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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.

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    Zero Balance Savings Account Reviews

  • Page 1 of 36 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Easy to make a call"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Secret and reliable superit is an easy way to create a account superb and reliable it had so much efficient time to take verify my account thank you thank you so much bankbazaar make sure that all verification easy to anyone thank you so much so much
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 16, 2018
    • Bank Bazaar Debit Card
      "i like it yes bank"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      hii i have mobile fhone shoping Nice work its clever nice job work . Banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 2
      , gandhinagar
      Reviewed on Oct 14, 2018
    • Bank Bazaar Debit Card
      "It is very nice app and site"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      I like the bank Bazaar this is an awesome site this is very helpful site and application I like it and this site available all bank account details for our family and friends and you are open any bank account and give any bank loan and bank Bazaar.
      Was this review helpful? 6
      , jaipur
      Reviewed on Oct 12, 2018
    • Bank Bazaar Debit Card
      "Good service and bank immediately all work completed"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Nice work its clever nice job work . Banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 08, 2018
    • Bank Bazaar Debit Card
      "Good"
      YES BANK
      0.5 4.0/5 "Great!"
      Good for all given for this opportunity.every one using this card for 30 days time full filling this credit amount.this providing card use every one gets benefits. Thanks for suggesting CITI bank credit card which is good for me and all..Kindly approve my CITI Bank credit card.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 07, 2018
    • Bank Bazaar Debit Card
      "SBI"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Tq excellent web site for applying for a SBI debit card and other works to for this web site if any one want to do any work this is the perfect web site for doing woke I request to use this wed site thank you for all read my review and take part of it....
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 04, 2018
    • 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? 12
      , bangalore
      Reviewed on Oct 03, 2018
    • Bank Bazaar Debit Card
      "Good work with the help of the online portal"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Nice work Inverhy clever to nice job work . banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 11
      , ahmedabad
      Reviewed on Oct 02, 2018
    • Bank Bazaar Debit Card
      "Good service And all impolys will do help in work."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good service and bank immediately all done works.I am really impress to good works.all works will be immediately.Bank brand is very high in market.i says all person open account in yes bank.here service is fast and clear.Bank policy is very good.
      Was this review helpful? 12
      , bathinda
      Reviewed on Sep 21, 2018
    • Bank Bazaar Debit Card
      "SIMA KHATUN"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Bank bazaar is a very good site, I am so happy as my loan has got approved. This is a very good news for me this site. The customer service is so excellent especially for future reference for people. am so Happy . BankBazaar he is the Best Product
      Was this review helpful? 16
      , kolkata
      Reviewed on Sep 20, 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? 18
      , hyderabad
      Reviewed on Sep 19, 2018
    • Bank Bazaar Debit Card
      "Best service bank bazar "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Thanks for you bank bazar offer zero balance bank account The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easy..
      Was this review helpful? 10
      , new delhi
      Reviewed on Sep 19, 2018
    • Bank Bazaar Debit Card
      "It is very good bankbazaar"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Nice service keep it up... because of online account it was very easy to open. My account opening time in a very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you.
      Was this review helpful? 12
      , jaipur
      Reviewed on Sep 18, 2018
    • Bank Bazaar Debit Card
      "SUPAR BANK"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      My account opening time is very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you
      Was this review helpful? 11
      , hyderabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "Confident"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Bank bazaar is a very good site, I am so happy as my loan has got approved. This is a very good news for me this site. The customer service is so excellent especially for future reference for people. The service what they provide is also very fast service for any department for loan. Also I am so happy with this site.
      Was this review helpful? 13
      , hyderabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "The way they explained about the card is very good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easy..
      Was this review helpful? 11
      , chandigarh
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "Nice service keep top-up ... because online easy to help"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      My account opening time is very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you
      Was this review helpful? 17
      , coimbatore
      Reviewed on Sep 15, 2018
    • Bank Bazaar Debit Card
      "Personal loan"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is so good site, I am so happy as my loan has got approved. This is a very good news for me this site. The customer service is so excellent especially for future reference for people. The service what they provide is also very fast service for any department for loan. Also I am so happy with this site.
      Was this review helpful? 16
      , ludhiana
      Reviewed on Sep 14, 2018
    • Bank Bazaar Debit Card
      "My review"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      VERY GOOD SERVICE IS AVAILABLE FOR PEOPLE WHO ARE CONNECTED WITH BANK BAZAR. THERE IS NICE SERVICE SO I HAVE ALSO MADE AN ACCOUNT WITH BANK BAZAR . ALSO THERE IS GOOD RESPONSIBILTY AND ECO-FRIENDLY WITH US. I AM VERY MUCH HAPPY TO CREATE AN ACCOUNT ON BANK BAZAAR. THE WEB PORTAL AND ACCURACY IS TOO GOOD . THANKS TO BANK BAZAR
      Was this review helpful? 12
      , kannur
      Reviewed on Sep 14, 2018
    • Bank Bazaar Debit Card
      "Great app"
      YES BANK
      0.5 4.0/5 "Great!"
      Very Good allocation. Bank bazaar.com very thanks Great experience in your web site. Very easy applying in debited card.customers services is the very good.very essay captions and the great options and everything is well developed on this website.
      Was this review helpful? 14
      , chennai
      Reviewed on Sep 13, 2018
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