5 Best Zero Balance Savings Account To Open For Digital Banking

In a time of Digital transactions, the need for digital saving bank accounts is increasing. Here we have picked 5 top Zero Balance savings bank accounts with feature-rich digital benefits. These accounts are Fi Money, Kotak 811, Jupiter Money, AU Small Finance Bank, and IndusInd Bank.

1. Kotak 811

Kotak 811 is a zero-balance digital account offered by the Kotak Mahindra Bank. It is a Zero Balance account with No Minimum Balance requirement. The bank offers interest up to 4% p.a. on savings accounts. Account holders can avail free funds transfer online using NEFT or IMPS or RTGS. 

Under the Kotak 811 Savings Account, 4 types of accounts come based on the kYC, These are Kotak 811 Lite, Kotak 811 Limited KYC, Kotak 811 Full KYC Account, and Kotak 811 Edge. To know more about the benefits and restrictions under these accounts please visit the official Kotak 811 website.

Individuals who are 18 years of age or older, and are a resident of India with an Indian address are eligible to apply for a Kotak 811 account. PAN Number and Aadhaar Number are two identification documents required to apply for Kotak 811 online. However, the Submission of Aadhaar is voluntary, account to the Kotak811 official website. 

2. AU Small Finance Bank

AU Small Finance Bank is a Small Finance Bank registered with RBI. The bank offers Zero Balance Savings account under the name of AU Digital Savings Account to customers. It offers up to 7.25% p.a. interest on the savings account, which is paid monthly. It comes with zero average balance charges along with free unlimited IMPS/RTGS/NEFT fund transfers through its AU 0101 App/Netbanking. The bank offers Rupay Platinum Debit Card with features like access to domestic airport lounges. To know more about the fee and other details please visit the AU Small Finance Bank official website. 

3. Indusind Bank

IndusInd Bank is a leading private-sector bank with physical branches. The bank offers 2 types of Zero Balance accounts, Indus Digi-Start: Digital Savings Account and Indus Delite: Zero Balance Saving Account. IndusInd Bank, unlike other Zero Balance Accounts, requires initial funding, however, initial funding can be withdrawn immediately after opening the account. 

Indus Digi-Start: Digital Savings Account
Minimum Balance Requirement - Rs 0*
Initial Funding - Rs 10,000*
Debit Card Fee - Rs 500+ taxes*

Indus Delite: Zero Balance Saving Account.
Minimum Balance Requirement - Rs 0*
Initial Funding - Rs 20,000*
Debit Card Fee - Rs 249+ taxes*

*Condition Apply

Interest Rates On Daily Balance w.e.f. 18 October 2022

Savings Bank Account Interest Rate Domestic / Non Resident (NRO/NRE)*	Rate p.a
Daily balance upto Rs. 1 Lakh	4.00%
Daily balance above Rs. 1 Lakh Upto Rs. 10 Lakhs	5.00%
Daily balance above Rs. 10 Lakhs Upto Rs. 1 Cr	6.00%
Daily balance above Rs. 1 Cr Upto Rs. 100 Crs	6.00%*

You can open Zero Balance Account with your Aadhaar Card & PAN card. The account comes with zero Non-Maintainance Charge. 

4. Fi Money

Fi Money is not a Bank but a Neo Bank. It has no physical branch. It is an App built on existing banking infrastructure that works as Bank. Fi is a financial app that comes with an in-built savings account. Fi Money's banking partner is Federal Bank. The money is insured for up to Rs 5 lakh. 

Fi Money offers Visa Platinum Debit Card for Salary/Infinite accounts with zero annual card maintenance. It offers 3% interest rate for Fi-Federal Savings Accounts. There is no Annual Fee for a saving account. No minimum balance fees are applicable to the account. Free transactions from any Federal Bank ATMs, however, at other ATMs only 5 free transactions every month are allowed. Please note, FI Money currently allowed only working professionals residing in India.

5. Jupiter Money

Jupiter Money is another Neo Bank in the list that is also powered by the Federal Bank. It is a fully digital bank with a smart account offering 100% digital banking service. There is no need to maintain minimum average balance as it is a Zero Balance Account. 

Interest Rates on EOD Balance

EOD Balance Slabs	Final Rate of Interest (%)
< 5 lakhs	3.05
5 lakhs - < 50 lakhs	3.1
50 lakhs - < 5 crores	3.75
5 crores - < 50 crores	4
> 50 crores	6

Jupiter Money charges one-time fee of Rs 299 for the physical card. There are no charges on online payment via NEFT/RTGS,/UPI. Also, no charges for online payments via IMPS for up to 5 transactions. However, from 6th IMPS transaction in a month charges will be applicable (*Condition apply).