How to Open a Zero Balance Account?

A bank account often comes with certain obligations like the amount to be transferred limit, the minimum maintenance balance, etc. These types of obligations make it difficult for everyone to use the account.

Zero Balance account is an account that does not have the minimum maintenance balance requirement meaning you keep the account balance zero in your zero-balance account without having to pay any penalty amount.

It is a very attractive account, especially for the first-time account opener to people belonging to the lower section of society.

Zero Balance Account is slightly different than the Pradhan Mantri Jan Dhan Account because PNJDA is only available to poor people and it is aimed at increasing financial inclusion.

Zero Balance accounts are for everyone and anyone can apply to the banks to open an account. There are a lot of Indian Banks that offer zero-balance accounts.

In this article, we will discuss how to open a Zero Balance Account, a List of Banks offering zero balance accounts in India.

How to Open a Zero Balance Account

List of Banks offering Zero Balance Accounts

The following are the banks offering zero-balance accounts-

HDFC Zero Balance Account

HDFC Zero Balance Account is an account that can be opened online as well as offline by visiting the bank branch. You’ll get a free RuPay debit card which can be used internationally. You can also seek four free cash withdrawals at other bank ATMs.

SBI Zero Balance Account

You can open SBI zero balance account by applying for the account online and offline. You can get a free debit card and four free cash withdrawals from other bank ATMs.

Axis Zero Balance Account

Axis Bank zero balance account is a great saving bank account by providing you with many services. You’ll get a free RuPay debit card and the account has a cash deposit limit of up to Rs.10,000/-.

Indusind Zero Balance Account

Anu Indian citizen above 18 years of age is eligible for opening an IndusInd zero balance account. You’ll get free debit cards and cheque books for opening the account. You can also enjoy free 5 transactions every month.

IDFC Zero Balance Account

IDFC Bank offers customers zero-balance savings accounts with multiple features like internet banking, mobile banking, etc. you’ll also get a free debit card and cheque book as well.

RBL Zero Balance Account:

RBI Bank also offers zero balance accounts using which you can deposit funds from your account up to Rs.1 lakhs. You can open the account digitally, however, you’ll have to visit the bank branch within a year and submit the KYC in person to continue using the bank after a year.

Standard Chartered Zero Balance Account

Standard Charter Bank offers an amazing zero-balance savings account that provides you with an international debit card and a variety of other banking features.

Kotak Mahindra Zero Balance Account(Kotak 811)

Kotak Mahindra Bank offer zero balance account called Kotal 811 which can be used for savings funds. You do not need to maintain the funds in this account or do not need to pay any penalty for non-maintenance. You’ll get free debit card, and variety of other banking features.

Latest Interest Rate for Zero Balance Savings Account

The following are the list of banks with their interest rate offered for savings funds in the zero balance account-

BankName of zero-balance savings accountInterest rate
IndusInd BankIndus Small Savings Account4% to 6%
IDFC BankPratham–savings account (BSBDA)6% to 7%
RBL BankDigital Savings Account5% to 6.75%
Kotak Mahindra Bank8114% to 6%
Standard Chartered BankBasic Banking Account0.5% to 4.90%
HDFC BankBasic Savings Bank Deposit Account3.50% to 4%
Axis BankBasic Savings Account3.50% to 4%
State Bank of IndiaBasic Savings Bank Deposit Account3% to 3.25%


Is it possible to open a joint savings zero-balance account?

Yes, you can open a joint savings zero balance account for which you’ll have to provide details on the relationship between the second person and yourself. Both applicants must be present at the bank branch while opening the account.

What is the initial deposit that I have to make to the bank when opening a zero-balance savings account?

You do not have to deposit any funds into your zero-balance account. The account does not have any monthly average balance requirements hence, it can be used with zero balance without incurring any penalty.

Does a zero-balance account come with digital banking?

Yes, zero balance accounts provide you with all the digital banking services that you can use like net banking, mobile banking, UPI, etc.

Is Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y) the same as the zero-balance savings account?

No, both are similar in nature but are different customers subscriber to the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y) are eligible to opt for Government subsidies and other such benefits offered by the Government of India.

Can I declare a nominee for the zero balance account?

Yes, you can declare a nominee for the zero-balance account. The nominee should share a relationship with the second party – either parent, spouse, sibling, etc. In case of a minor, only a person legally bound to the minor can make a nomination for the account. Applicants need to fill in the Banking Companies (Nomination) Rules 1985 form to make a nomination.