People deposit their hard earned money for security and growth. The growth comes through the interest earned. However, the banks expect the holder to maintain a minimum balance in the account. There could be genuine reasons for the account holder to bring down the balance below the minimum level. No account holder needs to be penalized for this reason, for not maintaining the stipulated minimum amount. A few of the Banks even levy a penalty if the minimum account balance is not maintained.

A Zero Balance Savings account is an account wherein the Bank does not insist upon the minimum balance. This type of savings account is offered by banks as per the guidelines issued under the PradhanMantri Jan DhanYojana (PMJDY) – a scheme promoted by the Government of India.

Following is a list of 10 private banks and government banks that offer a zero balance account.

Bank Account Name Benefits
 IDFC Pratham–savings account (BSBDA)
  • Micro ATM
  • unlimited free ATM transactions
 IndusInd Bank Indus Small Savings Account
  • Free transactions through IndusInd ATMs
  • 5 free transactions from other bank ATMs
  • Free NEFT and RTGS fund transfer.
 Kotak Mahindra Bank 811
  • Fully digital account
  • No charge for online transactions.
  • Scan and pay feature.
  • Instant account opening feature
 RBL Bank Abacus Digital Savings Account
  • Instant and Paperless account opening
  • Unlimited ATM transactions
  • Anytime banking feature
  • High-interest rates,
  • NEFT/RTGS and IMPS mode of the transaction also allowed.
 Standard Chartered Bank Basic Banking Account
  • International Debit Card
  • Phone banking
  • Online banking
  • Doorstep banking
  • Locker facility
  • Free access to any Standard Chartered Bank’s branch
  • Financial and non-financial transactions in all ATMs across India
 Axis Bank Basic Savings Account
  • Free RuPay Debit Card with a daily withdrawal limit of Rs 40,000.-
  • 1 free checkbook per year
  • Monthly e-statements and SMS alerts.
 HDFC Bank Basic Savings Bank Deposit Account
  • Free RuPay debit card
  • International Debit Card
  • Safe Deposit Locker
  • Sweep-In and Super Saver
 ICICI Bank Basic Savings Account
  • Free debit card
  • Free checkbook with 15 leaves per year
  • No charge on cash deposits
  • Internet banking.
 State Bank of India Basic Savings Bank Deposit Account
  • No additional charge on account closure or account reactivation
  • RuPay debit card
  • Online transactions through NEFT/RTGS and IMPS
  • 4 transactions at ATMs every month.
 DBS Bank Digibank
  • App-based banking service
  • E-Wallet facility
  • VISA debit card
  • Unlimited free ATM withdrawals from any ATM
  • Free Online funds transfer via NEFT, IMPS.


Though there is an order from Government exists that, all banks should allow people to open zero balance account on demand, many banks deny this.

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