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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.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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Zero Balance Savings Account Reviews

Page 1 of 37 1 2 3 4 5
  • Bank Bazaar Debit Card
    "Very neat and quick formalities "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Very fast registration done. It did not askany questions and moreover the drop down menu is gud enough to choose. Great service with great name .i will always recommend this to all my friends. It's quick. Great keep up the good work.bank bazaar was very responsive
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • Bank Bazaar Debit Card
    " i am reyaly happy to and easly i creat .nice responsess lik"
    YES BANK
    0.5 4.5/5 "Excellent!"
    hi this is manikanta iam really happy to open this account and easy to create my account. Iam waiting for my new account for this bank ,.and am really impressed this bank and giving personal loan also I would like to thank who are there every one
    Was this review helpful? 7
    , bangalore
    Reviewed on Dec 05, 2018
  • Bank Bazaar Debit Card
    "Let's see wat happens filled the application"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Hi Hi Let's see wat happens filled the application for zero balancaccount if it happens to be true then I will be the luckiest person and will be very thankful to the bankbazaar,kindly help me in opening this account .thakur vijayender Singh hi
    Was this review helpful? 7
    , hyderabad
    Reviewed on Dec 03, 2018
  • Bank Bazaar Debit Card
    "Very nice "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Very good app i am impressed by the bankbazaar app thank you so much i love you all of you i think this is bankbazaar is a best bank app really help full and you will apply very easy to use this app personal loan home loan car very very help full thank
    Was this review helpful? 7
    , mumbai
    Reviewed on Dec 02, 2018
  • Bank Bazaar Debit Card
    "Very nice facilities"
    YES BANK
    0.5 3.5/5 "Pretty good"
    Very nice facilities I would like for this bank is very high facilities thankyou bank bazaar and thank you for everyone bank bazaar member so I am feel amazing..I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thank you.
    Was this review helpful? 6
    , chennai
    Reviewed on Dec 01, 2018
  • Bank Bazaar Debit Card
    "Good service"
    YES BANK
    0.5 3.0/5 "Satisfactory"
    Its a good service for all. Any body open an account in Yes bank in Just few minutes. You can upload your Document online in very easy steps.I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thanking you.
    Was this review helpful? 8
    , surat
    Reviewed on Nov 29, 2018
  • Bank Bazaar Debit Card
    "Very nice facilities"
    YES BANK
    0.5 4.5/5 "Excellent!"
    I would like for this bank is very high facilities thankyou bank bazaar and thank you for everyone bank bazaar member so I am feel amazing and some I will to everyone go bank bazaar website and check you reward points more benefit thank-you iii
    Was this review helpful? 7
    , lucknow
    Reviewed on Nov 28, 2018
  • Bank Bazaar Debit Card
    "The best bank for all peoples. "
    YES BANK
    0.5 4.5/5 "Excellent!"
    It is good service to every one. Any body open an account in Yes bank in Just few mint. You can upload your Document online in very easy steps.I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thank you.
    Was this review helpful? 12
    , noida
    Reviewed on Nov 27, 2018
  • Bank Bazaar Debit Card
    "Need Zero balance account"
    YES BANK
    0.5 2.5/5 "Just OK"
    i need zero balance account but i get saving account but still its good i dint have to go bank and by internet i open my new account its excellent. this is my time saving and also from any were i can operate my account its very good service also, I am very much happy with their service.
    Was this review helpful? 6
    , surat
    Reviewed on Nov 22, 2018
  • Bank Bazaar Debit Card
    "Good service with Bankbazaar"
    YES BANK
    0.5 3.5/5 "Pretty good"
    I had the experience of applying for FD actually it took some time for them to process the documents which were uploaded online and after highlighting the same it was rectified. Everything was falling in place and I personally feel website is much better than the mobile application -IOS version as I had some difficulties in viewing the status of the application otherwise, I am pretty much bankbazaar.
