- SBI also offers the facility of opening a zero balance account
- IDFC First Bank is offering up to 7% interest on zero balance saving account
If you are planning to open a savings account in a bank, then you first need to know the minimum balance in the account, as in many banks the minimum balance is up to Rs 10,000. In such a situation there is little difficulty in maintaining minimum balance. To avoid this problem, you can open a zero balance saving account. Here are the banks in which you can open a zero balance account.
| Bank | How much interest is being earned? | What facilities will be available? |
|
Idfc first |
6-7% | In this, you get the benefit of unlimited free ATM transactions. Mobile banking and networking services will also be available for free. |
|
IndusInd Bank |
4-6% | Benefit from unlimited free ATM transactions. In addition, free mobile banking and Internet banking services are available. |
| Kotak Mahindra | 4.00% | In this you will get a virtual debit card, which you can use in online shopping. You can also use it for online bill payment. |
| Hdfc | 3-3.50% | Here you can open a basic savings bank deposit account. It provides services like ATM cum debit card, passbook, deposit as well as check book, e-mail statement, demand draft etc. for free. You will also get services like net banking, phone banking and mobile banking for free. There is a limit of 4 cash withdrawals per month. |
| State Bank of India | 2.70% | The bank will give you ATM cum Debit Card to withdraw money from ATM. This month, you will get the facility to withdraw 4 cash from SBI ATMs or ATMs of other banks. |
What is Zero Balance Saving Account?
You should have a minimum balance of Rs 500 to Rs 10,000 in a normal savings account. Zero Balance Saving Account (BSBD) is called Basic Savings Bank Deposit Account (BSBDA). Banks usually charge a penalty for not keeping minimum balance from customers. But this rule does not apply to zero balance saving account. These banks are not bothered about maintaining minimum balance. However, many banks do not provide all the facilities like a normal account on BSBDA.