If your earning is low and you want to open a savings account, a Zero Balance Account is a great alternative for you, fundamentally it is a type of savings account. The idea of a Zero Balance Account is very simple. In this type of bank account, you can open a savings account but you do not have to maintain a minimum balance for it, like in most of the private sector banks’ savings accounts you have to keep a minimum of Rs 5,000 to Rs. 10,000, depending on the bank norms. The main attraction of this account is that there is no penalty in case of zero balance. 

Eligibility and features

Some of the features of a zero balance savings account are, no minimum balance is required, an account holder can withdraw a portion of the amount or full amount anytime without paying any charges to the bank. Additional benefits of the Zero Balance Savings account are, there are no extra charges for debit card, free passbooks every year in some of the banks, and cheque book, bank does not apply internet banking charges and charges for the cash deposit transaction. The account has its limitations set as a maximum of four cash withdrawals are free of cost in a month. For example, SBi charges  Rs 15 plus GST for every additional cash transaction for the fifth withdrawal. 

Here are few of the best zero balance savings account

RBL Bank Zero Balance Savings Account

RBL bank offers numerous types of saving account that is why it is the most preferred account especially when it comes to RBL Bank Zero Savings account. There is no limit set by the bank for the minimum amount to be kept in the account. 

Interest Rates 5.00% – 6.75% per annum
Chequebook Facility 2 cheque books per annum for free
Monthly Average Balance No Limit on Maximum Balance
Eligibility Resident Indian
Debit Card Free Rupay Debit Card with a withdrawal limit of Rs 50,000

HDFC Bank Zero Balance Savings Account

HDFC is one of the leading private banks of India, in the Zero Balance Savings Account of the HDFC bank you need not pay any money while opening the account.  

Interest Rates 3.00% – 3.50% per annum
Chequebook Facility Free 25 cheque leaves per financial year
Monthly Average Balance NIL
Eligibility Resident Individuals

Hindu Undivided Families (HUFs)

Customer should not have any other existing Basic Savings Bank Deposit A/C with another bank

Customer should not have any other HDFC Savings Account

Debit Card Free Rupay Debit Card 

State Bank of India Zero Balance Savings Account

SBI has the largest customer base across India as it provides seamless customer services to the people. A savings bank account will also be operational if there is no money in the account without any penalty. 

Interest Rates 2.70% per annum
Chequebook Facility First 10 cheque leaves free in a financial year


10-Leaf Cheque Book at INR 40 plus GST

25-Leaf Cheque Book at INR 75 plus GST

Monthly Average Balance NIL
Eligibility All individuals/Central/State Govt Departments
Debit Card Free Rupay Debit Card 

Kotak Mahindra Bank-811 Digital Bank Account

The Zero Balance Savings Account of Kotak Mahindra bank is popularly known as 811 Digital Bank Account. This bank account is opened with zero charges on non-maintenance of balance and the best part is that you do not need to step out of home to open the account as it is done digitally. 

Interest Rates 4.0% per annum
Chequebook Facility No cheque book is issued and cheque deposit not allowed to customers
Monthly Average Balance Rs 10,000
Eligibility Resident Indian

Hindu Undivided Families (HUFs)

Foreign Nationals living in India

Debit Card Virtual Debit Card

Free Platinum International Chip Debit Card

Standard Chartered Bank Zero Balance Savings Account

Standard Chartered Bank Zero Balance Savings account can be opened with minimum requirements like using adhaar card for basic authentication. The bank offers free Standard Chartered ATM Debit Card which can be used to withdraw cash or make payments online. 

Interest Rates 0.50% – 3.75% per annum
Chequebook Facility Multi-city cheque book for free
Monthly Average Balance NIL
Eligibility Resident individual

Foreign national

Hindu Undivided Family (HUF)

Debit Card Standard Chartered Platinum Debit Card


There are many financial institutions which are present in the market to provide services to the customers who want to open the savings account to keep their money safe. So, it is important for any individual to check if the institution is serving the needs of the present as well as the future. The charges and features vary from bank to bank but you need to take care of parameters like  interest rate, transaction charges, net banking facilities, deposit limit, funds security, cash withdrawal, and etc.