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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?

    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 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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  • 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? 43
    , new delhi
    Reviewed on Oct 20, 2019
  • ICICI Bank
    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? 75
    , 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? 100
    , 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? 119
    , 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? 119
    , 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? 83
    , 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? 57
    , 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? 24
    , 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? 73
    , 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? 42
    , 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? 44
    , 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? 52
    , 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? 44
    , 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? 40
    , 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? 26
    , 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? 27
    , 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? 108
    , 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? 32
    , 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? 92
    , bangalore
    Reviewed on Apr 06, 2017
  • Kotak Debit Card
    "GOOD BANK BEST SERVICES GOOD JOB NICEBANK GOODRELATIONSHIP "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    SUPPORTING WITH A MINIMUM WORKING TIME BANK QUICK DESISION WONDERFUL JOB GOOD PROVIDED BY OTHER BANKS LIKE ICICI, HDFC , IDBI , AXIS AND MORE NATIONALIZED BANKS FUTURE GOOD BANK MANAGMENT GOOD ALSO SUPPORT AND THANKS TO ALL THEY ARE HELPING PEOPLE THANK YOU AGAIN..
    Was this review helpful? 61
    , vadodara
    Reviewed on Mar 26, 2017
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