List of Banks with Zero Balance Accounts in India: Many private and public sector banks in India offer zero-balance accounts. Such accounts are best for students and individuals with low/ fluctuating income as they do not require a minimum balance. Some of the best banks with zero balance accounts in India are the SBI, IndusInd Bank, Kotak Mahindra Bank, IDFC First Bank, etc.
Banks with zero balance accounts offer other benefits like free chequebooks, higher interest rates to grow savings, debit cards, and online banking features. You can easily open zero-balance savings accounts online. Here is a comprehensive list of banks with zero balance accounts you might find useful.
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List of Banks with Zero Balance Accounts in India
Zero-balance accounts are savings accounts that don’t require you to maintain a minimum balance. Even if you have zero balance in this account, the banks won’t charge you any penalties or fees.
The list of banks with zero balance accounts in India includes public and private sector banks. Many Small Finance Banks in India also offer the best features and benefits of zero-balance accounts offered by them. Check out the list of banks with zero balance accounts below based on the bank category.
List of Public Banks with Zero Balance Accounts in India
Public sector banks provide accessible and affordable zero-balance accounts. These accounts, like the Basic Savings Bank Deposit Account (BSBDA) for students and others, come with features such as free debit cards, passbooks, SMS alerts, and access to government subsidy schemes.
Below is a list of prominent public banks with zero balance accounts and their key features.
| Bank Name | Zero-Balance Account Name | Features |
| Bank of Baroda | Bob LITE Savings Account, Bob BRO Savings Account, Bob Champ Account | Free debit card, unlimited cash deposits, SMS alerts, and no minimum balance requirement |
| Bank of India | BOI Basic Savings Bank Account, Pratham Savings Account | Free passbook, no minimum balance, and free ATM transactions |
| Bank of Maharashtra | Maha Zero Balance Account | Free ATM card, SMS alerts, unlimited deposits, and affordable banking services |
| Canara Bank | Canara Bank Basic Savings Bank Account | Free ATM withdrawals, free passbook, and affordable loan schemes |
| Central Bank of India | Cent BSBDA (Basic Savings Bank Account) | No charges for basic banking services, free ATM cards, and SMS alerts |
| Indian Bank | Ind Basic Savings Bank Deposit Account | Free passbook, high transaction limits, and zero maintenance charges |
| Indian Overseas Bank | IOB Basic Savings Account | Free ATM card, SMS alerts, and internet banking services |
| Punjab and Sind Bank | PSB Basic Savings Deposit Account | Free debit card, easy access to government schemes, and no hidden charges |
| Punjab National Bank | PNB Basic Savings Bank Deposit Account | Free ATM card, free passbook, SMS alerts, and access to government schemes |
| State Bank of India | SBI Zero Balance Account | Free debit card, no penalty for non-maintenance, and seamless digital banking |
| UCO Bank | UCO Basic Savings Account | Free ATM card, unlimited deposits, and SMS alerts |
| Union Bank of India | Union Bank of India Zero Balance Account- Digital Savings Account | Free ATM withdrawals, no hidden charges, and affordable banking products |
Also Read: Check here all the major details about Bank Accounts for Students. Know the best banks and schemes offered for students.
List of Private Banks with Zero Balance Accounts in India
Private banks in India are redefining banking convenience with their innovative zero-balance accounts. Unlike traditional accounts, these are packed with features such as instant digital account opening, debit cards for students under 18, and seamless online banking.
Whether it’s high-interest savings, unlimited ATM withdrawals, or quick fund transfers, zero-balance accounts from private banks combine modern banking with affordability. Here’s a list of private banks with zero balance accounts in India-
| Bank Name | Zero-Balance Account Name | Features |
| Axis Bank Ltd. | Axis ASAP Savings Account | Instant account opening, virtual debit card, and cashback on digital payments |
| Bandhan Bank Ltd. | Savings Account for All | High interest rates, no minimum balance requirement, free debit card |
| CSB Bank Limited | CSB Basic Savings Account | Free ATM withdrawals, low service charges, internet banking |
| City Union Bank Ltd. | City Union Basic Savings Account | Free passbook, SMS alerts, and internet banking |
| DCB Bank Ltd. | DCB Suraksha Savings Account | Accidental insurance, free debit card, and no penalty for zero balance |
| Dhanlaxmi Bank Ltd. | Dhanlaxmi Simple Savings Account | Free ATM card, unlimited transactions, and no minimum balance required |
| Federal Bank Ltd. | FedBook Selfie | Instant account opening via selfie, free debit card, internet banking |
| HDFC Bank Ltd. | Basic Savings Bank Deposit Account | Free passbook, debit card, and up to 4 free withdrawals per month |
| ICICI Bank Ltd. | Basic Savings Account | Free unlimited transactions at ICICI ATMs, free debit card, and SMS alerts |
| IndusInd Bank Ltd. | Indus Easy Savings Account | High-interest rates, free online transactions, and 24/7 customer support |
| IDFC FIRST Bank Limited | IDFC Pratham Savings Account | High interest, free unlimited transactions, and no charges on ATM withdrawals |
| Jammu & Kashmir Bank Ltd. | J&K Basic Savings Account | Free ATM withdrawals, SMS alerts, and simplified KYC |
| Karnataka Bank Ltd. | KBL SB – TASC | Free mobile and internet banking, no minimum balance, and personalized services |
| Karur Vysya Bank Ltd. | KVB Basic Savings Account | Free debit card, SMS alerts, and no minimum balance requirement |
| Kotak Mahindra Bank Ltd. | Kotak 811 Zero Balance Account | Instant account opening, virtual debit card, and high interest rates |
| Nainital Bank Ltd. | Nainital Basic Savings Account | Free passbook, low transaction fees, and ATM services |
| RBL Bank Ltd. | RBL Abacus Savings Account | Free ATM withdrawals, cash deposit options, and no minimum balance |
| South Indian Bank Ltd. | SIB Basic Savings Bank Account | Free ATM and mobile banking services, simplified KYC |
| Tamilnad Mercantile Bank Ltd. | TMB Basic Savings Account | Free debit card, no charges for non-maintenance, and internet banking |
| YES Bank Ltd. | YES Basic Savings Account | Free debit card, unlimited ATM transactions, and free NEFT/RTGS transfers, hassle-free YES Bank zero balance account opening online process |
| IDBI Bank Limited | IDBI Super Savings Account | Free ATM card, SMS alerts, and no penalty for zero balance |
Also Read: Check some of the FAQs about international bank accounts for students studying abroad. Know all about it in this blog.
