Open a Zero Balance Savings Account and get interest up to 7%, account can be opened

 Open a Zero Balance Savings Account and get interest up to 7%, account can be opened in 5 banks including SBI and HDFC

SBI also offers zero balance account opening facility

IDFC First Bank is offering interest up to 7% on Zero Balance Savings Account

If you are planning to open a savings account in a bank, you first need to know the minimum balance in the account as, in many banks, the minimum balance is up to Rs 10,000. In such a situation there is little difficulty in maintaining a minimum balance. You can open a Zero Balance Savings Account to avoid this problem. Here are the banks in which you can open a zero balance account.

How much interest is the bank getting? What features will be available?

IDFC First 6-7% In this you get the benefit of unlimited free ATM transactions. Mobile banking and networking services will also be available for free.

IndusInd Bank benefits from 4-6% Unlimited Free ATM Transactions. In addition, free mobile banking and internet banking services are available.

Kotak Mahindra 4.00% In this you will get a virtual debit card, which you can use in online shopping. You can also use it for online bill payment.

HDFC 3-3.50% Here you can open a Basic Savings Bank Deposit Account. Services like ATM cum debit card, passbook, deposit as well as check book, e-mail statement, demand draft etc. will also be available for free. You will also get services like net banking, phone banking and mobile banking for free. There is a limit of 4 cash withdrawals per month.

SBI 2.70% Bank will give you an ATM cum Debit Card to withdraw money from the ATM. This month, you will get 4 cash withdrawals free from SBI ATMs or ATMs of other banks.

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What is a Zero Balance Savings Account?

You have to have a minimum balance of at least Rs.500 to Rs.10,000 in a general savings account. Zero Balance Savings Account (BSBD) is called Basic Savings Bank Deposit Account (BSBDA). Banks usually charge customers a penalty for not maintaining a minimum balance. But this rule does not apply to the Zero Balance Savings Account. These banks have no hassle of maintaining a minimum balance. However, many banks do not offer all the facilities like a normal account on BSBDA.