Since maintaining a minimum balance in a savings bank account is a difficult task, many people prefer a zero balance savings account where they are not required to maintain a minimum balance. Most banks require their customers to maintain a minimum balance in their savings accounts and this has become difficult due to the ongoing Covid-19 pandemic.
A zero balance savings account is best suited for people who struggle to maintain a minimum balance and earn just enough to meet their needs. Basically, a zero balance savings account does not require a certain amount in your bank account.
In a zero-balance savings account, your balance may drop to zero and the bank won’t even charge penalties. If you are thinking of opening a zero balance savings account, here is a list of the banks with the best interest rates on zero balance savings accounts:
-Standard chartered bank: Standard Chartered Bank offers an interest rate of 2.75 percent and the name of the zero balance savings account is Basic Savings Bank Deposit Account (BSBDA). It should be noted that the interest will be calculated at the applicable savings bank interest rate and the account can be opened with an instant e-KYC based on Aadhaar.
The bank will calculate the interest on the available balance and it will be paid in several quarters. Standard Chartered Bank Zero Balance Savings Account also offers NEFT / RTGS transactions.
-National Bank of India: An individual can open a zero balance savings account with the State Bank of India (SBI) if they have all the required documents for KYC. There is no upper limit for the account balance and the interest rate is 2.70 percent and the bank also offers the basic Rupay ATM-cum-Debit card for the account.
The name of the zero balance savings account is BSBDA and it can be easily opened if a person has all the correct KYC documents.
-IDFC First Bank: If you don’t have a savings account at another bank, you can open a Pratham savings account with IDFC First Bank. The daily ATM withdrawal limit is Rs 40,000. You can also make quick transactions at micro-ATMs and access mobile and internet banking services for free.
IDFC First Bank offers an interest rate of 4% as well as individual accident insurance coverage of Rs 2 lakh.
– HDFC Bank: If you open a zero savings balance in the Housing Development Finance Corporation (HDFC) bank, then you will be able to enjoy various benefits such as the free passbook facility, free checks, and cash deposits at the branch.
However, you can only open a zero balance savings account if you are an employee of the company with a salary agreement with the bank and cannot be opened by people who have another savings or savings account. salary in another bank. You will also get a Rupay card and you will be able to access internet banking services and pay all your bills on time.
-Kotak Mahindra Bank: You can open a zero balance savings account with Kotak Mahindra bank under the bank account name 811 Digital. The interest rate is 3.50% and the bank also provides a virtual debit card for your online purchases.
You can transfer money online via NEFT or IMPS and additionally pay credit card bills with Kotak 811 savings account.
RBL Bank: Formerly known as Ratnakar Bank, RBL Bank also allows an individual to open a zero balance savings account with no maintenance fees. The bank offers an interest rate of up to 5% if you deposit an amount of Rs a lakh.
Customers can also transact online, take advantage of Internet and mobile banking services, and perform unlimited ATM transactions. The account can be opened instantly and you will need your PAN number and Aadhaar number to open the account.
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