Last Updated:June 12, 2025, 14:49 IST
A zero-balance savings account allows you to maintain your account without any mandatory minimum balance, with no penalty fees involved.
A zero-balance savings account offers you several benefits. (Representative Image)
Have you ever been charged a penalty for not maintaining the required minimum balance in your bank account? If yes, then it’s time to consider switching to a zero-balance savings account.
A zero-balance savings account allows you to maintain your account without any mandatory minimum balance, with no penalty fees involved. What’s more, these accounts come with essential banking benefits such as free debit card issuance, ATM withdrawals, mobile and internet banking, and online money transfers. Even with no funds in the account, you can continue enjoying services similar to those offered by regular savings accounts.
As per RBI guidelines, such accounts are officially known as Basic Savings Bank Deposit (BSBD) accounts. Many top banks in India offer these accounts, often with competitive interest rates and full digital accessibility.
However, it’s important to be aware of the limitations. Most banks allow a restricted number of free transactions, typically up to four in a month. Once this limit is exceeded, the bank may convert your zero balance account into a regular savings account, which may require maintaining a minimum balance.
To help you choose the right option, here’s a list of leading Indian banks offering zero-balance savings accounts along with their key features and benefits.
State Bank of India Basic Savings Bank Deposit Account (BSBDA)
– Withdrawals can be made through ATMs or at the bank branch.
– No charges are applied for receiving money through electronic payment modes such as NEFT or RTGS.
– A basic RuPay ATM-cum-debit card is provided free of cost, with no annual maintenance fee.
– The maximum permissible balance in the account is Rs 50,000.
– Only four withdrawals are allowed per month. This includes transactions via own or other bank ATMs, RTGS, NEFT, cash withdrawal, fund transfers, internet debits, standing instructions, EMIs, etc.
– No charges are applied for receiving money through electronic payment modes such as NEFT or RTGS.
IDFC First Bank Future First Savings Account
Available to graduate and postgraduate students from select premier institutes in India.
Free fund transfers and services like NEFT, RTGS, IMPS, ATM usage and cash deposits/withdrawals are available.
Unlimited ATM transactions across all banks.
Comes with a VISA Signature debit card offering exclusive deals on food, travel, and shopping.
Offers Rs 35 lakh personal accident cover and rs 1 crore air accident insurance.
HDFC Bank BSBDA
Access to a safe deposit locker facility.
Complimentary passbook service.
Free cash deposits at bank branches and ATMs.
RuPay debit card issued at no cost.
Up to 4 free withdrawals per month, including ATM transactions (own and other banks), RTGS, NEFT, IMPS, branch withdrawals, fund transfers, standing instructions, EMIs, and POS payments.
Standard Chartered Bank Basic Banking Savings Account
A Standard Chartered debit card for everyday purchases and ATM withdrawals.
Unlimited cash withdrawals from own or other bank ATMs without restriction.
Access to various instant payment options including UPI, Bharat Bill Payment System, BharatQR, and Samsung Pay.
Free money transfers via IMPS, NEFT, RTGS and other bill payment services through the Standard Chartered Mobile App.
Axis Bank Basic Savings Account
RuPay Debit Card is issued at no cost, with a daily ATM withdrawal limit of Rs 40,000 and a shopping limit of Rs 1,00,000.
Complimentary passbook, monthly e-statements, and SMS alerts.
Enjoy Internet and Mobile Banking services at your convenience.
No charges on cash deposits.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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