SBI, Yes Bank to HDFC Bank, these lenders offer zero balance, other big benefits in savings accounts - here are top 5
During the Coronavirus lockdown, all Indian banks had given freedom from maintaining minimum balance in savings accounts to all its customers till June 30. However, from 1st July 2020 this relaxation was lifted and account holders were asked to maintain their minimum monthly balance in their bank account failing which there will be a penalty levied on them.
Still suffering from the COVID-19 crisis-caused financial emergency, people can ill-afford to maintain minimum monthly balance in their savings account. To solve this problem for their customers, State Bank of India (SBI), Yes Bank, HDFC Bank, Kotak Mahindra Bank and IDFC Bank have zero balance savings accounts and customers can open them without any problem. Here is full details of the zero balance accounts offered by these five banks:
SBI or Stata Bank of India — Basic Savings Bank Account
This account can be opened by any individual provided he/she has valid KYC documents. This savings bank account aims to encourage customers to start saving without any burden of charges or fees. Account holder of this SBI account is given a RuPay Debit card that allows four cash withdrawals in one month from any bank ATM. The savings account interest rate given by SBI on this account is 2.75 per cent. Photo: PTI
Yes Bank — Smart Salary Advantage Account
Yes Bank's Smart Salary Advantage Account is not just a zero balance account, it gives unlimited free online transactions through NEFT and RTGS via internet and mobile banking. To such account holders, Tes Bank gives Titanium Debit Cards with unlimited cash withdrawal from the Yes Bank ATM and the interest rate given on this account by the private lender is 4 per cent per annum. Photo: Reuters
HDFC Bank — Basic Savings Bank Deposit Account
The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance. The BSBDA holder will get an ATM cum Debit Card as a part of the account opening formalities. The holder will also get passbook services for free and not be charged for a non operative account. Banks offer the same rate of interest on these accounts as they do for a Regular Savings Account, which is 3 per cent to 3.5 per cent. Photo: Reuters
Kotak Mahindra Bank — 811 Digital Bank Account
Kotak 811 is a zero balance digital bank account available to everyone (Resident Indian individuals only). The Kotak 811 account helps you save as well as grow your money at 4 per cent interest rate per annum. The account also lets you transfer funds, pay bills and more. Photo: PTI
IDFC First Bank — Pratham Savings Account
IDFC First Bank's Pratham Savings Account is a zero balance account with no hidden charges being levied on the bank account holder. Interest rate given to the IDFC First Bank customers holding Pratham savings Account is 6 per cent on balance below Rs 1 lakh and 7 per cent on bank deposits from Rs 1 lakh to Rs 10 crores. Photo: Reuters