10 Best Zero Balance Bank Accounts in India

Last Seen: Apr 14, 2024 @ 11:42am 11AprUTC

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People struggling to make ends meet often get frustrated by the bank’s minimum balance requirements. Being unable to use a portion of your hard-earned money because of the bank’s minimum balance limit is a pain. Understanding this preference of citizens, many banks have introduced modern Zero Balance Bank Accounts. 

Zero Balance Accounts offer various banking facilities that differ from one bank to another. From my experience over the years, I have prepared a detailed list of the 10 BEST Zero Balance Bank Accounts in India. The article will provide in-depth knowledge of Zero Balance Bank Accounts in India and their role in creating a customer-friendly banking environment. 

Not only this, but I also learned how these non-maintenance accounts can help foster better financial planning and desired economic status by opening these accounts in the best banks across the country. 

1) HDFC

HDFC Bank is one of the leading private Indian banks. It was founded in August 1994, with headquarters in Mumbai. I like that HDFC’s zero balance bank account offers a safe deposit locker with super saver facilities and a FASTag option online or offline. The bank has 8,192 branches and 20,760 ATMs across 3,836 cities/towns.

Online service of HDFC can be used on Smartphones and tablets that run on iOS, Android, Windows, and Blackberry systems. It practices strong security options like the SMSes from the bank, which will always include a header like HDFCBK/HDFCBN/ 186161. 

Features:

• Cards: The first issued Rupay or Debit card is free of cost. In contrast, duplicate cards are chargeable, and lifetime free platinum debit cards are available for primary and secondary account holders.  
• ATM Withdrawals: A maximum of 4 ATM withdrawals are free monthly via any mode, including cash withdrawal at ATM, Branch, NEFT, RTGS, IMPS, Demand Draft, etc. 
• Free facilities: Bill payments, first passbook, first 25 cheque leaves, cash/cheque deposits,  and email statements. 
• Rewards: The HDFC Debit card has many rewards, like 5% savings on your everyday spending on partner merchants like Apollo Pharmacy and IRCTC. 
• Investment options: It has two kinds of investment options: active choice, where one can design the portfolio voluntarily, and other is auto choice, where funds are invested in predefined proportions like age. 
• Customer care:   Email services can be used for urgent queries, and the bank takes at least ten working days to solve the complaints and queries.

Requirements:

• Looking into eligibility, the criteria cited by the bank is that one must be employed with a corporation with a salary account relationship with HDFC Bank.
• Also, one must not hold any other account with HDFC, and one must not hold Basic Savings Bank Deposit Account with any other Bank.  
• Moving forward to documentation, official valid Documents (OVD) like Aadhar cards, Driving licenses, Passports, and Voter IDs can be submitted.
• If OVDs don’t have current addresses, other options include utility bills, property/municipal tax receipts, etc.

2) State Bank of India

State Bank of India is a multinational public-sector Indian Bank headquartered in Mumbai. I trust SBI since it is a government bank. The bank has 22,45 branches, 17 local head offices, and 101 zonal offices In India. Moreover, it is spread out in about 36 countries around the globe. 

It offers a digital platform for online banking, which consists of mobile and internet banking. SBI’s #YONO mobile app has options for shopping, banking, insurance, investments, food orders, and tickets all in one place. Along with facilities of SMS alerts and SBI emergency missed calls. 

Features: 

• Cards: SBI offers debit cards in partnership with Mastercard, RuPay, and Visa, which are issued during the account opening process.  
• Rewards: One can earn 200 reward points on three transactions and 2X reward points in the birthday month using SBI debit and RuPay cards. 
• Free facilities: The first ten cheque leaves are free for the financial year, while consolidated account statements, passbooks, and five withdrawals are free for a month. 
• Account Conversion: Availability of transfer of accounts such as savings to current or salaried or vice versa and related accounts through Internet Banking channels. 
• Investments: Under investments, there are five different options that the customer can opt for mutual funds, insurance, equity trading, portfolio investments, and national pension scheme.
• Customer care: SBI has a 24*7 contact service that can be availed of through a toll-free number. The bank takes 48 hours to respond to an email. 

Requirements:

• Documents such as two self-attested copies of passport-sized photographs, attested copies of ID proofs, and address proofs.
• A draft or cheque in favor of the State Bank of India. 

3) Jupiter

Jupiter is a #Neo Bank, i.e., a completely online platform that works on the digital platform. Its accounts are built on a strong technical foundation of the Federal Bank infrastructure. I believe that Jupiter utilizes modern bank-grade security systems and money insurance safety to up to Rs. 5,00,000.

