April 26, 2024

Zero Balance Account

The Zero Balance Savings Account is ideal for depositors who are unsure about maintaining a savings account balance. In terms of facilities and services, these accounts have all of the same basic features as a traditional savings account, however, they may lack some of the personalised services that a traditional savings account provides. 

How to open a zero balance account online

All of India’s major banks make it simple to create a zero balance account online, either through mobile apps or mobile websites.

The following is a step-by-step guide to creating a zero-balance account:

  • On your smartphone, go to the play store or the app store.
  • Download the mobile app of the bank where you wish to create a zero-balance basic savings bank deposit account.
  • Create an account by following the steps provided in the app.
  • To open your zero balance account online, update your papers, such as your identity proof and address proof, and fill out the form.

A few steps may differ depending on the mobile app. The essential procedure, however, would be the same as described previously.

Popular Banks for Opening Zero Balance Accounts

According to current market trends, Kotak 811 by Kotak Bank, ASAP quick savings account by Axis Bank, and Smart Salary by Yes Bank are some of the major institutions that provide zero balance accounts.

Kotak Mahindra Bank’s 811 Digital Bank Account

Kotak Bank’s 811 account has two types of zero balance savings accounts: 811 Lite Savings Account and 811 OTP Savings Account.

The following are some of the benefits of an 811 Savings Account:

  • A maximum interest rate of up to 6% is possible.
  • In the Kotak 811 mobile app, you can get an 811 virtual debit card.
  • Online money transfer is completely free.
  • You may utilise the mStore in the 811 Kotak mobile app to perform online shopping, book movies, and buy flight tickets without having to download any additional applications.

The interest rate offered by Kotak is:

  • For accounts with balances up to Rs. 1,000,000, the interest rate is 4.00 percent.
  • 4.50 percent on account balances ranging from Rs. 1,000 to Rs. 10,000.
  • If your account balance is over Rs.10,000, you’ll get a 5.25 percent bonus.

The following are the main differences between an 811 Lite savings account and an 811 OTP savings account:

  • KYC is required for the 811 OTP account, however, it must be provided within 36 months following account activation for the 811 Lite account.
  • You may make up to 20,000 transactions per month with the 811 Lite account.

BSBDA-SBI

Basic Savings Bank Deposit Account aka BSBDA.

The following are some of the benefits of the SBI BSBD Savings Account:

  • 4 ATM cash withdrawals for free
  • The basic RuPay debit card is free of charge when you open or close your account.

SBI’s BSBD Savings Account pays the following rate of interest:

  • Upto Rs 1,00,000 of accounts balance – 4% p.a.
  • Between 1,00,001 – 1,00,00,000 – 4.50% p.a.
  • Over 1,00,00,000 – 5.25% p.a.

SBI has recently announced that the minimum balance restriction for all of its savings accounts has been eliminated. The BSBD Account is the most popular of the company’s savings account offerings.

Axis Bank’s ASAP Instant Savings Account

If you need a zero balance account quickly, Axis Bank’s ASAP Instant Savings Account is a great option.

Axis Bank’s ASAP Instant Savings Account has the following features:

  • Unlimited number of NEFT/RTGS via the mobile app.
  • Get 10% cashback on BookMyShow every month.
  • Using the actual online rewards debit card will earn you 3x eDGE reward points.

The Axis Bank ASAP Savings Account pays the following rate of interest:

  • Upto Rs 1,00,000 of accounts balance – 3.50% p.a.
  • Between 1,00,001 – 5,00,00,000 – 4.00% p.a.
  • Over 5,00,00,000 – 3.50% p.a.

*The repo rate’s base limit is set at 4%. On the basis of incremental balance slabs, the interest rate is determined.

Yes Bank – Smart Salary Advantage

Yes Bank Smart Salary Advantage combines a zero-balance savings account and a salary account into one convenient package.

The following are some of the benefits of the Yes Bank Smart Salary Advantage Savings Account:

  • Personal accident insurance coverage of up to 2 lakh is included in the account.
  • Form for unlimited free cash withdrawals Yes, there is an ATM at the bank.
  • 5 free ATM transactions each month at other banks’ ATMs.

The interest rates for Smart Salary Advantage Yes Bank is 7.10% p.a. for balance up to Rs. 99,99,99,999.

A zero-balance savings account is the latest trend in banking. It gives mobile users access to financial services. Furthermore, students and people who do not wish to have a minimum amount in their savings account can pick any of the zero balance savings accounts described above.

FAQ’s

1. Which bank will I be able to create a zero-balance account with?

Many banks provide zero balance accounts, including Kotak Bank, Yes Bank, SBI, Axis Bank, and others.

2. Which bank offers online zero balance accounts?

Yes Bank, Kotak Bank, and Axis Bank are three well-known institutions that provide the option of creating a zero balance account online.

3. Is it possible to create a bank account with no money in it?

Yes, at those banks that provide it, you may open a savings account with no minimum amount. Axis Bank, Yes Bank, Kotak Mahindra Bank, SBI, and others are some of the most prominent instances.

4. Is it possible to maintain an SBI account with no money in it?

Yes, you can. The account is known as a Basic Savings Bank Deposit (BSBD).

5. What is the minimum deposit to start a savings account?

The minimum balance necessary to start a savings account varies from bank to bank. Alternatively, you may create a zero balance savings account with any of the institutions that provide this option.