Top Zero Balance Savings Accounts in 2018 for Indian Citizens

Updated on: 27 Jul 2023 // 5 min read // Saving Account
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Unlike before, savings accounts can now be opened without an initial deposit and customers can maintain a zero balance in their accounts. Here, there is no stipulated minimum balance as customers are at the liberty to withdraw their funds and leave the account empty. In this article, prominent zero balance savings accounts made available for the convenience of Indian citizens are listed.


Zero Balance Savings Accounts Name

Interest Rate>

Kotak Mahindra Bank811

Up to 1 Rs. Lakh – 5%

Rs. 1 Lakh – Rs. 1 Crore – 6%

Above Rs. 1 Crore – 5.5%

Axis BankASAP Zero Balance SA

Less than Rs. 50 Lakhs – 3.5%

Rs. 50 Lakhs – Rs. 100 Crores – 4%

Above Rs. 100 Crores – 6%


Up to Rs. 1 Lakh – 6%

Rs. 1 Lakh – Rs. 2 Lakhs – 7%

Rs. 2 Lakhs – Rs. 5 Lakhs – 5%

Above Rs. 5 Lakhs – 4%

Standard Chartered BankAasaan Account

Up to Rs. 50 Lakhs – 3.5%

Above Rs. 50 Lakhs – 4%

State Bank of IndiaBSBDA

Up to Rs. 1 Crore – 3.5%

Above Rs. 1 Crore – 4%


Below 50 lakhs – 3.5%

Rs. 50 Lakhs and above – 4%

IDFC BankPratham4%
IndusInd BankBasic Small Savings

Up to Rs. 10 Lakhs – 4%

Rs. 10 Lakhs – Rs. 1 Crore – 5%

Rs. 1 Crore – Rs. 10 Crores – 5.5%

Above Rs. 10 Crores – 6%


Below Rs. 50 Lakhs – 3.5%

Rs. 50 Lakhs and above – 4%

RBL BankAbacus Digital

Up to Rs. 1 Lakh – 5.5%

Rs. 1 Lakh – Rs. 10 Lakhs – 6%

Rs. 10 Lakhs – Rs. 5 Crores – 6.5%

Federal BankSelfie
Less than Rs. 50 Lakhs3.5%
Rs. 50 Lakhs-less than Rs. 1 Crore

3.5% on balance up to Rs. 50 Lakhs

4% on balance above Rs. 50 Lakhs

Rs. 10 Crore to less than Rs. 25 Crores

3.50% for amount up to Rs. 1 Lakh

6.30% for balance above Rs. 1 Lakh

Rs. 25 Crores and above

3.50% for amount up to Rs. 1 Lakh

6.51% for balance above Rs. 1 Lakh

Kotak Mahindra’s zero balance savings accounts, 811, is a completely digital account, which can be easily opened within 5 minutes. Customers a whole lot of benefits which include:

  • A virtual debit card is issued to customers to aid online shopping.
  • Customers can make payment using the scan and pay option.

Customers are also able to shop online without having to download other applications using the mStore feature in the bank’s app.

  • No extra charges are attached to online transactions done through NEFT/IMPS using this account.
  • However, the maximum deposit is placed at 1 Lakh.
  • Online transfer is limited to 1 Lakh.
  • Before the elapse 1 year from opening the account, the customer has to carry out a complete KYC.

The ASAP account of Axis Bank can also be opened within a short period of time with the mobile number, Aadhaar, and PAN of the customer.

  • Upon successfully opening this zero balance savings account, the user gets a virtual debit card at no cost.
  • Bills are paid online, funds are transferred and bank statements are gotten free of charge
  • The maximum amount deposit is 1 Lakh.
  • Once the account has been upgraded within 1 year, the account no longer has a maximum deposit limit.

The Development Bank of Singapore Ltd. (DBS) runs its services through its mobile app. So, interested customers with their Aadhaar cards can open the digiSavings account right on their smartphones.

  • The Visa debit card is issued with an additional payWave feature.
  • Customers enjoy an amazing 7% interest rate
  • E-Wallet feature is accessible and there are no restrictions to ATM withdrawals by customers.
  • Users also get to enjoy smooth online transfers using NEFT and IMPS.
  • However, a deposit cannot be made into the account by cash or cheque.

Standard Chartered Bank’s Aasaan zero balance savings accounts also provide customers with a debit card without restrictions to ATM withdrawals.

  • There are no charges attached to the withdrawals and users get free multicity checkbooks.
  • Customers are also allowed to use any branch of Standard Chartered Bank at no extra cost.

Basic Savings Bank Deposit Account (BSBDA) by The State Bank of India is a savings account that does not attract an additional or extra cost. So, it is absolutely cost effective and cheap to maintain.

  • There is no deposit limit for this account
  • Only that, the account becomes a full KYC account at the point of opening.
  • Also, the account holder is not permitted to own another savings account with SBI
  • RuPay debit card is attached with the zero balance savings accounts.

Similarly, the Basic Savings Bank Deposit Account (BSBDA) of ICICI is not open to customers who already have a savings account with the bank.

  • The debit card and checkbook are issued free of charge
  • Online transactions and bank deposits are not charged.
  • And the interest paid on this account is half-yearly.

With Pratham, customers are welcome onboard with only their Aadhaar cards.

  • The account can also be opened in any branch of the bank or at any of the ATMs.
  • Customers also get to avail government funds and subsidies using this zero balance account.
  • However, internet banking, mobile banking, and checkbooks are issued on special request.
  • ATM transactions can be made anywhere in India at no extra cost

Basic Small Savings from IndusInd provides a free debit card to customers. However, foreign transactions are not allowed on the account.

  • On HDFC’s Basic Savings Account, customers get a RuPay debit card for free.
  • But there is a limit of three free ATM withdrawals per month.

To open Abacus Digital Savings account with RBL Bank, no documentation is required.

  • The interested customer only needs his Aadhaar number and PAN
  • The maximum deposit is 1 lakh and the customer is privileged to invest in fixed deposit.

But the customer would need to submit his signature to any branch of the bank within the same year of opening the account.

The Selfie zero balance savings account by Federal Bank is the first of its kind as it provides an entirely new experience for its holders.

  • A mobile account opened through FedBook Selfie, the mobile application of the bank.
  • A customer needs his Aadhaar card and PAN card to open this account.

Upon downloading the app from Google Play Store or iStore, take a selfie, scan your Aadhaar and PAN cards and upload on the app.

Afterward, the bank confirms and activates the account and the customer gets to enjoy the amazing interest rates.

  • However, this account is currently open to residents alone.

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