zero balance account opening online : For the benefit of the uninformed, meeting the minimum balance requirement does not necessitate that money be inactive in the account for the full month. Rather, the average amount at the end of each month is divided by the total number of days to establish the minimal average balance.
Any of the institutions below, which offer the greatest and most beneficial zero-balance accounts in the country, can be contacted by clients looking to open a zero-balance savings account.
zero balance account opening online
Features and Benefits of Zero-Balance Account?
Easy Online Opening Process
With the digitalization of financial services, the savings account opening process has become quite simple and quick. Likewise, you can complete the process of online savings account opening.
Free Benefits
For instance, banks may offer you a free chequebook, cash deals for signing up, or even locker privileges.
Ancillary Benefits
With a zero-balance savings account, you also get access to a debit card, with which you can withdraw cash flexibly. In addition, you can also opt for a safe locker deposit facility, Internet banking,
Digital Banking
If you opt for net banking, you can make payments through your web-based device anytime and anywhere. You can also access other banking services like requests for passbook issues, card cancellations,
Zero-Balance Account :
| Bank | Features |
| HDFC Zero Balance Account | Free RuPay debit card or international debit cardFund transfers through NEFT and RTGSIVR based phone bankingFour free cash withdrawals at other bank ATMs |
| SBI Zero Balance Account | Basic KYC documents requiredFree debit cardFour free cash withdrawals from other bank ATMsFree cash withdrawals from SBI ATMs |
| Axis Zero Balance Account | Free RuPay debit cardCash deposit limit up to Rs.10,000Four free transactions at other bank’s ATMs every month |
| Indusind Zero Balance Account | Indian citizens above 18 years of age are eligibleFree debit card, passbook, and cheque book5 free transactions every monthFree fund transfers through NEFT and RTGS |
| IDFC Zero Balance Account | Internet banking and mobile bankingFree cheque book and passbookFree debit card |
| RBL Zero Balance Account | Customers can invest in fixed depositsMaximum of Rs.1 lakh can be deposited in this accountCustomers have to submit signatures after a year to continue using the account |
| Standard Chartered Zero Balance Account | Free International debit cardDiscounts on locker facilityDoorstep facilities |
| Kotak Mahindra Zero Balance Account(Kotak 811) | Customers can use mStore to shop onlineFund transfers through NEFT and RTGSFree virtual debit cardsScan and pay option |
| ICICI Bank Zero Balance Savings Account | Free RuPay debit card Free passbook and cash deposits Single and joint accounts are available Customers can access 15,000+ ATMs all over India |
| YES Bank Zero Balance Account | Avail attractive interest rates Free RTGS and NEFT payment facilities International Platinum Chip Cards can be availed Free demand drafts |
| DBS Zero Balance Account | Unlimited withdrawals can be made in a month Free cheque books Unlimited deposits can be made in a month Free debit card |
How to Open a Zero-Balance Savings Account
Most banks have digital onboarding processes in place and allow their customers to apply for most services from the comfort of their online. Here are the steps to open an online savings account opening with a zero balance:
- Step 1: Visit the official website of the financial institution where you want to open a zero-balance savings account
- Step 2: Explore the facilities offered by the bank on zero balance savings accounts online and fill in the application form
- Step 3: Attach the copies of required documents, like an Aadhaar card or PAN card, and submit the application form
- Step 4: Complete your KYC process through video KYC to get your account number and a customer ID
- Step 5: Log in with your credentials on the bank portal, create a password and transfer funds digitally
Zero Balance Savings Account
For those who are unaware, the minimum balance value does not imply that funds must remain dormant in the account for the entire month in order to satisfy the requirement. Instead, the minimum average balance is determined by dividing the average balance in the account at the end of each month by the total number of days.
Customers who want to open a zero-balance savings account can get in touch with any of the banks listed below, which provide the best and most advantageous zero–balance accounts in the nation
.
Latest Interest Rate for Zero Balance Account:
| Bank | Name of zero-balance savings account | Interest rate |
| IndusInd Bank | Indus Small Savings Account | 4% |
| IDFC Bank | Pratham–savings account (BSBDA) | Up to 6.75% |
| RBL Bank | Digital Savings Account | 7.00% |
| Kotak Mahindra Bank | 811 | 3.50% |
| Standard Chartered Bank | Basic Banking Account | 2.75% |
| HDFC Bank | Basic Savings Bank Deposit Account | 3.00% |
| Axis Bank | Basic Savings Account | 4% |
| State Bank of India | Basic Savings Bank Deposit Account | 2.70% |
Documents Required to Open a Zero Balance Account:
The documents required to open a zero-balance savings account are as follows:
- PAN card
- Voter ID
- Aadhaar card
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