Which Bank in India Offers the Lowest Minimum Balance Maintenance?

India offers a range of banks with flexible minimum balance requirements, making it easier for individuals to manage their savings accounts. In this article, we explore the options available and provide insights into the best banks for maintaining zero balance accounts in India.

Banks with Zero Balance Savings Accounts

Several banks in India offer accounts with zero minimum balance requirements, freeing customers from the pressure of maintaining a certain amount in their accounts. Here are some of the notable banks:

State Bank of India (SBI) - The SBI Basic Savings Bank Deposit Account (BSBDA) has no minimum balance requirement. HDFC Bank - Provides a Zero Balance Savings Account option. ICICI Bank - Offers a Zero Balance account under its Basic Savings Account. Axis Bank - Has a Zero Balance Savings Account option. Bank of Baroda - Offers a BSBDA with no minimum balance requirement.

It's essential to check directly with the banks or visit their official websites for the most current information, as policies can change.

Key Features of Zero Balance Accounts

Zero balance accounts offer financial flexibility, allowing customers to manage their funds more freely. Here's an overview of some of the key features:

Basic Savings Bank Deposit Account (BSBDA)

The BSBDA is a zero balance account with a cap of Rs. 50,000 on the balance to be maintained. The maximum turnover allowed in a year is Rs. 2 lakh.

Jandhan Savings Bank Account

This account comes with a debit card overdraft facility of Rs. 5,000 and a personal accident insurance cover, provided the account is activated within 45 days of opening.

Digital Savings Accounts

Digital savings accounts, like Digibank of RBL, offer a zero balance account with a 7% annual interest rate. It's always advisable to check if there's any requirement for a minimum average balance even if the minimum balance is zero.

The Digital Savings Account link is provided for further details:

Open Zero Balance Savings Account Online

Current Accounts

Current accounts generally require a minimum balance of Rs. 10,000. However, some banks offer specific schemes for zero-balance current accounts from time to time. For detailed information, visit reputable banking websites such as Bankbazaar or Paisabazaar.

Conclusion

Almost all Indian banks offer zero balance accounts, making them an ideal choice for those looking to manage their finances more freely. Whether you prefer traditional banking or digital accounts, there is a range of options available. Always check the details directly from the bank branches, websites, or brochures to ensure you have the most accurate and up-to-date information.