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What is a Zero-Balance Savings Account & How to Open?

What is a Zero-Balance Savings Account?

What are the Benefits of a Zero-Balance Savings Account?

What are the Eligibility Criteria for Opening a Zero-Balance Savings Account?

How to Open a Zero-Balance Savings Account in India?

What are the Documents Required for Opening a Zero-Balance Savings Account?

What is the Difference Between a Zero-Balance Savings Account and a Normal Savings Account?

Know the  differences between a zero-balance savings account and a normal savings account before opening the account :

Parameter

Zero-Balance Savings Account

Normal Savings Account

Minimum balance

No minimum balance required

You have to maintain the minimum balance as per the bank

Number of accounts

Limits the number of accounts openings

No limit on the number of account openings

Foreign remittance

No foreign remittances can be made

You can make foreign remittances in any country under the control of the bank

List of Top Banks Offering Zero-Balance Savings Accounts in India

Below is the list of all the latest interest rates from the top banks that offer zero-balance savings account services to help you choose the best one :

Name of the Bank

Name of the Zero-Balance Savings Account

Interest Rate

State Bank of India

Basic Savings Bank Deposit Account

2.7%

HDFC Bank

Basic Savings Bank Deposit Account

3.00%

Axis Bank

Basic Savings Account

4%

IndusInd Bank

Indus Small Savings Account

4%

Kotak Mahindra Bank

811

3.5%

One of the main motives for launching a zero-balance savings account was to stop hoarding cash and improve money circulation, which is basically pre-dominant in the rural and semi-urban towns of the city.

However, the latest facilities add a sense of security to the people belonging to the middle class and lower-income groups.

FAQs about Zero-Balance Savings Accounts