List of Small Finance Banks with Zero Balance Accounts in India
Small Finance Banks’ zero-balance accounts are tailored to meet the needs of small business owners, farmers, and rural households. They focus on personalized service, doorstep banking, and simple account requirements.
Many Small Finance Banks also offer higher interest rates on savings, group loan benefits, and financial literacy programs alongside these accounts. Here’s a list of Small Finance Banks with zero balance accounts in India-
| Bank Name | Zero-Balance Account Name | Features |
| AU Small Finance Bank Ltd. | AU Basic Savings Account | Free debit card, high interest on savings, and no minimum balance required |
| Capital Small Finance Bank Ltd. | Capital Basic Savings Account (Suvidha Bachat) | Personalized banking services, free passbook, and SMS alerts |
| Equitas Small Finance Bank Ltd. | Niyo Equitas Savings Bank Account | High interest rates, free ATM withdrawals, and doorstep banking |
| ESAF Small Finance Bank Ltd. | ESAF Zero Balance Savings Account | Free digital transactions, savings schemes for women, and financial literacy |
| Suryoday Small Finance Bank Ltd. | Suryoday Next Gen Savings Account | Free passbook, SMS alerts, and affordable microloan access |
| Utkarsh Small Finance Bank Ltd. | Utkarsh Niyo Savings Account & BSBDA Account | Doorstep banking services, high savings interest, and free fund transfers |
| North East Small Finance Bank Ltd | NESP Basic Savings Bank Deposit Account (BSBDA) | Simplified KYC, free ATM withdrawals, and focus on financial inclusion |
| Jana Small Finance Bank Ltd. | Jana Basic Savings Bank Deposit Account (BSBDA) | Unlimited ATM transactions, free online banking, and competitive interest rates |
| Unity Small Finance Bank Ltd. | Unity Zero Balance Savings Account – only for senior citizens who invest INR 50,000 in FD | Free virtual debit card, high FD rates, and seamless online banking services |
Benefits of Zero-Balance Accounts
Zero-balance accounts have become a popular choice for individuals. One of the biggest advantages of opening a zero-balance account is that you don’t need to maintain a minimum balance. This means no penalties or fees, making it a stress-free option for students, daily wage workers, and low-income groups.
Check out the other benefits offered by banks with zero balance accounts in India-
- You get access to essential banking services like free debit cards, passbooks, and SMS alerts without any extra charges.
- Most banks offering zero-balance accounts provide access to online and mobile banking. You can transfer funds, pay bills, and manage your account anytime, anywhere.
- With zero-balance accounts, you can easily access benefits from government subsidy schemes such as LPG subsidies, Direct Benefit Transfers (DBT), and other welfare programs.
- Many banks, particularly Small Finance Banks, offer competitive interest rates on savings in zero-balance accounts, helping you grow your money even with smaller deposits.
- Zero-balance accounts are designed to be transparent and user-friendly, with no hidden fees or maintenance charges, making banking more affordable for everyone.
This was all about the list of banks with zero balance accounts in India. Before applying, check out the features and benefits offered in detail and choose the one that fulfils your needs and requirements.
FAQs
A zero-balance account is a savings account that allows you to maintain no minimum balance. It is designed for individuals who want basic banking services without worrying about penalties for low balances.
Many banks offer zero-balance accounts in India. These include the State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC FIRST Bank, Punjab National Bank (PNB), and others.
The best bank depends on your needs. HDFC Bank offers excellent digital services and international debit cards, while Kotak Mahindra Bank’s Kotak 811 provides a seamless online account opening process. SBI is ideal for those looking for extensive branch accessibility.
Zero-balance accounts offered by banks like SBI, HDFC, ICICI, and Axis Bank have no minimum balance requirement. These accounts provide essential banking features without penalties for low balances.
Bank of Baroda’s BRO Savings Account is great for international debit card features, while Kotak 811 stands out for its ease of opening and digital services. SBI’s account is best for those who prefer traditional banking with a wide branch network.
You can open a zero-balance account online or by visiting a branch. Basic documents like Aadhaar, PAN, and proof of address are required. Many banks also allow digital onboarding through their apps or websites.
SBI’s zero-balance account offers no minimum balance requirement, free ATM/debit card services, internet and mobile banking access, and easy fund transfers. It is widely accessible through SBI’s extensive branch network.
HDFC Bank’s zero-balance account provides international debit cards with global acceptance, cashback rewards on transactions, robust digital banking services, and competitive daily transaction limits for shopping and withdrawals.
Zero-balance accounts eliminate penalties for low balances and offer free basic banking services like fund transfers and ATM withdrawals. They also provide access to digital banking platforms for convenience and financial inclusion.
Yes, banks like HDFC offer international debit cards with their zero-balance accounts. These cards allow global transactions and ATM withdrawals after enabling international usage through Net Banking or Mobile Banking.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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