Zero Balance Account HDFC, ICICI Bank Minimum Balance Account, SBI Zero Balance Account, Kotak Mahindra 811
We all know that bank is the most trusted institution when it comes to keeping our hard-earned money safe. To avail benefits of the bank services, we need to open an account in the respected bank. Banks in India want us to maintain a certain amount in our account to keep our bank account running. But various banks offer zero balance accounts which mean, maintaining a certain amount in our bank account is not mandatory. In this article, we are discussing various zero balance account-providing banks and their services.
Zero Balance Account
No Minimum Balance accounts are savings accounts that have a zero balance but do not have to meet a minimum balance requirement. Basically, a zero-balance account is a savings account with no balance, as per RBI guidelines, zero balance account is legally known as the Basic Savings Bank Deposit (BSBD) account. The reason behind the No Minimum Balance Account is to encourage the habit of saving among people. A zero balance account allows a limited number of transactions per month, generally around 4 transactions. Banks will convert zero-balance accounts into regular savings accounts if the transaction limits are exceeded.
Zero Balance Saving Account Benefits
- No Minimum Balance- As the name says zero balance account means zero minimum balance. The account holder doesn’t require maintaining a certain amount in his/her bank account to keep the account running. In a Zero Balance account (ZBA) there are no fines or charges if you don’t maintain a single rupee in your account.
- No Account Opening Charges- No Minimum Balance Account is generally open without any charges. Banks don’t charge any amount of money on opening a ZBA. It means any citizen of India with a valid ID can open a ZB account.
- Accessibility to Bank Services– A person with a no minimum balance account is entitled to most of the bank’s services like net banking, mobile banking, bank mobile app, etc. One can check his/her account status, mini statement, etc from the comfort of their home.
- Safety– Bank is very safe when it comes to keeping our money. With ZBA one can keep his/her hard-earned money safe in banks with no/zero charges.
- Easy Transaction- By opening ZBA, one can easily transfer/receive money from all over the world easily and safely.
List of Banks Offering Zero Balance Saving Account & Features
Here we are providing the list of banks offering No Minimum Balance saving accounts and their features.
- SBI Zero Balance Saving Account
State Bank of India is providing no minimum balance account. Feature and charges of SBI ZBA are as follows;
| Bank | State Bank of India |
| Important Documents Required | A filled-up application form identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM TransactionPassbookCheck BookATM CardMobile Banking AppNEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | Rs 100/- Plus GST |
| Duplicate ATM Card Charges | Rs 300/-Plus GST |
| PIN Regeneration Charges | Rs 50/- Plus GST |
| Net Banking | Available |
- HDFC BANK Zero Balance Saving Account
| Bank | HDFC Bank |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | Rs 100/- Plus GST |
| Duplicate ATM Card Charges | Rs 200/-Plus GST |
| Additional Check Book | Rs 100 |
| PIN Regeneration Charges | Rs 50/- Plus GST |
| Net Banking | Available |
- ICICI No Minimum Balance Account
| Bank | ICICI Bank |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | Rs 100/ & Rs 25/Page Updation |
| Duplicate ATM Card Charges | Rs 199/-Plus GST |
| Additional Check Book | Rs 100 |
| PIN Regeneration Charges | Rs 50/- Plus GST |
| Net Banking | Available |
- Yes Bank Zero Balance Saving Account
| Bank | Yes Bank |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | Rs 100/ & Rs 25/Page Updation |
| Duplicate ATM Card Charges | Rs 199/-Plus GST |
| Additional Check Book | Zero |
| PIN Regeneration Charges | Rs 50/- Plus GST |
| Net Banking | Available |
- Axis Bank No Minimum Balance Saving Account Opening
| Bank | Yes Bank |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance (Rural) | 2500 |
| Annual Debit Card Fee | Rs 300 |
| Duplicate Passbook Charges | Rs 100/ |
| Duplicate ATM Card Charges | Rs 200/-Plus GST |
| Additional Check Book | Rs 4/page |
| PIN Regeneration Charges | Rs 50/- Plus GST |
| Account Closure Charge | Rs 500 |
| Net Banking | Available |
- IDBI Basic Saving Bank No Minimum Balance Account
| Bank | IDBI Bank |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App SMS Alerts/ Email Alerts NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | NIL |
| Duplicate ATM Card Charges | NIL |
| Additional Check Book | NIL |
| PIN Regeneration Charges | NIL |
| Net Banking | Available |
- Kotak Mahindra 811 Full KYC Zero Balance Account
| Bank | Kotak Mahindra |
| Important Documents Required | A filled-up application form Identity and address proof such as valid passport, voter ID card, PAN card, Employment Proof Latest passport size photographs |
| Features | ATM Transaction Passbook Check Book ATM Card Mobile Banking App NEFT/IMPS/RTGS/UPI |
| Minimum Average Balance | Zero |
| Duplicate Passbook Charges | Zero |
| Duplicate ATM Card Charges | Zero |
| Debit Card Annual Fee | Rs 299 |
| Additional Check Book | Zero |
| PIN Regeneration Charges | Rs 100/Request |
| Net Banking | Available |
Zero Balance Account Other Features
Apart from the above-mentioned features and benefits, various banks offer different features on their No Minimum Balance Accounts
- Cashback on online spends
- Discount on Online Shopping
- Credit Card
- Insurance cover
- Physical Debit Card
- Reward points
- Unlimited ATM transaction
Conclusion
A zero balance account is the best way to keep our hard-earned money safe. Many banks provide interest on no minimum balance account. So if you want to open a no minimum balance account you can consider the above-mentioned banks.