Want to plan for a secure future for you and your children, want to buy a house, have any dream car which you want to own in near future, or have an aspiration destination for a holiday or higher education
How are you going to pave into it, have you planned for the savings.
Savings for any age group has become so easy these days as with increasing time new things and ways have come into use.
It is not possible for everyone to have money available with them every time and of course all of us go out of money sometimes. Zero balance is what we face at certain times but have you heard of this magical thing called ‘ Zero Balance Savings Account’. Yes, you read it correctly.
Saving account that too with zero balance is something everyone would love to be a part of.
Here we will get to know about various zero balance saving accounts we can have and can take required decisions for our savings.
Zero Balance Savings Account In India
In India currently, there are ample choices available if you want to go for a zero-balance saving account. As they have their limitations, opportunities, procedures, and perks.
Well, you all are free to choose what suits you but before that, all you need is some ideas on how they work and what they are meant for.
Check out: Let’s Go Through The Best Investment Plans In India, You All Deserve To Know
Especially if you are a university student you really should know about them and it will be in your favor.
Some of the friendly zero-balance saving accounts which come with decent interests and high security are as-
- Axis ASAP
This is one of the most well-known accounts offered by Axis bank.
Benefits offered by it-
- You can do KYC and you need not go to the bank and afterward, it will send the welcome kit to your home.
- You will get a virtual debit card with you using which you will get easy access to UPI and can do mobile and internet banking easily.
- You can comfortably book your FD/RD anywhere at any time.
- In order, you want to book your hotel, tickets for buses and flights you can d it easily.
- If you have a fixed deposit INR above 10,000 you get a higher interest rate too.
- It provides account statements, bill payments, and the transfer of funds free of charge.
- Paytm Payment Banks
- You are not needed to maintain any minimum balance here.
- Not needed to visit anywhere as you can do it digitally but after you are done with your KYC which is important.
- You are allowed to do online transactions that too free of cost.
- Your savings are risk-free in it and it also provides a digital debit card with a withdrawal cash limit of 25 thousand at one time. and digital passbook to you
- The interest rate is 2.75% per year but paid monthly.
- On a debit card, there is personal insurance up to 2 lacs in case of death or accident.
- Kotak 811 Account
- If you open this account you get an offer of 811 dreams different credit card which you can take on an FD basis and also it doesn’t ask for any income proof.
- Whoever is 18 or 18+ is eligible to open this account.
- You need your important details and identity cards which will be Aadhar or PAN cards.
- You can open it at zero balance no minimum charge is required.
- It offers both virtual as well as a physical debit card and checkbook too.
- The interest rate is around 3.5% and can rise to 4.5% too if the transaction or deposit is more than 1 lacs intraday.
HDFC Zero Balance Savings Account
Although getting a zero balance saving account on this bank is considered a little difficult but you can get past that line for sure.
Just make sure you carry all the essential documents with you. Such as your active Aadhar number, contact number, and PAN number.
Following are the benefits and features from the zero balance saving account in this bank-
- It provides a free checkbook for the first time but after that, it will be rs 5 per page on other one’s and the individual is provided with a free cheque and cash deposit facility at ATMs and branches,
- A lifetime BillPay, InstaQuery, and e-mail statement facilities are also given to the clients.
- On forex plus card, you get a 50% discount
- You can do cash withdrawal up to 4 times only as if you do more than that it will ask for rs 150 per withdrawal.
- You can transact with ease here.
- There is free demand draft on HDFC bank location which is up to RS. lakh per day.
ICICI Zero Balance Savings Account
You can apply online for this all you need is to log in to the website and the supposed official will call you as soon as possible.
In the beginning, this account was so much in news and many people became a part of this.
With zero balance this comes with several restrictions too but all you need s just keep up with everything and it will be easy for you.
Some of the features of opening the account are as-
- At the beginning it is opened as mini KYC( supreme balance RS. 1 lakh and maximum incoming credit should be up to RS. 2 lakh)) but after a year you have to open it as a full KYC ( with unlimited transactions).
- As you open the account it equips you with an account number as well as a virtual debit card.
- Friendly for people from the age of 18 to 35.
- Make sure you have your valuable documents which are your Aadhar card and PAN card.
- You get up to 3% interest per annum.
- You can do online transactions and purchase up to RS. 1 lakh per day.
- 5 withdrawals can be done anywhere in India per month.
Axis Bank Zero Balance Savings Account
At the beginning of opening the account, you have to deposit some initial fundings here. The account can be opened by people from the age group of 18 years to 25. As you get past 25 it will be turned into a normal account and there will be limitations.
Apart from this it also offers benefits like-
- It provides proper phone banking as well as internet banking as you can easily keep an eye on your savings and transactions whenever and wherever you want. And that too charge-free.
- It provides an International debit card too that sounds so cool and allows you access over 1000+ ATMs across the nation and allows you to withdraw and deposit cash at any time at any place.
As we went through the above Zero balance saving account hopefully the information was of use and now you would be ready to jump into what all it offers. All you need is just to think from your point of view and dive into it and look for what is good for you.
Not only these but there are plenty other choices too which you can go through as well, some are-
- State bank of India basic saving basic deposit.
- Yes bank smart salary adventure.
- Bank of Baroda ZBA
- Standard chartered bank ZBA
- DBS Digi savings.
- Indusind bank Indus online saving account.
As the Zero balance saving account offers a lot of features that are user-friendly too so you can have a clear mind on what you desire.
And after all, it is not that difficult to maintain a minimum balance that is zero.