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Zero Balance Savings Account

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Read more about zero balance savings account from top banks, HDFC Basic Savings Bank Deposit Account, Axis Bank Basic Savings Account, ICICI Basic Savings Account, Kotak 811

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

Zero Balance savings account is a kind of account where the account holder is not required to maintain a minimum balance. It also provides additional benefits like free debit card, free cheque book, a specific number of free transactions per month, and more.

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 Savings Account & 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 Cards 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.

Features of Zero Balance Account

A zero balance savings account refers to a scheme under which the account holder does not have to maintain a minimum balance in his/her savings account. Such types of savings accounts are usually provided under the Pradhan Mantri Jan Dhan Yojana, or basic savings account. Some banks also offer zero balance benefit to salary account holders.

Minimum Balance Nil
Interest Rate 3.50% to 4%
ATM/Debit card Free
Cheque book Free
Passbook Free
Mobile and Net banking Yes
E-mail account statement Yes
Monthly Average Balance Nil
Locker facilities Yes*

*May vary depending on the bank

Eligibility to Open a Zero Balance Account

The eligibility criteria for opening a zero balance account may differ based on the bank. However, mentioned below are some common eligibility criteria that most banks follow:

  • The applicant must be a resident of India
  • Hindu Undivided Families are also eligible
  • The applicant must not hold any other savings account with the bank

KYC Documents for Opening Zero Balance Account

Some important documents required for opening a zero balance account are:

Documents required for individuals:
  • ID proof
  • Address proof
  • Passport size photo
Documents required for HUFs:
  • Copy of PAN card or Form 60 of HUF
  • ID proof of Karta
  • Address of Karta
  • Prescribed Joint Hindu Family letter signed by all adult members

The list of KYC documents accepted by most banks for address and ID proof are mentioned below:

  • Passport
  • PAN (only for ID)
  • Driving license
  • Voters ID card
  • Aadhaar card or number
  • Letter or card issued by UIDAI
  • Job card under NREGA signed by an officer of state government

Opening Zero Balance Account Online

Before opening a zero balance account with any bank, it is advisable to compare the additional benefits like free Debit Cards, withdrawal limit, etc. first. Doing so will ensure that you find the best plan that meets your requirements.

Most banks have specific plans under which they allow customers to open a zero balance account online. To open a zero balance savings account online, follow the steps mentioned below:

  • Select the bank you want to open a zero balance savings account with
  • Make sure that you have compared different schemes to select the bank.
  • Go to the specific plan page or click on the apply online option
  • The process may differ based on the banks, however, it is important that you go through the eligibility criteria.
  • Most banks do not allow users to open a zero balance account if they already have an account with the bank.
  • Enter the required information like name, contact details, address, etc., and verify the same with documents like PAN, Aadhaar card, or any other document required by the bank.
  • After providing the relevant details, you can activate the account by visiting the bank’s branch or by following the bank -pecific instructions.

List of Banks which Provide Zero Balance Account

Bank Name Name of Zero Balance Savings Account Features
Union Bank of India Union Basic Savings Bank Deposit Account
  • Free RuPay debit card
  • Up to four withdrawals are allowed in a month.
  • Overdraft facility of up to Rs.5,000.
Punjab National Bank Basic Savings Bank Deposit Account
  • Free ATM debit card will be provided. However, there will be an annual charge.
  • Nominees can be added.
  • A cheque book with 20 leaves will be provided.
Federal Bank Selfie Zero Balance Account
  • 10 cheque leaves will be free of cost.
  • ATM card will be provided free of cost.
  • Free transaction charges
Federal Bank Basic Savings Bank Deposit Account (BSBDA)
  • 20 cheque leaves will be provided.
  • 1-month statement will be provided free of cost.
  • Account details can be viewed by using Fednet.
DBS Digibank Instant Savings Account
  • Rate of interest of 7% p.a.
  • Fixed Deposits can be opened.
  • International Debit Card is provided.
  • No transaction fees will be levied for Mutual Funds.
Yes Bank Basic Savings Bank Deposit Account
  • Free ATM card
  • Free intra-branch fund transfer
  • Free transactions at Yes Bank ATMs
Bank of India SB Account For Pensioners
  • 50 cheque leaves are provided for free
  • Personal Accident Death Insurance Cover of up to Rs.5 lakh is provided.
  • Overdraft facility is provided.

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.

News About Zero Balance Savings Account

  • 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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    , bangalore
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    , vijayawada
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    , bangalore
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    , nasik
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    YES BANK
    0.5 5.0/5 "Blown Away!"
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    , mumbai
    Reviewed on Aug 02, 2019
  • Bank Bazaar Debit Card
    "Vamshi"
    YES BANK
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    , hyderabad
    Reviewed on Jul 30, 2019
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    YES BANK
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    , chennai
    Reviewed on Jul 23, 2019
  • Bank Bazaar Debit Card
    "Saving Account"
    YES BANK
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    , bikaner
    Reviewed on Jul 22, 2019
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    YES BANK
    0.5 4.0/5 "Great!"
    maximam or minimam 5 to -8 step to get loan deatils andalso credite socre in yor mobile or pc in 5mints so esaily to get cridet socre and detials in your mobile and also if you esily to kinow your detils in your hands and also its safty and also trustabule
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    , chennai
    Reviewed on Jul 20, 2019
  • Bank Bazaar Debit Card
    "sam review"
    YES BANK
    0.5 4.0/5 "Great!"
    maximam or minimam 5 to -8 step to get loan deatils andalso credite socre in yor mobile or pc in 5mints so esaily to get cridet socre and detials in your mobile and also if you esily to kinow your detils in your hands and also its safty and also trustabule
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    , chennai
    Reviewed on Jul 18, 2019
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    YES BANK
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    , chennai
    Reviewed on Jul 16, 2019
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    , chennai
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    , chennai
    Reviewed on Jul 04, 2019
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    Reviewed on Jun 28, 2019
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    , chennai
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    , chennai
    Reviewed on Jun 25, 2019
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    YES BANK
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    , jaipur
    Reviewed on Jun 23, 2019
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