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HDFC, SBI, and Axis: Top 5 Banks Offering Zero Balance Accounts
Zero balance bank accounts, which do not require a minimum balance, are a type of savings account. These accounts are designed for individuals who are unable to maintain a minimum balance in their accounts. (Image: Pixabay)
New Delhi: Despite India’s rapid economic growth and its emergence as one of the world’s largest economies, a significant number of individuals still lack access to basic banking services. This is particularly true in remote areas where residents may not have access to a nearby bank branch or may not be able to meet the minimum balance requirements of a regular savings account. The Indian government has implemented various initiatives to promote financial inclusion and address this issue. One such initiative is the zero balance bank account, designed for those who cannot maintain a minimum balance in their accounts. These accounts do not require a minimum balance and allow anyone to open a bank account and start saving money, regardless of their income level. Here are some smart options that offer zero balance accounts.
1. HDFC Zero Balance Account: This account provides free international or RuPay debit cards, NEFT and RTGS transfers, and phone banking. Account holders can also withdraw cash for free up to four times per month from ATMs of other banks.
2. State Bank of India- Basic Savings Bank Deposit Account (BSBDA): Anyone with valid KYC documents can open this SBI savings account, which has no upper limit on the maximum balance. Account holders receive a basic RuPay ATM-cum-debit card and can make withdrawals at any State Bank of India branch or ATM.
3. Axis Zero Balance Account: This account allows up to Rs 10,000 to be deposited in cash with a zero balance debit card for RuPay. Additionally, four ATM withdrawals from other banks are complimentary each month.
4. Indusland Zero Balance Account: This account is available to Indian citizens who are at least 18 years old. Account holders can enjoy five free transactions per month for passbook, debit card, and checkbook. Fund transfers through RTGS and NEFT are also free.
5. AU Digital Savings Account: AU Small Finance Bank offers the convenience of conducting all banking and financial-related activities through video chats. From opening an account to making a deposit or asking questions, customers can initiate a video call with a bank employee who will provide real-time assistance. It is easy to open a zero balance account with AU Small Finance Bank, according to Forbes.
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