Guide to Open Zero Balance Savings Account in 2021

13 Jan 2021 // 43 min read // Saving Account
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New Year is the time to mark new beginnings. It indeed is the best time to take new resolutions, news targets for better mental, financial and spiritual well-being.

Opening a Savings Account is one of the first steps to financial fitness. The money deposited in a Savings Account is securely parked at the bank and earns you an interest rate, the liquidity of cash, eligibility for credit and asset protection at the same time. If you haven’t opened a Savings Bank Account yet, it’s is the time to open a Basic Savings Bank Deposit (BSBD) account in 2021. For, you not only learn to save for the rainy days, but you also earn peace of mind in the most stress-free way.

Here is a step-by-step guide to open a Zero Balance Savings Account in 2021. We have also compiled a list of banks extending Zero Balance Savings Accounts to regular customers along with interest rates and other services.

Top Zero Balance Savings Accounts in 2021

S. NoBankZero Balance Savings AccountInterest Rate %


State Bank of India

Basic Savings Bank Deposit Account




Basic Savings Bank Deposit Account



Kotak Mahindra Bank

811 Digital Bank Account




Basic Savings Account



Axis Bank

ASAP Zero Balance SA



Yes Bank

Basic Savings Bank Deposit Account




Basic Savings Bank Deposit Account



Federal Bank

Selfie Account



RBL Bank

Abacus Digital










What is a Basic Savings Bank Deposit (BSBD) account?

A Basic Savings Bank Deposit Account is a Zero Balance Savings Account that enables the account holder to open a bank account without a restriction to maintain a minimum balance at the time of opening and thereafter.

Primarily, BSBD accounts are introduced to enhance financial inclusion of economically weaker sections into formal banking; there are banks and financial institutions that extend Zero Balance Savings Accounts to regular customers, pensioners, homemakers, and minors as well.

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Key features of BSBD- Zero Balance Savings Account:

  • No minimum balance required at the time of opening the account.
  • Same rate of interest as Savings Account
  • Free ATM-cum-Debit Card
  • No annual maintenance fee
  • Free deposit and withdrawal services
  • Passbook facility
  • No charges for inoperative accounts
  • Cheque Book facility on request
  • Internet banking

What are the limitations of Basic Savings Bank Deposit Account?

These are not exactly limitations of Zero Balance Savings Accounts, but peculiar features that make it suitable for the targeted consumers only.

  • Annual balance should not be more than Rs. 1 lakh.
  • The applicant must not have any other savings account prior to opening the BSBD account.
  • RTGS facility is not permitted on these accounts.
  • Annual credits should not exceed a sum of Rs. 2 lakh.
  • A BSBD account can be opened with partial KYC with certain limitations, which are averted only after full KYC compliance. 

How to open a Zero Balance Digital Savings Account?

You can open a Zero Balance Savings Account by visiting the bank branch and submitting the KYC documents.

Alternatively, you can also open a Zero Balance Digital Savings Account online on your smartphone by accessing the bank’s app. All you need is a good internet connection, Aadhar Card and Pan Card and basic information to open the digital savings account on the bank’s app.

SBI Basic Savings Bank Deposit Account

SBI Basic Savings Bank Deposit Account can be opened by any individual complying with valid KYC documents. However, the category is primarily devised for customers belonging to economically weaker section of society so that they can save without an additional burden of bank charges. The eligibility criteria are similar to regular Savings Account.

Like a regular Deposit Account, SBI BSBSA is a KYC compliant account and can be operated by an individual or jointly or with any other member of the family. You can visit any of the SBI branches and open a Zero Balance Savings Account. Money can be withdrawn at the bank branches or through ATMs. A basic RuPayATM-cum-debit card is issued free of cost, and no annual maintenance charge is levied. There are no account closure charges and no inoperative account charges. Facilities like receipt/ credit of money through NEFT/RTGS and deposit/ collection of cheques drawn by Central/State Government are free. The maximum of 4 withdrawals are allowed in a month. 