The bank helps you master your money with various options, such as getting real-time spending breakdowns, putting savings on autopilot for a specific purpose, watching wealth grow on networks, and tracking mutual funds with a portfolio analyzer. 

Features:

• Rewards: Real-time rewards called jewels can be earned on the spends and further redeemed as cash or gold.
• Cards: An instant credit of up to Rs. 1.50,000 is provided to the new customer by the bank as soon as the account is opened.
• Free facilities:  Free Visa card,  free credit card, or three to five unchargeable ATM transactions from another bank. 
• Mutual funds: With Jupiter investment policies, one can make unlimited commission-free investments starting at as little as Rs.100 with zero Systematic Investment Plans (SIPs).
• Customer care: The customer can reach the bank anytime through the app, which is active 24 hours. The bank takes at least two working days to respond to an email. 

Requirements:

• Account in Jupiter can be opened online using its app by any individual for following easy steps of personal verifications. 
• Terms and conditions as specified by the bank should be followed to experience hassle-free banking.

4) IDFC

IDFC First Bank is a private sector Indian bank formed by merging the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. The bank is diversified into investment banking, institutional broking, and asset management. 

There are 809 branches and 925 ATMs in IDFC across the country, and one can locate the nearest branch and ATM online. In IDFC’s zero balance bank accounts, I found the opportunity to earn monthly interest credits on savings account balances interesting as it can be an additional source of income. 

Features:

• ATM Withdrawals: Rs. 6.00,000 is the purchase limit, and Rs.2,00,00 is the daily ATM withdrawal limit. ATM transactions at other banks are unchargeable. 
• Cards: IDFC credit cards offer privileges like lower interest rates p.a., lifetime free cards with no minimum spend conditions, and 10X rewards points that never expire. 
• Free facilities: Reissuance of the chequebook, replacement of debit card, ATM transaction charges at other banks, SMS alerts, and international ATM transactions.
• #Monthly interest credits: Interest is calculated daily based on the end-of-day balance, which is credited to the account monthly.
• Rewards: In collaboration with shopping, food, and traveling apps like Myntra, Yatra, and Zomato, IDFC offers discounts and cashback for certain periods. 
• Customer support: 24*7 customer support is available, and solutions are provided through calls, emails, and WhatsApp. 

Requirements:

• Indian citizens, Residents of India, and Foreign nationals residing in India and meeting GOI criteria.
• To open a savings account online, an Aadhaar Number and PAN number are required.
• To open a savings account offline, a photograph and a filled form are required, along with an identification document. 
• In some cases, a Job card issued by NREGA duly signed by an officer of the State Government or a Letter issued by the National Population Register containing details of name and address.  

5) Bank of India

Bank of India is a public sector bank that offers cost-effective communication services and financial processing. In my evaluation, I observed that it gives complete control over personal finances, thereby providing a secure and seamless banking experience. 

BOI offers benefits of group personal accident insurance, from coverage ranging between Rs. 1,00,000 and Rs. 1,00,00,000, depending on the card type. It has 5,13 Branches and 5,551 ATMs across India. The bank offers the base rate at an existing level of 10.00% w.e.f 01.10.2023.

Features:

• Cards: The first issued debit and RuPay cards are rechargeable, while reissuing is chargeable and 100%waiver for all categories of credit cards.
• ATM Withdrawals: 10 transactions at BOI ATM are free of cost, while only 5 ATM transactions at other Bank ATMs are chargeable per month. 
• Free facilities: RRTGS/NEFT, passbook, 25  cheque leaves, credit cards, demand draft, and retail loans in case of salaried accounts. 
• Mutual funds: I love their India Flexi Cap fund, which invests across large capital, mid-capital, and small capital stocks with long-term capital appreciation. 
• Insurance: Group Personal Accident insurance coverage of up to Rs. 1 Lakh for a Normal card is available in savings and salaried accounts. 
• Customer care: BOI has a toll-free number and email support. However, 24*7 active numbers and SMS/WhatsApp alerts are chargeable. 

Requirements:

• All residents are eligible to open individual accounts.
• Two more individuals can open a joint account together.
• No daily Minimum balance requirements.

6) Kotak Mahindra Bank

Kotak Mahindra Bank Limited is a financial company and an Indian private-sector Bank. The services provided by the Bank are related to investment banking, wealth management, life insurance, and personal finance. It has an app called Kotak811, where everything can be found in one place without moving. 

Quick payments can be made by using UPI Lite with Kotak accounts on any UPI app. There are 1,780 branches, while about 3239 ATMs of Kotak Mahindra around the country, including international branches in Dubai. It is available on various platforms like Android, iOS, websites, online apps, and offline branches. 

