Lucrative Zero Balance Accounts In India In 2022

Lucrative Zero Balance Accounts In India In 2022

With a population of 1.3 billion people, India struggles to provide essential services like savings accounts to its citizens. Nearly more than 60 % of people were deprived of having a bank account a few years ago.

High maintenance charges, criteria of having a minimum balance all the time in the account, lack of awareness were significant factors that prevented people from having savings accounts in the banks, which led to the rise to corruption and poverty.

Under the Pradhan Mantri Jan Dhan Yojana (P.M.J.D.Y.) programme, the Government of India created the zero-balance savings account in order to make banking services accessible to everyone, especially those residing in rural areas and semi-urban areas. Ever since, financial institutions around the country have started to offer zero-balance accounts, also known as Basic Savings Bank Deposit accounts (B.S.B.D.A.).

That's why we have created this article to inform you about the most lucrative list of banks with zero balance accounts. So, let's dive right into it without wasting any more time.

Eligibility

These are the following list of criteria a person must fulfill in order to open to zero balance savings account:

• You are an Indian citizen above the age of 18.
• You do not have a B.S.B.D.A. with more than one Bank.
• You are seeking the account in your personal capacity, not as the Karta of a Hindu Undivided Family (H.U.F.).

Documents Required Opening Zero Balance Saving Account:

The requirements for KYC in zero balance savings accounts online are as follows:

1. Photo ID verification in accordance with the Bank's authorized document list.
2. Pan card/ Aadhaar card/ voter id/ driving license/ passport
3. Address proof in accordance with the Bank's approved document list
4. Water/ electricity/ utility bill
5. A completed account opening Declaration form for a basic savings account, completed by the consumer.

How Do I Open an Online Zero Balance Account?

Each one of India's financial institutions makes it simple to create a zero balance account online using mobile apps or websites.

Here is a step-by-step guide to creating a zero balance online bank account:

1. Go to the Google play store or Apple app store on your Smartphone.
2. Install the mobile app of the banking institution where you wish to start a zero balance account
3. Follow the instructions in the app to create your account and initiate the basic KYC procedures.
4. Upload your documentation, such as your identity and residence evidence, and complete the form to start your zero balance account online.

Most lucrative zero balance accounts in India

These are the list of banks with zero balance accounts in India:

•  Indus Online Savings Account

This zero balance savings account also includes unlimited A.T.M. withdrawals and free mobile and internet banking. You should open this account right now by completing an online application using your Aadhaar and P.A.N. information. You can select from a variety of alternatives, ranging from a Zero Balance Account to a premium variation. You can enjoy a smooth banking session with a variety of advantages like efficient and performing net banking and smartphone banking.

You can use online banking to perform NEFT/RTGS/IMPS transactions. You can get an Rs.250 fuel surcharge waiver making it one of the best banks to open a savings account. For balances of Rs.1 lakh to Rs.10 lakh or more, interest rates range from 4.0 % to 6.0 %

•  Kotak 811 Digital Savings Account

You can start a digital savings account without any limits after completing your verification using Video KYC. You could earn up to 3.5 percent * interest every year with a zero balance savings account, among other incentives.

Because it is a zero balance savings account, there are no fees or penalties for failing to maintain the required amount. Now you may spend your remaining amount down to the last rupee without concern. You can order a physical debit card as well as a virtual debit card for online purchasing. You can transfer money from your 811 digital savings accounts without any charges and with convenience.

•  I.D.F.C. First Bank

If you ask yourself a question, which bank gives the highest interest rate on savings accounts in India? You can settle on I.D.F.C. Bank. I.D.F.C. Bank provides one of the best savings account interest rates, giving up to 7%. The required balance is greater than Rs. 2 Lacs. Even if your balance is low, you could receive 6%, which is 2.5 percent higher than the interest rate offered by other banks.

The most prominent benefit is that there are no charges or penalties if the minimum balance is not maintained. Even if you do not sustain an average monthly amount, I.D.F.C. Bank only charges you for particular operations like re-issuing a cheque book, D.D., updating a debit card, and exceeding the regular A.T.M. limit.

•  S.B.I. Basic Savings Account

Any person can start this account as long as they have proper KYC paperwork. They were designed primarily for the weaker segments of society in order to motivate individuals to begin saving without the weight of fees or penalties making it one of the best banks to open a savings account.

It's accessible at all branches, and there's even a smartphone app. You can keep your minimum balance at zero. There are no such criteria as a maximum balance. On the other hand, the institution would not provide a chequebook facility. Withdrawals may only be made in-person at branches or through A.T.M.s. The basic Rupay ATM-cum-debit card will be provided by the Bank.

•  Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y.)

Underneath the Pradhan Mantri Jan-Dhan Yojana (P.M.J.D.Y.) initiative, customers can even create a zero-balance savings account. The initiative provides financial access to individuals all across the country, as well as those who do not have any, particularly in rural regions.

There is no needed minimum balance. Customers are eligible for an Rs.1 lakh accident insurance policy. Individuals who have registered for government programmes or incentives can use this account to receive direct benefit transfers.

You will receive a free RuPay debit card when you open an account. There are no fees for utilising an A.T.M. debit card. You will also receive a free passbook and a chequebook when you open the account.

• AU Digital Savings Account

AU digital savings account offers upto 7 % interest rate.  The instantaneous banking feature of this Zero Balance Savings Account also includes free transactions at other Bank ATMs, as well as free online money transfers and monthly interest payments.

With their Video Banking and finance services, you can simply complete all of your financial transactions and other maintenance requests from the comfort of your own home, including KYC. You'll get a Rupay Platinum Debit Card that comes with purchase protections, increased insurance coverage, and over 1000+ deals and promotions from India's best brands.

• NiyoX

The interest rate on this Zero Balance Savings Accounts can range from 3 to 7%. When you establish an account, you'll receive a Platinum Visa Debit Card that you can customise. You can also participate in 'Direct' Mutual Funds and get 'Zero' Commission using their interactive smartphone application. With their complete wealth management suite, you can monitor all of your holdings in one spot using their app.

Your money is protected with a Deposit Insurance Scheme insurance protection of up to rupees 5 lakh. Their app also has a wave function that allows you to disguise the amount of your digital savings account from curious eyes by waving your hand over it.

• Fi

Fi is a neobank, often known as an internet banking platform. In collaboration with Federal Bank, the Fi account is a zero-balance digital bank account that allows you to create an online savings account. They provide you with a Visa Debit Card and adhere to all RBI's safety criteria. Your funds are always secure with Federal Bank, their financial provider, and are protected up to rupees 5 lakh under the RBI's insurance deposits plan. You could withdraw money for free from any ATM, and you can earn up to 5.1 percent interest on your zero balance savings account.

Conclusion

We hope this article helps you to identify the five most lucrative zero balance savings accounts that are available in the country. A zero balance account is the necessity of the time; it provides an average Indian with the opportunity to save their money in a safe place without having to worry about maintaining a fixed minimum balance. The added interest offered on zero balance savings accounts makes it a cherry on top and makes it a very lucrative option for any working-class individual.