Which Bank Offers Zero Balance Account

Having a bank account is essential in today’s time. They make managing money easier and give you various benefits like interest on your funds and debit card services.

Best 0 Balance Account Banks

Most regular bank accounts have a minimum balance requirement ranging from Rs.1,000 to Rs.10,000. The minimum balance is calculated by adding each day’s end-of-the-day closing balance and dividing it by the total number of days in that month.

If you want a low-maintenance bank account and are searching for ‘which bank offers zero balance account’, go no further. 

Almost all banks offer zero-balance bank accounts to their customers. In fact, all salary accounts are zero-balance bank accounts. You can withdraw all your funds from such bank accounts without having to pay a penalty.

Best Zero Balance Account Banks

Let us look at the top banks in India that offer 0 balance accounts. This table also mentions the interest rates offered by these banks.

Documents Required to Open a 0 Maintenance Bank Account

You need minimal documents to open a zero-balance bank account - 

• PAN Card

• Aadhaar Card

• Declaration that you don’t have a zero balance bank account elsewhere

Most banks also allow you to open zero-balance bank accounts 100% online. All you need to do is to complete your video-KYC and submit your Aadhaar number and your account will be ready!

Conclusion

You can open a zero-balance bank account via internet banking or through your bank’s official mobile app. Offline bank accounts also can be opened by visiting your bank’s nearest branch with the required documents.

• Under the Pradhan Mantri Jan Dhan Yojana, all leading banks offer zero-balance bank accounts to their customers. These accounts have some rules and regulations associated with them -
• You can have only one zero-balance bank account 
• Some banks have a maximum limit to the amount of money you can have in such accounts
• A daily transaction and cash withdrawal limit is also put by some banks
• A free RuPay debit card is given with these bank accounts
• If you put more money than the maximum limit allowed by your bank, your account will be converted into a regular savings bank account

These bank accounts are a great way to enjoy the services of banks without having to maintain a minimum average balance in your account. You are thus free from having to pay a penalty if the balance drops below a certain amount.

You can get interest from the bank according to the rules of the bank where you have an account. There are, however, some limitations like daily transactions and cash withdrawal caps. There is nothing to worry about as you can easily convert such a bank account to a regular savings bank account with extended benefits.