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6 Best Zero Balance Savings Account 2024

Updated on May 15, 2024 , 168383 views

Fundamentally, a zero balance Savings Account is a type where you don’t have to maintain any minimum balance. Since clearly maintaining a minimum balance is a tough task, especially if you are more of a spender than a saver, having this account helps substantially.

Zero Balance Savings Account

There are a majority of Indian banks that allow customers to open up this account and begin their savings journey. However, when you have innumerable options in front, choosing the best one out of the rest may seem an arduous task.

Keeping that in mind, this post has a compiled and curated list of best zero balance savings accounts. Check out the prominent ones.

Top Zero Balance Savings Account

Here are some of the top zero balance savings accounts in 2024 for Indian Citizens-

  • SBI Basic Savings Bank Deposit Account
  • Axis ASAP Instant Savings Account
  • Kotak 811 Digital Bank Account
  • HDFC Basic Savings Bank Deposit Account
  • IDFC Pratham Savings Account
  • RBL Digital Savings Account

1. State Bank of India: Basic Savings Bank Deposit Account (BSBDA)

Given that the person has adequate KYC documents, this SBI zero balance account can be opened by anybody. This one doesn’t pose any limitations in terms of the upper limit or maximum balance.

Once you have opened this account, you get a basic Rupay ATM-cum-Debit Card.

account balance Interest Rate (% PA)
Up to Rs. 1 lakh 3.25%
More than Rs. 1 lakh 3.0%

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2. Axis Bank: ASAP Instant Savings Account

One of the easiest ways of opening this zero balance saving account in axis bank is by downloading the Axis mobile app or by applying online. If you want, you can also register your PAN, Aadhaar, and other data online. Associated with the mobile app, this one provides unlimited TRGS and NEFT transactions.

And, when your account balance is more than Rs. 20,000, you can also earn interest through their auto FD feature.

Account Balance Interest Rate (% PA)
Less than Rs. 50 lakhs 3.50%
Rs.50 lakhs and less than Rs. 10 crore 4.0%
Rs. 10 crores and less than Rs. 200 crores Repo + 0.35%
Rs. 200 crores and more Repo + 0.85%

3. Kotak Mahindra Bank: 811 Digital Bank Account

Another one in the list is this Kotak Mahindra zero balance account. It provides adequate interest rates and zero charges on not maintaining the account. You also get a virtual debit card that can be used for shopping online. Moreover, paying credit card bills and transferring money online is free of cost as well with this Kotak 811 saving account.

Account Balance Interest Rate (% PA)
Rs. 1 lakh 4.0%
Rs. 1 lakh and up to Rs. 10 lakhs 6.0%
Above Rs. 10 lakhs 5.50%

4. HDFC Bank: Basic Savings Bank Deposit Account (BSBDA)

If you open this zero balance saving account in HDFC, you technically sign up for a variety of advantages. Right from a free passbook Facility to free cheque and cash deposits at the branch, it has a lot to offer. Not just that, but you can also access the account with a Rupay card that you will be getting without any charges. With easy phone and net banking, you can transact money, pay bills, and cash-in your cheques any time.

Account Balance Interest Rate (% PA)
Less than Rs. 50 lakhs 3.50%
Rs. 50 lakhs and less than Rs. 500 crores 4.0%
Rs. 500 crores and more Repo Rate of RBI + 0.02%

5. IDFC First Bank: Pratham Savings Account

If you wish to go for this account, you can rest assured of having unlimited ATM withdrawals. In fact, you also get the liberty to make quick transactions at any of the micro ATMs. Along with that, you also get free access to mobile and internet banking.

This account can also be used for paying bills. To make the process seamless, you can apply for it by visiting any of the nearest branches.

Account Balance Interest Rate (% PA)
Less than Rs. 1 lakh 6.0%
Less than Rs. 1 crore 7.0%

6. RBL Bank: Digital Savings Account

With no non-maintenance charges whatsoever, this turns out to be a considerable zero balance savings account. Along with anytime transactions with mobile and internet banking, you can also relish the fruits of unlimited ATM transactions.

Since it provides paperless and instant account opening process, all you would require is your PAN number and Aadhaar number to open the account.

Account Balance Interest Rate (% PA)
Rs. 1 lakh 5.0%
More than Rs. 1 lakh and up to Rs. 10 lakhs 6.0%
More than Rs. 10 lakhs and up to Rs. 3 crores 6.75%
More than Rs. 3 crores and up to Rs. 5 crores 6.75%


Keeping in mind that the Market is already filled with a gamut of banking and financial products catering to every requirement, it is essential for choosing such a zero balance saving account that fulfils both present and future demands.

Moreover, there is a variety of parameters that should be kept in mind, including net banking facilities, interest rate, transaction charges, deposit limit, funds security, cash withdrawal, and more. So, while choosing an account, make sure that you don’t miss out on any essential Factor that could lead to troubles in the future.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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