Choosing the best zero balance savings account in India has become easier in 2026, thanks to multiple banks offering no minimum balance accounts with attractive benefits. Whether you are a student, salaried employee, or freelancer, a zero balance account helps you save money without worrying about penalties.
In this guide, we compare the top zero balance savings accounts in India and help you choose the right one based on features, interest rates, and benefits.
What Is a Zero Balance Savings Account?
A zero balance savings account allows you to maintain your account without keeping a minimum balance. Unlike traditional savings accounts, there are no penalty charges, even if your balance drops to zero.
These accounts are ideal for:
- Students and beginners
- Low-income individuals
- People opening their first bank account
- Those looking for basic banking services
Key Benefits of Zero Balance Savings Accounts
- No minimum balance requirement
- Free debit card in most banks
- Online banking and mobile app access
- Easy account opening process
- Suitable for government benefits and DBT
Top Zero Balance Savings Accounts in India (2026)
1. SBI Basic Savings Bank Deposit Account
State Bank of India offers one of the most popular zero balance accounts in India. It comes with essential banking features and nationwide ATM access.
Highlights:
- Zero minimum balance
- RuPay debit card
- Basic ATM withdrawals
- Internet and mobile banking
2. HDFC Bank Basic Savings Account
HDFC Bank provides a zero balance account with limited but reliable banking services, suitable for basic usage.
Highlights:
- No minimum balance
- Secure digital banking
- Free passbook
- Limited transactions per month
3. ICICI Bank Basic Savings Account
ICICI Bank’s zero balance account offers convenience with strong digital features and customer support.
Highlights:
- Zero balance maintenance
- Internet and mobile banking
- Free debit card
- Good customer service
4. Axis Bank Basic Savings Account
Axis Bank offers a zero balance savings account with easy online access and basic transaction facilities.
Highlights:
- No minimum balance requirement
- Debit card facility
- Mobile banking access
- SMS alerts
Interest Rates on Zero Balance Accounts
Most zero balance savings accounts in India offer interest rates between 2.5% to 4%, depending on the bank and account type. Interest is calculated daily and credited quarterly.
Documents Required to Open a Zero Balance Account
To open a zero balance savings account, banks usually require:
- Aadhaar card
- PAN card
- Passport-size photograph
- Address proof (if required)
(Some banks allow account opening with minimum KYC.)
Who Should Choose a Zero Balance Savings Account?
A zero balance account is ideal if:
- You want hassle-free banking
- You are opening your first bank account
- You want to avoid minimum balance penalties
- You need a basic account for salary or benefits
Zero Balance vs Regular Savings Account
| Feature | Zero Balance Account | Regular Savings Account |
|---|---|---|
| Minimum Balance | Not required | Required |
| Penalty Charges | No | Yes |
| Features | Basic | Advanced |
| Best For | Beginners | Active users |
Final Verdict
If you want simple banking without penalties, a zero balance savings account is a smart choice in 2026. SBI, HDFC, ICICI, and Axis Bank all offer reliable options. Choose a bank based on branch availability, digital services, and your usage needs.