    Reviewed on Oct 16, 2017
  • ICICI Bank Debit Card
    "Great banking service and good previlage"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have recently upgraded my debit card to CORAL and not sure about the type of card. I am happy with withdrawal limit. The customer service and response was quick. ATM service is more enough, even after 4 transaction there is no extra charges. The mobile application is good and they don't charge extra for IMPS transfer. Specialty of the card is One Plus One Ticket on movie.
    Was this review helpful? 42
    , bangalore
    Reviewed on Oct 14, 2017
  • ICICI Bank Debit Card
    "According to your use"
    ICICI BANK
    0.5 4.0/5 "Great!"
    My friend use icici coral debit card it charges 499 +gst every year it gives good offer like buy one get one free on movies per month and payback points and refund on petrol pump if used debit card for payment but i want to say after all this if you are doing this things then only use this card becuse 577 per year is too much if you are not using this benefits
    Was this review helpful? 43
    , pune
    Reviewed on Oct 04, 2017
  • RBL Bank Debit Card
    "Ratnakar Bank Debit card "
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    Ratnakar Bank debit card facility is too good. Very useful options for using debit cards at different pos and online payment system. Bank customers care facilities are also prompt in service with customer. RBL is rising bank in all villages.
    Was this review helpful? 141
    , pune
    Reviewed on Aug 21, 2017
  • ICICI Bank Debit Card
    "Excellent Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using ICICI debit salary account for the past 3 years and the service from ICICI and executives of ICICI was very helpful and service was really nice and the transactions were very fast also I am getting my OTP pin very fast compare to others and they providing me a very excellent service.
    Was this review helpful? 66
    , bangalore
    Reviewed on Aug 21, 2017
  • Kotak Debit Card
    "Kotak Mahindra Bank Fraud Services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Kotak Mahindra Bank has **fraud banking services**. Rs. 800+ charge for other ATM Withdraws. 10000+ Charge for not maintaining minimum balance. 1000+ for delayed credit card payments. One Purchase = Service Tax+Conversion Charge+Interest Charge+Actual MRPâ?¦. **Close all your accounts** of Kotak Mahindra Bankâ?¦
    Was this review helpful? 130
    , bangalore
    Reviewed on Apr 06, 2017
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