HDFC Basic Savings Bank Deposit Account

HDFC Basic Savings Bank Deposit Account is only available to those who do not have any other HDFC bank account previously. The bank extends Zero Savings Bank Deposit Account primarily to the customers belonging to economically weaker section. The account comes with a host of benefits including a free Rupay Debit Card, bank passbook facility, cash, and cheque deposits, internet banking, phone banking & mobile banking. You can make four free ATM withdrawals, and process lifetime bill payment facility using RTGS, NEFT & Standing Instruction. A basic KYC verification is a must for opening an HDFC Account.

Kotak 811 Account

Kotak 811 is a fully digital Savings Account that can be opened in less than five minutes and offers an attractive rate of interest up to 6% p.a. Combining the features of mobile banking and internet banking, Kotak allows 811 Digital Bank Account customers to access their account with a Kotak Mobile app and enjoy offers on shopping, travel, and entertainment. You can also opt for investments, time deposits, recurring deposits and request a chequebook and fund transfer on the app. Besides, you can use sweep-in and sweep-out limit on your bank account which will help you instantly convert excessive funds into an FD and earn you greater return and saving potential. 

ICICI Basic Savings Account

Each ICICI Basic Savings Account can have a single nominee. The accounts are opened under PMJDY, and there is no minimum balance maintenance restriction, though partial KYC compliance is mandatory. You will get a Free Rupay Debit Card, facilities like cash deposit/withdrawal, passbook, cheque leaves, and internet banking facility. For all free deliverables, the account holder needs to visit the base branch.

Axis Bank – ASAP account

To open the Axis ASAP account, you need to be 18 years of age. You only require a mobile number, Aadhaar Number, and PAN Number to open a Zero Balance Savings Account with Axis Bank. Eligibility criteria and restrictions are similar to Basic Savings Bank Deposit Accounts. If you are a fully KYC compliant customer 1 lakh restriction of the annual account balance is omitted. With Axis Bank ASAP Account you get a free virtual Debit Card for online spends, access to internet banking for fund transfer, bill payments, and account statements. You also get the flexibility to set auto-sweep flexi FD for balance above Rs. 1,000.

YES Bank’s Zero Balance Account

YES BANK’s Zero Balance Savings Account is open to regular customers besides those belonging to the economically weaker section. While you require an initial deposit of Rs 10000 to open this account, you can withdraw the amount later on without any restriction. Regular customers having Yes bank products such as Fixed deposit over Rs 50,000, Current Account, Recurring Deposit of Rs 5,000 per month (Rs 3,000 for women) and a Credit Card can open a Zero Balance Savings Account with Yes Bank. You enjoy an attractive rate of interest, net banking services, free Debit Card, unlimited ATM withdrawals and an option to request International Platinum Chip Cards.

PNB Basic Saving Bank Deposit Account

Punjab National Bank also extends the facility to open a Zero Balance Savings Bank Account to regular customers. With a PNB Basic Savings Bank Deposit Account, you get a free ATM-cum-Debit Card, free 20 Cheque leaves per year, four ATM/cash withdrawals, unlimited deposit, and other basic banking benefits. For add on benefits, charges will apply, and there is also a nominal annual maintenance charge applicable on the account. There is no fee on inactive accounts.

Federal Bank Selfie Account

To open Federal Bank’s Zero Balance Savings Account, you need to access FedBook Selfie Mobile App. You can conveniently open the account by filling in your Aadhaar and PAN Card details. To open the Zero Balance Account from your mobile, choose “E KYC Account,” and get an OTP on your mobile. You would require feeding your Aadhaar and Pan details. Your mobile number needs to be linked with Aadhaar for E KYC. Alternatively, you can proceed with “Selfie Account” option and visit any of the Federal Bank branches to activate the account. The account is instantly activated, and you get access to Passbook in App.

RBL Abacus Digital Savings Bank Account

RBL’s Abacus Digital Savings Account can also be opened instantly with minimum documentation requirement. There is no paperwork involved. You get an attractive interest of 5.5% on daily balance up to Rs. 1 lakh.

Opening a Savings Account is thus just a click away, and there are no hassles involved. Neither do you need to maintain a minimum balance, nor do you need to visit the bank for withdrawals and other transactions; so verily tap the benefits of Zero Balance Savings Account and earn attractive interest all along!

Also Read: Top Zero Balance Savings Accounts in 2018 for Indian Citizens

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