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List of Banks with Zero Balance Accounts

As our country is developing, our banking sector is also growing, and because of a good profit from this sector, we currently have many banks trying to serve the best services to their customers. Because of too much competition, banks always try to start something new from which they can get attention from other customers and in this way so, many banks have started to open accounts with zero balance which means if you don't have money, you still you can create your account and bank will activate your account with zero fees. This article will show some top-quality banks providing zero-balance accounts to their customers. Let's see the list.

List of Banks with Zero Balance Accounts

Why should you choose a zero-balance account?

List of Banks with Zero Balance Accounts

When you open an account with some balance, then you have to maintain that balance in your account every time. The bank will penalise you for not keeping the amount greater or equal to the limit allowed. But when you open an account with zero balance, you have to maintain nothing in your account, and even if you keep nothing in your bank, the bank will not deduct something from your account. You can withdraw the whole amount from your bank account, which is the best advantage of having a zero-balance account. This type of bank account also provides some other features, like you don't have a limit to withdraw money from your account, and you can store so much money in your account.

Process of opening a zero balance account

Opening an account with an amount is easy, but when you talk about a zero-balance account, it can be more complicated than a standard account. To open a zero-balance account, you must visit the bank with documents like an Adhar card, pen card, and three passport-size photos. When you reach the bank, you have to go to the help desk; from there, a bank employee will give you a form for account opening. You have to fill in your information on that form, and then you will have to attach your documents. In the end, you will sign that form, and it will be the last step from your side to open your zero balance account, and after that bank employees will check your information, and if you are eligible to have an account, then you will get your account number within some time. Most banks ask for a witness, meaning they need a customer who can be your witness for this account, and if someone has an account on your bench, he can be your witness. So many banks offer digital technology for their customers; from that, you can start your account by sitting at home. For this process, they will make a video call with you, and there, they will take every piece of information you have; after a day, they will send an employee to your home to take your fingerprint(in case of offline KYC).

1. HDFC Bank account

HDFC bank limited is a public limited company in India that provides banking and another finance-related service to its customers. By assets, it is India's largest bank, and its current headquarters is in Mumbai. According to a top report in April 2019, HDFC bank comes in the world's top 10 banks, and it contains approx 150000 employees all over India, which shows its ability in the banking sector.

You can easily open your zero balance account in any branch of HDFC, and with this account, you will get so much profit, some of which are the following.

  1. With this saving account, you can quickly get your Rupay debit card or an international debit card; you don't need to pay any charges.
  2. You can quickly transfer your funds through NEFT and RTGS.
  3. You can easily use net banking, which means you can transfer your fund through your phone, and for this, they use IVR technology.
  4. You can withdraw your money through any other bank's ATM, but you can use another bank's ATM only four times a week.

2. SBI Bank Account

SBI stands for state bank of India, and by assets, they are currently the world's 49th largest bank, and it contains 250000 employees. It is an Indian government-affiliated public company that provides its customers with many banking and finance-related services. You can quickly start your zero balance account from SBI bank; you will get many profits.

  1. You will get 4 per cent interest in your saving account, and in fix deposit, you will get 6 per cent interest.
  2. With this saving account, you can quickly get your Rupay debit card or an international debit card; you don't need to pay any charges.
  3. You can quickly transfer your funds through NEFT and RTGS.
  4. You can easily use net banking, which means you can transfer your fund through your phone, and they use IVR technology.
  5. You can withdraw your money through any other bank's ATM, but you can use another bank's ATM only four times a week.

3. Axis zero balance account

Axis is a private limited company that provides some finance and banking-related terms all over India, and in their bank, you can start your zero balance account. -with this account, you will get every other facility provided by SBI bank. Still, compared to SBI bank, most customers like axis bank because it is a private bank and their employees have to do hard work for customer satisfaction, and you will get proper help from this bank.

  1. With this saving account, you can quickly get your Rupay debit card or an international debit card; you don't need to pay any charges.
  2. You can quickly transfer your funds through NEFT and RTGS.
  3. You can easily use net banking, which means you can transfer your fund through your phone, and they use IVR technology.
  4. You can withdraw your money through any other bank's ATM, but you can use another bank's ATM only four times a week.

4. Kotak Mahindra Bank

Kotak Mahindra is one of India's oldest banking companies, founded in 1985. from that, they provide many banking-related products and services to their customers. Currently, they have more than 1600 branches all over India, and more than 1900 ATMs are working in India. In 1985, Uday Kotak started this company, and at that time, he started this company from a debt of 30 lack. This loan was given by his father and some other family members, and after a year, Anand Mahindra invested his money in this company, and from that, this company grew daily. They have launched their new service named Kotak 811 zero balance account. You can quickly start your zero balance account from this service by spending much less time and effort.

Which bank will be best for you?

As you can see, so many banks are providing the service of zero balance accounts, but if you try to know the best option, you should start your account in Kotak 811, and here is the reason.

1. You can start your account while sitting at home

The best thing about this bank is that they will open your account from your home, and if you are not eligible to use some internet-related technology, they will still help you, and within very little time, they will start your account.

2. Its process is too smooth

If you have opened your bank account, you can understand how hard it is to start a bank account, but Kotak Mahindra has changed the scenario. To open your Kotak 811 bank account, you will search Kotak 811 on your browser; then, you will reach their official website. You will see their interface, and on the right side, you will get some empty columns. These empty columns are for those who want to start their Kotak 811 account. You need to fill these columns with your name, email id, and mobile number, and after filling in your OTP, you will get an application form. In this form, you will have to attach your essential information like name, father's name, address, Adhar number, pan number, and a few others. After completing this section, you must attach your soft copy documents like Adhar, Pan, a passport-size photo, and a digital signature. In the end, they send an OTP on your mobile number, and by filling in that One time password, you will make the last effort from your side. Within a few minutes, they will contact you, and if every detail is fine, you will get your account number within an hour. Opening a bank account from Mahindra Kotak is easy, so many customers are starting their zero balance accounts in this bank.

3. You can use any other services from your home

This bank provides customers with the best online banking services because most banks claim you can use them from sitting at home, but you have to visit your bank multiple times. For example, if you have a zero balance account in any other bank, you can easily use their net banking services. Still, to start these services, you have to visit a bank like for taking a debit card, chequebook, passbook, and any other thing you have to visit at the bank and at there, you have to fill so many forms to get these types of services, but in Mahindra Kotak 811 you will get these services from your home. If you want to get your debit card, you need to fill out an online form, and based on that, they will give you a debit card. Not only a debit card but you can take any document by sitting at home, saving your time and money.

Disadvantages of kotak811 zero balance

Mahindra Kotak is a private company that charges top-quality features to their customers; then, they will charge some hidden amount from these all. In exchange for hidden charges, they deduct your interest rate. Currently, they give only 3.50 per cent rupees per anum, which is a much less digit than some government-affiliated banks. You can not store more than one lack of rupees in your account, which is the most significant disadvantage of having a Kotak 811 zero balance account. You can only do transactions of 2 lack rupees, and if you do more than it, then you have to pay some extra charges to the bank.

Conclusion

The Indian government started the strategy of zero-balance accounts. They took this plan just because many Indians don't have a bank account and, as a result, they store their money at home and thus Indian government gets less money. Therefore, after opening zero balance accounts, many Indians started to keep their money in Indian banks, which is good for Indian GDP.


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