Zero balance has now become a necessity for middle, poor-class residents of India. I think you are already aware of SBI’s crap forcing people to deposit minimum of 3000 and 5000 INR in non-metro and metro cities respectively. As a result, SBI has managed to earn 1,771 crore INR from disobedience of minimum deposit standard.
Upper-class families won’t have any effect but what those poor and middle-class family. Bank accounts are something that one must-have nowadays. On top of that, Making Digital India is indirectly forcing people to have a bank account, at least a virtual one if is enough.
If you are looking for opening a savings account with zero balance, just forget all government banks as you won’t get your requirements fulfilled. Thanks to a few private banks offering savings accounts with no minimum deposit requirement. We will be checking some of such top banks for opening a zero balance account. Here you go:
Kotak Mahindra Bank 811
Kotak 811 is the best zero balance saving account you can ever get. For opening a savings account with Kotak 811, you don’t need to even visit the bank. Those form filling, document attachment has become old now. Just download the Kotak mobile application, choose 811 and fill your details. That will be the easiest bank account opening procedure you will ever have.
However, this account will be expired after a year. For running it a lifetime, visit your nearest branch and verify your biometric identification. Along with opening Kotak zero bank account, you will get a VISA debit card, UPI ID and net banking facility. 5% interest rate is what you are gonna get on sum up to 1 lakh.
DigiBank DBS Zero Account
If you are somehow not comfortable with Kotak’s 811 account, DBS zero savings bank account would be the best choice. Similar to above 811’s opening procedure, DBS also offers a mobile banking application using which you can open a zero balance account. The mobile application has a user-friendly interface and easy to use from personal experience.
You will be offered lubricating offers to verify this zero account with your real identities. So, just don’t go for the offline visit of DBS branch. Give it some time and you will start getting notification regarding unlocking XYZ vouchers upon activating zero account fully. You will get a VISA debit card which can be loaded using UPI or account details. Recommended one indeed.
PayTM Bank Saving Account
Well, this is not a proper bank account we can say but it is also a beneficial zero account if you looking for one. Opening PayTM zero balance bank account is really a kid thing. Who doesn’t know about PayTM nowadays? All existing PayTM customers can avail its banking facility.
You must be PayTM KYC verified person in order to proceed towards opening a zero-balance account. Upon successful activation, you will get bank account number, IFSC code, UPI ID and a virtual RuPay debit card that you can use for shopping online with hundreds of merchants.