A no balance account has gained much popularity in India because it provides an individual with flexibility in maintaining or managing their account without the headache of maintaining the minimum balance. No balance accounts are quite effective for students, salaried class individuals, and low-income categories. Here is a look at some of the finest banks in India where one can open a zero balance account: its features and benefits.
Best Banks in India for Opening a Zero Balance Account
1. State Bank of India (SBI)
It is a zero-balance account under the type of account known as the “SBI Basic Savings Bank Deposit Account” that SBI, India’s largest public sector bank, offers.
Features:
- No minimum balance requirement.
- Free fund transfers online via NEFT, IMPS, and UPI.
- The monthly statement is available by e-mail.
- Interest rate competitive with regular savings accounts.
Benefits: With the huge network of branches and ATMs that SBI has spread throughout the country, easy accessibility for account holders is guaranteed. Also, adding to the vault of reputation and credibility of the bank opens an account in a very attractive way.
2. HDFC Bank
HDFC Bank, one of the leading private banks in India, provides a “Basic Savings Account” for which it does not require any minimum balance.
Features:
- Free fund transfer through NEFT, RTGS, and IMPS.
- Free unlimited withdrawals at HDFC Bank ATMs.
- Internet banking and mobile banking services.
- Interest rates are competitive with that of a conventional savings account.
Benefits : The HDFC Bank is known for its excellent customer service and top-class digitized banking network system. Its presence in almost every nook and corner adds to the user’s convenience to manage the account.
3. ICICI Bank
It provides ICICI Bank with a zero balance account on account of “ICICI Bank Basic Savings Account.”.
Features:
- No minimum balance.
- Full-service free online banking services, including bill payment.
- Free fund transfers are allowed through NEFT and IMPS.
- Access the bank’s wide network of ATMs.
Benefits: ICICI Bank maintains its prestige as the bank offering easy access to mobile-phone- and internet-banking facilities to enable the customer to interact with it from almost anywhere in the world about their financial activities.
4. Axis Bank
This will make the “Basic Savings Account” from Axis Bank another great alternative if you wanted to open an account with zero balance.
Features:
- No minimum balance requirement.
- Free online banking and mobile banking.
- Free fund transfers through NEFT and IMPS.
- Monthly statements provided via email.
Benefits: Axis Bank is highly reputed for its very efficient customer support and wide range of banking products to cater to every type of customer requirement.
5. Bank of Baroda
Bank of Baroda provides a zero-balance account named “Baroda Basic Savings Bank Deposit Account”.
Features:
- No requirement for minimum balance.
- Free online transactions and fund transfers.
- Monthly statements available via email and SMS.
- Interest rates are at par with standard savings account rates.
Benefit: The Bank of Baroda is one of the biggest domestic and international banks in terms of presence; hence, it assists customers in maintaining them with a steady banking partner.
6. Union Bank of India
Union Bank offers its customers zero balance features under the “Basic Savings Bank Deposit Account”.
Features:
- No minimum account balance.
- Free transfer of funds through NEFT and IMPS.
- Access the online banking services.
- Interest rates are similar to those of other savings accounts.
Advantage: Union Bank’s commitment towards catering to rural and semi-urban geography brings into consideration a very viable option for people residing within those areas.
Conclusion
While choosing a zero balance bank account in India, the decision essentially boils down to accessibility, customer service, and digital banking. State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, and Union Bank of India are all great options, each with its unique features and benefits. Think about the personal banking needs for yourself and research a bank that best fits your financial goals. For better financial management, choose the right zero balance account and eliminate the headache of maintaining minimum account balance requirements.
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