The bank will not levy any penalties on a zero balance savings account and most of the banks keep a minimum balance limit so that minimum amount of money is deducted.
Are you planning to open a zero-balance savings account? It can prove to be an ideal option for you. As it is interest-free, maintaining a minimum balance at the end of every month becomes a tedious task. A zero balance account is a savings account that a customer can use without maintaining a minimum balance.
The bank will not levy any penalties on a zero balance savings account and most of the banks keep a minimum balance limit so that a minimum amount of money is deducted.
Check out all the banks that offer a zero balance savings account:
IDFC First Bank
IDFC First Bank’s zero balance savings account – Pratham Savings Account comes with an interest rate of 4.00 per cent. The daily ATM withdrawal limit is Rs 40,000.
State Bank of India’s zero balance savings account service is named as ‘Basic Savings Bank Deposit Account (BSBDA)’ and it offers an interest rate of 2.70 per cent.
YES Bank
Yes Bank comes with a 4.00 per cent rate of interest for its zero balance savings account, Smart Salary Advantage account. The debit card withdrawal limit is Rs 75,000.
HDFC Bank
HDFC’s zero balance savings account named as Basic Savings Bank Deposit Account (BSBDA) offers a rate of interest of 3.00 per cent.
Kotak Mahindra Bank
The zero balance savings account, 811 Digital Bank Account of Kotak Mahindra Bank provides 3.50 per cent rate of interest.
Standard Chartered Bank
Standard Chartered Bank offers 2.75 per cent rate of interest for its zero balance savings account, Aasaan/ BSBDA. The account can be opened via instant Aadhaar based eKYC and it offers free NEFT/RTGS transactions.
IndusInd Bank
Induslnd Bank’s zero balance savings account, Indus Online Savings Account offers a rate of interest of 4.00 per cent. Indus Online Savings Account, are given personal accident insurance of Rs 2 lakh with a Platinum Plus debit card.
