Have you heard of zero balance savings account in India? It’s like any other savings account in the market with the only difference being that it does not require you to maintain any minimum balance.
Some banks offer this facility along with some other features as well, so here are some top zero balance savings accounts that are worth checking out if you want to open an account without maintaining any minimum balance requirements.
Why Choose A Zero Balance Savings Account?
A zero balance account is a great option for those who want to open a savings account but don’t want to have to maintain a minimum balance.
With this type of account, you can still earn interest on your deposited funds and there are no monthly fees. Plus, you can use your account to make online purchases and withdrawals just like any other savings account.
Why Open a Bank Account Online?
A zero balance account is a type of savings account where the account holder is not required to maintain a minimum balance.
This type of account is best for individuals who want to open a savings account but do not want to go through the hassle of maintaining a minimum balance.
Plus, having a zero balance account can help you save money on fees associated with traditional savings accounts. To open a bank account online, simply fill out an application and submit it to the bank.
Different Types Of Online Saving Accounts In India
When it comes to choosing a savings account, customers have different requirements. Some want high-interest rates, some want multiple features, and some want a hassle-free account with no minimum balance requirement.
A zero-balance savings account is the best option for those who just want to open a savings account and don’t want to worry about maintaining a minimum balance.
5 Types of Savings Accounts You Can Open to Grow Your Money
One of the best things you can do to grow your money over time and prepare for the future is open a savings account.
Saving money, however, can be difficult when you don’t even know where to begin! This guide will introduce you to five of the most common types of savings accounts, explain what they are and what they do, and help you determine which one is right for you.
Regular savings account
A regular savings account is a type of current account that allows you to deposit and withdraw money as you please, while also accruing interest on your deposited funds.
Salary savings account
A salary savings account is a type of current account that helps you save money by automatically transferring a fixed amount from your salary into the account each month. The bank will typically pay interest on the balance in this account. Salary savings accounts are available at most banks and credit unions.
Senior Citizen Savings Account (60 years and above)
The Senior Citizen Savings Account interest rate for senior citizens is 7.50% p.a. The account can be opened with an initial deposit of Rs. 500 and there is no limit on the maximum balance that can be maintained in the account.
There are five withdrawals allowed per month, which will not attract any penalty or charges. Children or Minor Savings Account: Interest rates are 8% pa for this type of savings account,
which can be opened with a minimum amount of Rs. 500 and no maximum limit on the amount that can be deposited in it. There are five withdrawals allowed per month, which will not attract any penalty or charges either.
Minor children (under 18 years old)
A minor children’s savings account is a great way to start teaching your kids the importance of saving. These accounts usually have low minimum balance requirements and offer high interest rates, making them a great option for growing your child’s money.
Women’s (Self-help groups, micro finance institutions)
Women’s savings account are usually offered by self-help groups and micro finance institutions. They help women save money and grow their financial independence.
Opening An Online Bank Account For Free
You can open an online bank account for free with ICICI, HDFC, or Axis bank. All you need is your Aadhar card and PAN card.
You will also need to link your savings account to a mobile number. Once you have done that, you can start using your account.
Which Is The Best Online Saving Account in 2022?
When it comes to choosing an online savings account, there are a few things you should keep in mind. First, what is the interest rate? Second, what are the fees?
And third, how easy is it to access your money? All these factors will help you determine which type of savings account will work best for you.
|Account Name||Interest Rate %||Primary Features|
|Kotak 811 Savings Account by Kotak Mahindra Bank||3.50%||Can be instantly opened using Aadhaar card detailsZero balance savings account with free fund transfer facility|
|DigiBank by DBS||3.25%||Open a digiSavings account in seconds with your AadhaarFree 24×7 fund transfers with UPI, IMPS, NEFT & RTGS|
|Insta Savings Account by ICICI Bank||3.00%||Account can be opened instantly using Aadhaar detailsFree secure internet and mobile banking|
|Digital Savings Account by RBL Bank||4.25%||Open Digital Savings Account using Aadhaar and PAN no.No charges on non-maintenance of balance|
|Savings Account with Signature Debit Card by IDFC First Bank||4.00%||Free NEFT / RTGS / IMPS and free Phone / Internet BankingUnlimited free ATM transactions at any ATM|
|IndusInd Online Savings Account by IndusInd Bank||3.50%||Zero balance savings account + get free NEFT, RTGS, IMPS|
Can I Maintain More Than One Digital FD?
Financial planning is important for every individual and family. One of the most important aspects of financial planning is saving for the future.
One way to save for the future is by investing in a fixed deposit (FD). FDs are a type of savings account where you can deposit a fixed amount of money for a fixed period of time and earn interest on your deposited amount.
How To Get an ATM Card Or Debit Card?
In order to get an ATM card or debit card, you will need to have a bank account. You can then ask your bank for a card, which they will send to you in the mail.
Once you have received your card, you can activate it by calling the number on the back of the card or by visiting the bank’s website. After your card is activated, you can start using it at ATMs and for purchases.
FAQs on Zero Balance Savings Account
- What is a zero balance savings account?
A zero balance savings account is a type of bank account where there is no minimum balance required.
- Who can open a zero-balance savings account?
Any Indian citizen above the age of 18 years can open a zero-balance savings account.
- How to open a zero balance savings account?
You can open a zero-balance savings account by visiting your nearest bank branch or by applying online.
- What are the documents required to open a zero-balance savings account?
The documents required to open a zero balance savings account are your KYC documents such as your PAN card, Aadhar card, and address proof.
- What are the benefits of opening a zero balance savings account?
No Need To Maintain Any Balance On The Account, Account Holder Will Get Free Atm Or Debit Card, cheque Book And Passbook.
- What is a zero balance savings account?
Zero balance account is the facility provided by the bank where we no need to maintain the minimum balance nor have to pay any fee.