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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.

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

Page 1 of 38 1 2 3 4 5
  • Bank Bazaar Debit Card
    "Bank bazar service is best"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Bank bazar service is best..First time experience of opening bank account Let's see what happens. I hope everything going good. I will refer my friends to opening my account through bank bazaar. And also need help in mutual funds investment. Thanks.
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 24, 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? 3
    , hyderabad
    Reviewed on Mar 20, 2019
  • Bank Bazaar Debit Card
    "Best servise for bank bazar"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Bank bazar service is best for cobil scor provide persnal loan , atm card ,etc. ... ....................................................................................................................thanks bank bazar
    Was this review helpful? 10
    , ambala
    Reviewed on Mar 07, 2019
  • Bank Bazaar Debit Card
    "san rem"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 23
    , chennai
    Reviewed on Feb 18, 2019
  • Bank Bazaar Debit Card
    "Experience"
    YES BANK
    0.5 3.5/5 "Pretty good"
    First time experience of opening bank account Let's see what happens. I hope everything going good. I will refer my friends to if IM able to opening my account through bank bazaar. And also need help in mutual funds investment. Thanks.
    Was this review helpful? 19
    , new delhi
    Reviewed on Feb 17, 2019
  • Bank Bazaar Debit Card
    "Customer satisfaction "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 14
    , hyderabad
    Reviewed on Feb 16, 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? 41
    , 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? 48
    , new delhi
    Reviewed on Jan 16, 2019
  • Bank Bazaar Debit Card
    "NICE "
    YES BANK
    0.5 3.0/5 "Satisfactory"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 35
    , bangalore
    Reviewed on Jan 12, 2019
  • Bank Bazaar Debit Card
    "saving account is life saving "
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 29
    , udaipur
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "veer"
    YES BANK
    0.5 3.5/5 "Pretty good"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 32
    , chennai
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "Regarding debit card"
    YES BANK
    0.5 4.0/5 "Great!"
    It's good to have a debit card online. It makes the person able to travel anywhere in the world without carrying the bag of money. It creates the safety of money and person has more faith on it. It makes the person able to face any money transaction related problems.
    Was this review helpful? 26
    , jaipur
    Reviewed on Jan 10, 2019
  • Bank Bazaar Debit Card
    "Savings account is mostly i am using"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I am impressed with the service provided by Bankbazaar.com because they are mostly provide the offers and best deals and gifts also providing so many of the people are choose the relevant bank for shopping, movie ticket etc .and travel..so car loan bike loan are provided to impress people.
    Was this review helpful? 36
    , chennai
    Reviewed on Jan 04, 2019
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 32
    , chennai
    Reviewed on Dec 30, 2018
  • Bank Bazaar Debit Card
    "Service"
    YES BANK
    0.5 4.5/5 "Excellent!"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 42
    , new delhi
    Reviewed on Dec 29, 2018
  • Bank Bazaar Debit Card
    "DC REVIEWS"
    YES BANK
    0.5 3.5/5 "Pretty good"
    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 everyone who are present there.
    Was this review helpful? 29
    , chennai
    Reviewed on Dec 27, 2018
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 31
    , hyderabad
    Reviewed on Dec 26, 2018
  • Bank Bazaar Debit Card
    "Super "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Fantastic method quick response neat order for the processing given below perfect rules and regulations have lot of the security question and the answers given to be easily identify no if question is more and very simple to keep in memory as well.
    Was this review helpful? 38
    , tiruchirapalli
    Reviewed on Dec 25, 2018
  • Bank Bazaar Debit Card
    "King of to apply debit card "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Wonderful chance to apply debit card to use the bank opportunity to apply debit card and also all the people to apply debit card for this bank so easy to get along with and without the people that I have been super busy with work and school work done
    Was this review helpful? 44
    , vijayawada
    Reviewed on Dec 21, 2018
  • 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? 43
    , bangalore
    Reviewed on Dec 14, 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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