India’s economy is rapidly growing and is on track to become one of the world’s largest, but a large number of people still lack access to basic financial services. This situation particularly arises in rural areas where the people do not have access to a nearby bank branch or may be unable to meet the minimum balance requirements of a traditional savings account.
In order to solve this issue, the Indian government has launched a number of measures to promote financial inclusion. One of these schemes for people who are unable to maintain minimal balances in their accounts is a bank account with zero balance.
Zero-balance bank accounts are a type of savings account since there are no minimum balance restrictions. Thus, regardless of income level, anyone can open a bank account with a zero balance and start saving money. Here are some of the clever alternatives that provide zero-balance accounts.
Top 5 Banks with No Balance Account Options
1. AU Digital Savings Account
AU Small Finance Bank proposed performing all banking and financial-related activities via video conferencing. As a result, to create an account, make a deposit, or ask any other question, simply conduct a video conversation with the bank, and the questions are addressed in real-time by bank staff.
2. IndusInd Zero Balance Account
Indian individuals above the age of 18 are eligible for the zero balance bank account. There are five free transactions each month for the passbook, debit card, and cheque book. Furthermore, fund transfers via RTGS and NEFT are free.
3. State Bank of India – Basic Savings Bank Deposit Account (BSBDA)
Anyone with appropriate KYC credentials can open this SBI savings account, which has no maximum balance restriction. Withdrawals can be done at any State Bank of India branch or ATM using the account holder’s basic RuPay ATM-cum-debit card.
4. Axis Zero Balance Account
With a zero-balance debit card for RuPay, you can deposit up to Rs 10,000 in cash. In addition, four ATM withdrawals from another bank are free each month.
5. HDFC Zero Balance Account
This account includes complimentary foreign or RuPay debit cards, NEFT and RTGS transfers, and phone banking. Account holders can also withdraw cash from ATMs of other banks for free four times each month.