    Was this review helpful? 6
    , bangalore
    Reviewed on Nov 22, 2018
  • Bank Bazaar Debit Card
    "50"
    YES BANK
    0.5 3.5/5 "Pretty good"
    It's good services that I have seen bank bazar is the only way to know about interest rates with the online opening bank account... I'm glad to inform u this is the best choice for opening new bank account.. and I refer my all friends to know about bank bazar.. I will give the rating 5
    Was this review helpful? 9
    , indore
    Reviewed on Nov 20, 2018
  • Bank Bazaar Debit Card
    "YES BANK "
    YES BANK
    0.5 4.0/5 "Great!"
    I had the experience of applying for FD actually it took some time for them to process the documents which were uploaded online and after highlighting the same it was rectified. Everything was falling in place and I personally feel website is much better than the mobile application -IOS version as I had some difficulties in viewing the status of the application otherwise, I am pretty much bankbazaar in general and that is why I had rated them highly.
    Was this review helpful? 7
    , chennai
    Reviewed on Nov 16, 2018
  • Bank Bazaar Debit Card
    "Nice"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Excellent service..its yes ..i need more service from..yes bank..im a self employed business person..so many banks ask me on salary certificate to have a credit card only i need credit card because they provide very good offers on credit card.
    Was this review helpful? 14
    , bangalore
    Reviewed on Nov 16, 2018
  • Bank Bazaar Debit Card
    "Good service giving good opportunity for opening bankaccnt"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    It's good services that I have seen bank bazar is the only way to know about interest rates with the online opening bank account... I'm glad to inform u this is the best choice for opening new bank account.. and I refer my all friends to know about bank bazar.. I will give the rating 5/5
    Was this review helpful? 17
    , hyderabad
    Reviewed on Nov 14, 2018
  • Bank Bazaar Debit Card
    "Superbb very great amazing kirrak superbb goodluck do busine"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Superbb done work you are very great and helpfull person i pray god for your success in all over the world and fullfill your drams you will do success in one day over the world do business like that and only you make the world happiness and goodluck
    Was this review helpful? 14
    , hyderabad
    Reviewed on Nov 13, 2018
  • Bank Bazaar Debit Card
    "Home loan"
    YES BANK
    0.5 4.0/5 "Great!"
    Actually I here my friend said to me AXIS bank is very fast processing transactions n quick loan approval giving so I will apply new account n loan home. So plz approved my account details plzz my account. Good banking rate now total banks n safe Lockers.
    Was this review helpful? 14
    , hyderabad
    Reviewed on Nov 12, 2018
  • Bank Bazaar Debit Card
    "APPRECIATED BY ME"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    VERY VERY NICE EXPERIENCE & BEST APPLICATION FOR BANKING, MUTUAL FUNDS, INSURANCES ,LOANS INQUIRYS, CREDITS SCORES ETC. And I ALSO OPENED A SAVINGS ACCOUNT THROUGH WWW.BANKBAZAR.COM Good experience It's a good experience opening an account .It's easy and time saving .Get info on high yield savings accounts, money market accounts, certificates of deposits, ... Banking and Saving ... Times have changed.good way to open savings account.
    Was this review helpful? 20
    , baddi
    Reviewed on Nov 02, 2018
  • Bank Bazaar Debit Card
    "bankbazaar"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Bankbazaar site is the best.. it give very best experience . it is very easy to handle.i like this very much.5 star service for opening account. it good experience for opening account. it is easy and time saving. get info on high yield saving account . tish is very best for me and also for you.
    Was this review helpful? 24
    , patna
    Reviewed on Oct 31, 2018
  • Bank Bazaar Debit Card
    " It's a good experience opening an account"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    5 star service for account opening , also bank bazaar get the credit card personal loan home loan best policy bank bazaar thanks open account good rating good customer service and good reviews, nice shopping card Mobile, phone awesome service bank bazaar I like it bank bazaar thank you.
    Was this review helpful? 27
    , tirupati
    Reviewed on Oct 30, 2018
  • Bank Bazaar Debit Card
    " like Savings Account,"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Good experience It's a good experience opening an account .It's easy and time saving .Get info on high yield savings accounts, money market accounts, certificates of deposits, ... Banking and Saving ... Times have changed.good way to open savings account
    Was this review helpful? 28
    , aurangabad
    Reviewed on Oct 27, 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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