A zero balance bank account (technically called a Basic Savings Bank Deposit Account or BSBDA) allows you to maintain a bank account without any minimum balance requirement. This is a game-changer for millions of Indians who lost access to banking due to inability to maintain minimum balances.
Who Offers Zero Balance Accounts?
All Scheduled Commercial Banks in India are required by RBI to offer Basic Savings Bank Deposit Accounts (BSBDAs) with no minimum balance requirement. Additionally, many Payments Banks offer zero-balance accounts with attractive features.
Top Zero Balance Account Options
- SBI Jan Dhan Account: Part of PMJDY. Comes with a RuPay debit card, ₹10,000 overdraft facility, and ₹1 lakh accident insurance.
- IDFC FIRST Bank Savings Account: Zero balance, 7% interest up to ₹5 lakh balance, free unlimited transactions.
- Paytm Payments Bank: Instant account opening, 4% interest on deposits, integrated UPI and wallet.
- Kotak 811 Digital Account: Full-featured digital savings account with zero balance requirement. Upgrade available.
BSBDA Restrictions to Be Aware Of
- Maximum 4 withdrawals per month (from branch and ATM combined).
- No cheque book (but can be provided on specific request for BSBDAs).
- Cannot have another savings account in the same bank if you hold a BSBDA.
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