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 |
 | Pratham–savings account (BSBDA) |
|
 | Indus Small Savings Account |
|
 | 811 |
|
 | Abacus Digital Savings Account |
|
 | Basic Banking Account |
|
 | Basic Savings Account |
|
 | Basic Savings Bank Deposit Account |
|
 | Basic Savings Account |
|
 | Basic Savings Bank Deposit Account |
|
 | Digibank |
|
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.
