A zero balance saving account is a savings account type wherein you do not need to maintain a minimum balance, i.e. the balance in your savings account can go down to Rs. 0 without attracting any penalties. Below are some of the best zero balance account in India 2023 for Indian Citizens.
A Savings Account is a facility provided by the banks wherein you can deposit your surplus funds and can withdraw when in need. You will be earning interest on the amount deposited and so this is the best way to invest your surplus funds which otherwise would be idle or spent unnecessarily. A Savings Account is advantageous since it does not have a maturity date and you will not be blocking your funds. You will have to maintain a minimum balance in the account as stipulated by the bank, failing which, a penalty will be levied.
Zero Balance Savings Account or the No-frill account which was a part of the financial inclusion plan that was introduced to inculcate the saving habit in a majority of the population. This account can be opened with no restrictions on the minimum balance to be maintained. Despite this, the account will be provided with all the facilities that are offered to a normal Savings Account.
If you want to open a savings account in India and do not want to be stuck in the complications of maintaining a minimum balance, opt for a zero balance account. For a 0 balance bank account, you do not have to maintain a minimum balance. The minimum average balance is calculated by the bank on the average balance available in the account at the end of the day of every month and divided by the total number of days that come in the month. If you wish to open a zero balance account in India, you can contact any of the below mentioned zero balance account banks.
The following are the features of a Zero Balance Savings Account:
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The key features of the top banks zero balance account are mentioned below:
You are eligible to open a Zero Balance Account if:
The following points should be remembered while maintaining a zero- balance account:
The following are the differences between Regular Savings Account and Zero Balance Account:
|Regular Savings Account||Zero Balance Account|
You can open a Zero Balance Account by visiting the nearest branch and submitting KYC documents.
Alternatively, you can open the Digital Savings Account online on your smartphone by accessing the app of the respective bank.
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Zero Balance Savings Account, also known as the No-frill account is a savings account that can be opened with no restrictions on the minimum balance to be maintained. Despite this, the account will be provided with all the facilities that are offered to a normal Savings Account.
The rate of interest is similar to the rate of interest applicable to a regular savings account.
The limitations of the zero balance account as mentioned below:
If you are wondering which bank is best for zero balance account, the answer is Kotak Mahindra, HDFC, Axis, and SBI are some of the best bank to open account in india with zero balance.
Axis Bank, HDFC Bank, SBI, IDFC First, Indusind, RBL, Kotak Mahindra, and Standard Chartered are some of the banks that require minimum balance in savings account. You have to maintain zero balance in these 0 balance saving accounts.
Yes HDFC Bank provides the facility of the best zero balance account.
You can either visit the bank branch to apply for a 0 balance account or apply through the bank’s app for zero balance account opening online.