All that you need to know about Zero Balance Savings Account

Are you a student and do you want to open your bank account? Or, are you looking to know more about zero balance account? You have reached the right post as this article is all about zero balance accounts.

What are zero balance account?

As the name suggests zero balance account is a type of savings account that does not have any minimum average balance requirement. This means that you can withdraw as much as money as required from your zero balance account without worrying about paying any penalty.

Features and Benefits of Zero Balance Account

No minimum balance commitment: Zero balance account does not have any monthly minimum average balance requirement. Depending on the type of savings account, most regular savings accounts have a minimum average balance that can vary from Rs.500 to Rs.10,000. As it comes with no minimum average balance, it can be a good saving option for students, homemakers or people who are looking out to open a new saving account with no minimum average balance.

No penalty: In zero balance savings account, the bank won’t charge any penalty for not keeping a minimum balance.

Opening process: There are different ways to open a 0 balance savings account.Open Zero balance savings account online through the bank website or by downloading the mobile application. This means that you can open a savings account from the comfort of your home or office.

Required documents: You can open a zero-balance savings account online through PAN card and Aadhaar Card. Your Aadhaar details are verified through the Aadhaar authentication process that is done by sending an OTP to the Aadhaar registered mobile number. After the verification is successful, you can continue with the online account opening process and get your account number and other details instantly.

KYC: As one opens an online zero balance savings accounts through the one-time verification you need to complete the full KYC process by meeting a bank’s representative in-person or through video KYC.

Receive government subsidies: You can also receive the government subsidies if you link your online saving account to Aadhaar. Government subsidies will be directly credited to your zero-balance account without any hassles.

Get interest: You can also receive the prevailing savings account interest rate on your zero balance account deposit. Different banks offer different savings account interest rate. Currently, most banks give 2% to 5% interest rate on a savings account. Kotak 811 with up to 4% interest rate is one of the best zero balance saving account with a high interest rate.

Debit card: After opening a zero balance savings account online, you can avail the benefits of debit card. Banks offer physical debit card and virtual debit card to their customers. Zero balance accounts like Kotak 811 offer provide free virtual debit card that can be used to make online transactions.


In this article, we have seen the different features of zero balance accounts. Many top banks are providing zero balance savings account in India. Kotak Mahindra Bank offers best 0 balance account and earn higher interest rate.

David Curry