Which bank is best for zero balance savings account?
Table of Contents
- 1 Which bank is best for zero balance savings account?
- 2 Is there any charges for zero balance account?
- 3 Which bank is best for zero balance account 2021?
- 4 What are disadvantages of zero balance account?
- 5 What is SBI zero balance account?
- 6 What is 811 Kotak bank account?
- 7 What is an India Post payments bank (IPPB) zero balance savings account?
- 8 What is ZeroZero balance savings account and how does it work?
Which bank is best for zero balance savings account?
Latest Interest Rate for Zero Balance Savings Account
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| Kotak Mahindra Bank | 811 | 4\% to 6\% |
| Standard Chartered Bank | Basic Banking Account | 0.5\% to 4.90\% |
| HDFC Bank | Basic Savings Bank Deposit Account | 3.50\% to 4\% |
| Axis Bank | Basic Savings Account | 3.50\% to 4\% |
Is there any charges for zero balance account?
Zero Balance Account FAQs Generally, banks have the concept of minimum Monthly Average Balance (MAB) for a savings account. When the account balance does not meet the MAB requirements, non-maintenance charges will be levied. For a zero-balance savings account, there is no MAB requirement.
Which bank charges less fees in India?
Charges for Non-Maintenance of Minimum Average Balance (MAB)
| Banks | Charges for Non-Maintenance of MAB |
|---|---|
| State Bank of India (SBI) | Nil for SBI Regular Savings Account |
Which bank is best for zero balance account 2021?
- State Bank of India: Basic Savings Bank Deposit Account (BSBDA)
- Axis Bank: ASAP Instant Savings Account.
- Kotak Mahindra Bank: 811 Digital Bank Account.
- HDFC Bank: Basic Savings Bank Deposit Account (BSBDA)
- IDFC First Bank: Pratham Savings Account.
- RBL Bank: Digital Savings Account.
What are disadvantages of zero balance account?
Disadvantages of Zero Balance Savings Account
- Only Indians can open a zero-balance account. This account can is not opened by NRIs (Non-resident Indians) and PIOs (Persons of Indian Origin).
- Online zero balance accounts have an initial balance limit of Rs.
- Foreign contributions cannot be made to zero balance accounts.
Can I keep zero balance in HDFC?
The idea is simple – you can open a Savings Account, but you don’t have to maintain a minimum balance in it. As the name of the account implies, this is a zero-balance account. Therefore, you don’t have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance.
What is SBI zero balance account?
SBI zero balance savings account: At the time of opening the account, there is no need for a minimum balance. Without any fees, customers are provided with an ATM-cum-debit card. Deposit and withdrawal services are free of cost. For non-operation or activation of an inoperative account, the bank cannot levy charges.
What is 811 Kotak bank account?
Kotak 811 is a zero balance digital account which offers interest rate of up to 3.50\%* p.a. Download the Kotak Mobile Banking App from here or visit Kotak Website to open your Kotak 811 account. Register using your Aadhaar number#, PAN and other basic details. It will only take a few minutes!
Which is the best zero balance savings account in India?
8 Best Zero Balance Savings Account In India – Goodreturns Zero Balance Savings account is a deposit account that doesnt demand you to keep a minimum balance in the account. A number of Indian banks are ensuring to maintain a minimum of Rs.10,000 per account which creates a problematic situation for those whose earnings are low.
What is an India Post payments bank (IPPB) zero balance savings account?
The India Post Payments Bank (IPPB) is a state-owned payments bank. It offers three kinds of zero balance savings account, which are a basic savings bank deposit account, a regular savings account, and a digital savings account. These accounts do not have a minimum balance requirement that customers have to maintain.
What is ZeroZero balance savings account and how does it work?
Zero Balance savings account is a kind of account where the account holder is not required to maintain a minimum balance. It also provides additional benefits like free debit card, free cheque book, a specific number of free transactions per month, and more.
How to open a zero balance savings account in IDFC Bank?
IDFC Bank offers a zero balance savings account called Pratham Savings account. Customers can easily apply for this account by uploading their Aadhaar card and PAN card on the bank’s page. Some important features of this account are: