It becomes quite difficult for the lower-income group people to maintain the minimum account balance. Most of the banks ask to maintain a minimum monthly balance in the savings accounts. The best way to get rid of this situation is to open a zero-balance account.
The zero balance account can be the most ideal option as there is no need to maintain the required minimum account balance that gives you the freedom to withdraw funds from your account anytime without worrying about the minimum balance.
Following are some of the best zero balances savings accounts in India:
DigiSavings: The main feature of the account is that you can open it online by using your Aadhar. The bank offers a range of services with this account such as the e-wallet feature, limitless free ATM withdrawals from any ATM, free fund transfer at any time using UPI, NEFT, RTGS, or IMPS. The interest rate for this zero balance saving account is around 5 percent.
Smart Salary Advantage: The Yes bank account comes with zero balance facility. It also offers unlimited ATM transaction across the country at zero cost. It also allows five free transactions at other banks ATM monthly. However, the standard AMC and NSDL charges are applicable on this account. You also get a debit card with this account that provides accidental death cover, lost card liability and purchase protection.
Aasaan / BSBDA: This account can also be opened online using Aadhar based eKYC. It also offers an international platinum debit card free for the first year and a 15 per cent discount on dining across 600 restaurants in India. The customer also gets free passbook and monthly statement facility with this account. The customer can do free NEFT and RTGS transactions with this account along with free cash deposit and withdrawal, demand draft and PO.
Basic Savings Bank Deposit Account (BSBDA): this zero balance account from HDFC offers free passbook facility to all account holders. The customer gets free cash and Cheque deposit facility at branch or ATM with this account. The Rupay debit card is also provided with this account. Some of the other valuable features of this account are lifetime bill payments for free, instaquery facility, the statement on email. You also get net banking and mobile banking facility with this account that makes you able to check your account balance, bills payments and also the stop Cheque facility. The interest rates for this account are around 3 to 3.5 per cent.
The zero balance account offered by IDFC comes with the privilege of limitless ATM withdrawals. The bank also offers free internet and mobile banking with this account. You can pay bills from anywhere without hassle, you can get a mini statement to know about the account balance at any time and from anywhere. You can apply for this account by carrying your Aadhar card with you and visit a nearest IDFC branch. IDFC also offers the attractive rate of interest on savings accounts that ranges 6 per cent.
These are the top options that you can look into. This is easy to open your account online without any hassle. You just need to have Aadhar and PAN card to be eligible to apply for zero balance saving account. You need to fill your personal information that should be correct. It is a good idea to visit banks site to learn the step by step process to open your bank account in no time, so go for it.