Compare features across 10 major Indian banks
Zero Balance Savings Accounts have emerged as a popular financial product in India, catering especially to students, low-income individuals, and digital-savvy customers. Unlike regular savings accounts, these accounts do not require the account holder to maintain a minimum balance. This feature has made them accessible and attractive to a large section of the population, promoting financial inclusion.
The concept became widely known with the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014. Since then, many public and private sector banks have designed their own variants, offering a host of benefits without imposing balance penalties. These accounts are instrumental in enhancing the formal banking sector's outreach.
For those interested in zero balance account opening online, this guide offers a comprehensive breakdown of the best zero balance account opening online options available in 2025, covering both private and public sector banks.
Indian residents above 18 years are eligible. Minors can open accounts under the supervision of a guardian.
This is a standard procedure for all banks including SBI zero balance account opening online, Kotak Mahindra Bank, HDFC, ICICI, Union Bank, Bank of Baroda, IDFC, Jio Payment Bank, and PNB.
Can I open more than one zero balance account? Yes, but only one BSBDA per individual as per RBI.
What is the difference between BSBDA and normal zero balance digital accounts? BSBDA is RBI-mandated with transaction limits; digital accounts may offer more features.
Are these accounts safe? Yes, they are insured under the RBI's Deposit Insurance and Credit Guarantee Corporation (DICGC).
Can I receive salary or government benefits in these accounts? Yes, including pensions and PMJDY subsidies.
Is there any age restriction? No, accounts can be opened for minors too under guardianship.
Zero Balance Savings Accounts have democratized banking access in India. With increasing digital penetration and competition among banks, the quality of services has significantly improved. From no maintenance charges to high interest rates, these accounts offer compelling value for individuals across income segments. Whether you're a student looking for a simple digital solution or a rural worker seeking access to government benefits, a zero balance savings account can be the right choice.
With so many choices for zero balance account opening online—whether with SBI, HDFC, Kotak Mahindra, ICICI, Bank of Baroda, Union Bank, or even Jio Payment Bank—it has never been easier to get started with banking. Evaluate your needs, compare options carefully, and select the best zero balance account opening online that aligns with your financial goals and lifestyle.
Compare features, processes, and perks across 20+ Indian banks
| Bank | Interest Rate | Key Feature | Initial Funding |
|---|---|---|---|
| SBI BSBDA | 2.70% | YONO App Integration | ₹0 |
| Kotak 811 | 7% | ActivMoney FD Sweep | ₹0 |
| IDFC FIRST | 7.25% | Zero Forex Markup | ₹2,500 |
| AU Small Finance | 7% | Health Insurance | ₹5,000 |
| Jio Payment | 2.75% | Jio Recharge Cashback | ₹0 |
Q1. Which bank offers the highest interest?
IDFC FIRST (7.25%) and AU Small Finance (7%) offer top returns.
Q2. Can I open SBI account fully online?
Yes, via YONO app, but a branch visit is needed for physical debit card activation.
Q3. Are student accounts free?
Yes, banks like PNB and SBI waive charges for under-25 users.
Q4. Jio Payment Bank limitations?
Max balance ₹2 lakh; no checkbook issued.
Data verified as of July 2024. Rates subject to RBI guidelines.