Top 5 Indian Banks that offer Zero Balance Account
After our PM Mr. Narendra Modi, announced demonetization of 500 and 1000 notes, people are running to their banks and ATMs to withdraw money from their account. In India, many private and government banks offer banking services with certain (MAB) Minimum account balance. However, there are less no. of banks which offer full-fledged banking services with zero balance account.
In India, Government or Private banks provide banking services with nominal minimum account balance charges. MAB limit of banks varies from Rs.500 to Rs.5000 and up to Rs.10,000 to Rs.1,00,000.
In the event of non-maintenance of MAB, Customer has to pay the particular charges as per stated by a bank while account opening. However, the problem is govt banks do not provide the services at par with private banks and Private banks that offer excellent services doesn’t offer Zero balance account.
As per RBI guidelines, every bank is mandated to provide (BSBDA) Basic Savings Bank Deposit Account to its customers. However, BSBDA account comes with some limitations and restrictions, i.e., the customer having BSBDA account in a bank cannot have another saving account in the same bank, Total credits in the account cannot exceed more than one lakh rupees in a year.
Today we will list down some private banks and some govt banks that offer zero balance account with all the basic banking services like Debit card, Netbanking, Cheque book, etc.
1. Kotak Mahindra Bank: Kotak 811
Kotak JIFI now has been discontinued and replaced with Kotak 811 by Kotak Mahindra Bank. Kotak 811 offers Zero balance account with 6% p.a. Interest on savings balances. Bank also provides free online funds transfer via IMPS, NEFT and RTGS and offers optional debit card facility for all 811 account holders.
2. DBS by digibank
DBS digibank is purely app-based banking service. Smartphone users with Aadhar Card can open digibank account online by installing app on their smartphone. DBS by digibank offer zero balance saving account. Bank offer 7% interest, E-Wallet facility, VISA debit card, Unlimited free ATM withdrawals from any ATM, Free Online funds transfer via NEFT, IMPS. However, because it is online app-based banking, a customer cannot fund their account by cash from the bank branch.
Federal bank also offers app based zero balance account for Indian residents. Android and IOS users can install Fedbook app from google play Store / iStore. The user needs to take their selfie, scan Aadhar card, and PAN card and required to submit online in the app. After scanning and uploading documents user will get bank account details immediately on their mobile screen. Bank will call for confirmation and activation of the account.
Indus Easy Savings Account is a Basic Savings Bank Deposit Account (BSBDA).
SBI is a Basic Savings Bank Deposit Account (BSBDA).