Features:

• Cards: Virtual debit cards are available free of cost for 811 limited KYC and 811 Full KYC accounts, which are variants of 811 accounts. Physical debit cards are chargeable (Rs. 299) for both the variants of 811. 
• ATM withdrawals:  Cash withdrawal is only available for 811 full KYC accounts and 811 EDGE variants. The other accounts, 811 Limited KYC and 811 Lite are limited to online transactions.
• Insurance: The bank covers all kinds of insurance, including life insurance for the account holder and the family, medical insurance coverage, and vehicle insurance coverage.
• Rewards: This can be earned by shopping online with a Kotak811 credit card to earn 2 reward points.
• Customer care: The working window for bank-related issues is 24*7, while certain issues like those related to loans and insurance have a working window of 9 am to 7 pm from Monday to Saturday. 

Requirements:

• Should be a citizen of India.
• Should be 18 years of age and above.
• Verification of Aadhar card and PAN card is required. 

7) Standard Chartered

Standard Chartered is a British multinational consumer corporation with its headquarters in London, United Kingdom. It is a leading global bank offering a wide range of services, including loans, credit cards, accounts and deposits, and NRI banking. 

There are about 100 branches in 43 cities across India. The bank has around 6232 ATMs in all the operating countries, and they can be located using ATM Bank Locator with the help of #Google Maps. The bank has gained the trust of its customers as it has been operating in India since 1868. 

Features: 

• Cards: With smart credit cards, the customer can get up to Rs. 18,000 cashback annually and 2% cashback on online spending. Platinum cards are a one-time investment offering 5X benefits. 
• ATM withdrawals: The money can be withdrawn from other bank ATMs without any extra charges being included. 
• Free facilities:  Chequebook, debit card, unlimited cash withdrawals, and branch access are unchargeable at Standard Chartered. 
• Rewards: I love the vouchers they give. Some are worth Rs. 15,000 and offer 20% & 10% discounts on hotel and ticket booking, which can be accessed through savings credit and debit cards. 
• Loan services:  The bank offers instant loans of up to 5 lakhs on the credit card. Moreover, there is flexible repayment tenure and zero prepayment charges, especially on home loans. 
• Customer care:  A 24*7 chat option is available on the website, along with audio chat and text chat. Online complaint forms are also available. 

Requirements: 

• Resident individual.
• Documents for ID and address proof. 

8) Punjab National Bank

Punjab National Bank (PNB) is the second largest public sector bank in India, with headquarters in New Delhi. It has been serving since 1894, so it is a trusted bank within the Indian population. I love their products like wealth management, asset management, mortgage loans, private banking, retail banking, exchange-traded funds, and other usual banking facilities. 

PNB has around 10,108 branches and 12,455 ATMs across the country. It has an international banking network spread across different countries like the UK, Nepal, China, Dubai, Australia, Norway, and Kazakhstan, making me feel safe during international travel. I would suggest using the risk assessment option available at the bank to understand the profit or loss of the products offered. 

Features: 

• Cards: Cards like PNB RuPay Platinum card, PNB Raksha Platinum, and Select card, which have no joining or annual fee.
• ATM withdrawal: A cash withdrawal limit is imposed by the bank for both platinum and classic cards of up to 10,0,000 and 25,000, respectively. 
• Rewards: PNB cards offer instant EMI on leading shopping brands like Lenovo, Samsung, Titan, and Volvo, as well as 10% to 20% off on domestic and international flights.
• Insurance: PNB offers both life and general insurance. To provide bancassurance services to the customer, it has tied up with five insurance companies. 
• Customer care:  Toll-free numbers are available through which banks can receive the calls. The customer can complain online and even track it using the PNB online app. 

Requirements: 

• One can open a single account or a joint account.
• Nomination is allowed. 

9) Axis Bank

Axis Bank is an Indian private multinational bank with headquarters in Mumbai. It is India’s third-largest bank by assets and fourth-largest bank by market capitalization. It offers products like index funds, investment management, exchange-traded funds, asset management, and other regular banking facilities.

The bank has more than 5100 domestic branches and 16.026 ATMs and cash recyclers, which are distributed nationwide. The zero-balance bank accounts at Axis are named Amaze Saving accounts. The Amaze offers more than 250 banking services, which, in my opinion, is an eye-catching point. 

