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  • Zero Balance Savings Account

     4.0 / 5.0   by 670 users
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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 34 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Nice service for people "
      YES BANK
      0.5 4.5/5 "Excellent!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtunity, Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 2
      , cuttack
      Reviewed on Aug 12, 2018
    • Bank Bazaar Debit Card
      "sir ye card kab Aage "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very much pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks to allow to open my account.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Aug 09, 2018
    • Bank Bazaar Debit Card
      "Wow excellent service"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Nice service for people who are getting helpful from yes bank in bankbazaar.com And I'm also made a account in bank bazaar.com at yes bank online . It's really good service here people gets good service, I am very much happy to create an account here.. .
      Was this review helpful? 5
      , patna
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I like your service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience & easy to submit the application and fast acceptance; these people also call you and assist you with the best possible way;thanks for allowing me to open bank saving account, And Bank bazaar is a good site for banking guidance. I really felt that bankbazaar was very much helpful.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I love your service & customer care behaviour etc"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I got everything here, I am very much impressed with ur customer care behaviour and his / her helping nature so it enabled and also help me for account opening also they helped me to get the credit card Hope it is very much helpful and better than others.
      Was this review helpful? 9
      , new delhi
      Reviewed on Aug 04, 2018
    • Bank Bazaar Debit Card
      "nice "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 6
      , noida
      Reviewed on Aug 03, 2018
    • Bank Bazaar Debit Card
      "GREAT"
      INDUSIND BANK LTD
      0.5 3.5/5 "Pretty good"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 5
      , pune
      Reviewed on Aug 02, 2018
    • Bank Bazaar Debit Card
      "goods"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 14
      , jaipur
      Reviewed on Jul 24, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , kolkata
      Reviewed on Jul 22, 2018
    • Bank Bazaar Debit Card
      "Good experience "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 16
      , new delhi
      Reviewed on Jul 21, 2018
    • Bank Bazaar Debit Card
      "This is my home bankbazaar"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      Because we are so happy there is no need to visit any branch of Hyderabad. It is very much helpful thank you so much bankbazaar. Also, it is very easy to open a bank account. Its because of that, I like bankbazaar. Thank you once again Bankbazaar.
      Was this review helpful? 10
      , hyderabad
      Reviewed on Jul 20, 2018
    • Bank Bazaar Debit Card
      "Service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      This is my first time with BANK BAZAAR . The customer service and responses was good. The website is every user friendly and its easy navigate . The web portal's accuracy and speed is also good.My overall experience was good so its recommendable.,
      Was this review helpful? 14
      , gurgaon
      Reviewed on Jul 16, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 9
      , tirupati
      Reviewed on Jul 15, 2018
    • Bank Bazaar Debit Card
      "NICE BANK & NICE PERFORMANCE"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , jodhpur
      Reviewed on Jul 08, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Good website bank bazaar and very easly to apply any account and in any branch now apply for all customers And The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 17
      , mumbai
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 13
      , new delhi
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Its an amazing website so far with easy documentation, lets wait for the next step. i have applied for zero balance saving account, so far not much document required, and customer service is excellent and they provide a quick responsive its great.
      Was this review helpful? 18
      , guwahati
      Reviewed on Jul 03, 2018
    • Bank Bazaar Debit Card
      "I like bank bazar it is very good for car and insurance"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happy with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 16
      , patna
      Reviewed on Jun 27, 2018
    • Bank Bazaar Debit Card
      "Excellent "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happily with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 17
      , chennai
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "VERY GOOD "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 18
      , new delhi
      Reviewed on Jun 26, 2018
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