There are many public and private sector banks in India, which allow their customers to open zero balance savings account. In other words, these account-holders need not maintain an average monthly balance in their bank accounts. On top of that, they benefit from attractive savings account interest rate as given in the table below.
Savings Account Interest Rate in Top 10 Banks Offering Zero Balance Account
| Bank Name | Savings Account Interest Rate | Account Name |
| DBS | 6.0% | Digibank |
| Kotak Mahindra Bank | 5.0% | 811 |
| IDFC Bank | 4.0% | Pratham |
| IndusInd Bank | 4.0% | Basic Small Savings |
| HDFC Bank | 3.5% | BSBDA |
| Axis Bank | 3.5% | ASAP |
| State Bank of India | 3.5% | BSBDA |
| Standard Chartered Bank | 3.5% | Aasaan Account |
| ICICI Bank | 3.5% | BSBDA |
| Federal Bank | 3.5% | Selfie |
Disclaimer: The order of the banks in the table above is based on the interest rate offered on their zero-balance savings account.
1. DBS Zero Balance Savings Account
DBS (short for Development Bank of Singapore) allows you to open a DigiSavings account in a seamless, paperless manner right on your smartphone or tablet.
How to Open digiSavings Account?
- Download Digibank by DBS app from Play Store/ App Store and install on your Android/iOS device.
- Enter your AADHAAR Card number and PAN Card Number for authentication.
- Provide your personal details as required to instantly activate your bank account in the form of an e-Wallet.
How to Upgrade from a digibank E-Wallet to a DigiSavings Account?
As soon as you open your digiSavings account, you are provided with a Virtual Visa Debit Card for all online transactions. To upgrade from e-wallet to Savings Account,
- Log into digibank app installed on your smartphone
- Simply request for your fingerprint enrollment and you will receive your Visa payWava physical debit card within a few days at your address.
- Once you receive the physical debit card, activate it as the final step.
What are the Interest Rates Applicable to digiSavings Account?
| Interest Rate | Balance in Savings Account |
| 6% | Up to Rs. 1,00,000 |
| 7% | Rs. 1,00,000 to 2,00,000 |
| 5% | Rs. 2,00,000 to 5,00,000 |
| 4% | Rs. 5,00,000 and above |
What are the Benefits of digiSavings Account?
- No Minimum Balance
- Earn up to 7% interest rate
- Quick One-tap Payment with Visa payWave Debit Card
- Unlimited ATM withdrawals
- Free NEFT and IMPS transactions
- Instant Mutual Funds Investment
- Deals and Discounts across Entertainment, Travel and more.
2. Kotak 811 Zero Balance Savings Account
Kotak Mahindra Bank allows you to avail up to 6% annual interest leveraging the limitless banking at your fingertips without having to maintain an average monthly balance.
How to Open Kotak 811 Zero Balance Savings Account?
Kotak 811 bank account has 4 different versions, out of which the following 3 versions are zero balance accounts –
- Download Kotak 811 app from Play Store/ App Store and install on your Android/ iOS device.
- Enter your PAN Card number and AADHAAR Card number for e-KYC.
- Provide all other information as necessary for opening the account and here you go.
Features and Benefits of Kotak 811 Savings Account
The following table includes all features and benefits of Kotak 811 Zero Balance Savings Account that you should know in advance:
| Bank Account | 811 Full KYC Account | 811 Limited KYC Account | 811 Lite Account |
| Opening Procedure | Download and Install Kotak 811 App or visit Website | Download and Install Kotak 811 App or visit Website | Download and Install Kotak 811 App or visit Website |
| ID Verification | In-person Biometric AADHAAR Verification | OTP-based AADHAAR verification | Mobile Number verification |
| Minimum Balance | Zero | Zero | Zero |
| Virtual Debit Card | Yes | Yes | No |
| Physical Debit Card | Rs. 199 annually | Rs. 199 annually | NA |
| Interest Rate | Up to 6% | Up to 6% | NA |
| Cheque Book | On Request | NA | NA |
| Transactions | Free IMPS and NEFT | Free IMPS and NEFT | NA |
What are the Interest Rates Applicable to Kotak 811 Account?
| Interest Rate | Balance in Savings Account |
| 5% | Up to Rs. 1,00,000 |
| 6% | Rs. 1,00,000 to 1,00,00,000 |
| 5.5% | Above 1,00,00,000 |
3. IDFC Bank Zero Balance Savings Account
IDFC Bank Pratham Savings Account allows you to use your money in any way, without having to maintain average monthly balance.
Features IDFC Pratham Savings Account
With IDFC Bank Pratham Savings Account, you earn interest and your account balance grows, which you can use to meet your future needs. Additionally,
| Interest Rate | Account Name |
| 4% | Pratham |
- The bank levies no hidden charges
- You get multiple banking channels, viz. mobile banking, internet banking, checkbook etc.
- Make free transaction at any MicroATM across India
4. IndusInd Bank Zero Balance Savings Account
This is a basic savings account by IndusInd Bank with no monthly average balance required. The following are the features:
| Account Name | Interest Rate | Balance in Savings Account |
| Indus Easy Savings Account | 4% | Up to Rs. 10,00,000 |
| 5% | 10,00,000 to 1,00,00,000 | |
| 5.5% | 1,00,00,000 to 10,00,00,000 | |
| 6% | Above 10,00,00,000 |
With Indus Easy Savings Account,
- No hassle when it comes to banking
- Free ATM Card
- Quick withdrawals, online payment, cheque/cash deposits
- 5 free other bank ATM transactions (including PIN change, cash withdrawal, balance inquiry, mini statement)
- Free NEFT/RTGS
- Statement on Email.
5. HDFC Zero Balance Savings Account
This is a BSBDA (Basic Savings Bank Deposit Account) by HDFC bank that required no minimum monthly balance in your account. You get a free Rupay Debit Card along with many other benefits.
| Account Name | Interest Rate | Balance in Savings Account |
| Basic Savings Account | 3.5% | Up to Rs. 50,00,000 |
| 4% | Above Rs. 50,00,000 |
The following are the key features:
- You can avail the safe deposit locker as well as super saver facility
- Free Rupay debit card
- Free 4 monthly transactions (including NEFT/RTGS, PIN change, cash withdrawal, balance inquiry, mini statement)
- Statements on Email
- Free BillPay facility
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DBS BANK is the best in terms of interest.
Yes! it’s offering up to 6% interest.