Features:

• Cards: E-debit card is issued instantly. Also, a package comprising virtual and physical debit cards is available.
• ATM withdrawals: Free transactions at other banks are limited to five per month. Daily withdrawal limit ranges from Rs. 20,000 to Rs. 50,000.
• Rewards: The customer can avail 1% cashback on online spending through an e-debit card. Upto 20% cashback on more than 50 shopping and travel brands.
• FASTag: The bank offers FASTag at zero cost. Moreover, the customer can get a cashback of up to Rs. 75 on FASTag recharge by BILLPAY.
• Loans:  The EMI on Home loans are waived off for 12 months. However, if an individual wants to avoid a loan then one can explore alternative loan options. 
• Customer care: Axis has both a tool-free and chargeable contact number. It has a 24*7 available emergency helpline number with an email service dedicated to customer care. 

Requirements:

• The account can be opened in minutes using an Aadhar card, PAN card, and video call for KYC verification.

10) Central Bank of India

Central Bank of India (CBI) is a public sector Indian bank with headquarters in Mumbai. It is the first commercial Indian bank that is completely owned and governed by Indians. It’s been offering financial services since 1911, so I would recommend using CBI to enjoy seamless and trusted banking facilities. 

CBI has a network of 4,608 branches and 3,644 ATMs nationwide. Since it is a public bank, it offers various government schemes such as a public provident fund scheme, national pension scheme, and sukanya samriddhi scheme.

Features: 

• Cards: The bank offers debit cards in partnership with Rupay and Visa which can be used both for domestic and international purposes.
• ATM withdrawals: Cash limit for transactions is not restricted to the bank’s ATM, and there is a limit of up to Rs. 1 lakh when transactions are done at other bank ATMs. 
• Free facilities: Issuance and renewal of debit card, net banking, NEFT/RTGS when done online. 
• Rewards: The customer can earn rewards by using CBI debit cards and the #Centi App mobile app to complete the first five transactions following account opening.
• Customer care: BCI has a toll-free helpline number, a WhatsApp number, and a different number to report cybercrime. The customer can officially mail the complaints to the bank’s email address. 

Requirements:

• To open a zero-balance bank account at CBI, the customer should have an Aadhar card, PAN card, and plain paper.
• For salaried accounts, the institution can be government or private but should have a minimum 10 number of employees, 

How To Choose The Right Bank Account?

• Regions Of Service:  The more branches a bank has, the more customers it can reach. Even people in remote areas can access the facility with no maintenance accounts.
• Cards: The bank should offer debit, credit, and gift cards with various rewards. When used under guidelines, these cards can act as a source of minor income. 
• Online Facilities: It’s better to select a bank where most of the banking services can be assessed with just a click. 
• Customer Support: The bank should have a provision where the customer can reach out to the head office easily. Moreover, the bank employees should solve the complaints as soon as possible. 
• Benefits: Several benefits, such as free facilities, annual rewards, welcome benefits, insurance, investments, loans, etc., should be offered by the bank for the convenience of the customer. 

How do you open a zero-balance Bank Account through a digital process?

Since we are in a digital era, bank accounts can now be opened online on bank apps and websites using laptops, android, and iOS platforms. A zero-balance bank account can be opened digitally in a few simple steps. 

• First, download the app of the desired bank, like YONO for SBI, from the Google Play Store or Apple Store. Or one can visit the website of the bank and find an account opening option at the bank’s site. 
• Then, Verification is done using an Aadhar card and PAN card or other such identification proof.
• After this, the customer has to fill out the details.
• Once the details are filled out, the bank makes a video call to complete the KYC, a process known as eKYC.
• The account is then created and can be funded.

What are the benefits of opening a zero-balance bank Account?

Zero-balance bank accounts have various benefits:

• No maintenance required: A monthly average balance is not required so one can be judicious about the hard-earned money. 
• No branch visit: Most of the zero balance bank accounts can be opened digitally on the bank’s websites or apps. 
• Several benefits: The zero balance bank accounts offer various benefits like free facilities, discounts, cashback, and rewards. 

FAQs

Are zero-balance bank accounts better than normal savings accounts?

According to my research, zero-balance bank accounts are better than normal savings accounts as they don’t require any maintenance money. Moreover, the facilities offered are more or less similar to those offered by the normal savings account. These accounts are perfect for customers doing private jobs, young professionals, and daily wage workers. 

What are the best Zero Balance Bank Accounts in India?

Some of the best Zero Balance Bank Accounts in India are:

• HDFC
• SBI
• Jupiter
• IDFC First Bank
• Punjab National Bank

Conclusion

If you want to avoid the chaos of account maintenance, then you better shift to zero-balance bank accounts. Here, we have provided a list of the ten best zero-balance bank accounts in India. However, if you are still not clear about which bank to choose, then our final list will help you do so. 

Last Seen: Apr 14, 2024 @ 11:42am 11AprUTC

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