Text size:
S M L
Letter spacing:

Zero balance savings account banner

Open Zero Balance Savings Account

A zero balance savings account lets you manage your money without having to worry about minimum balance requirements or non-maintenance charges. If avoiding unnecessary fees is a priority, choosing the best zero balance account becomes essential.

IDFC FIRST Bank offers exactly this with its Zero Balance Savings Account, under the Basic Savings Bank Deposit Account (BSBDA) category, as set by the Reserve Bank of India (RBI).

The account covers deposits, withdrawals, fund transfers, monthly interest credits, and a free RuPay Classic Debit Card. It suits first-time account holders, students, and anyone who is looking for everyday banking without balance pressure. Deposits stay insured up to 5 lakh rupees per depositor under DICGC cover.

Read less

Benefits of opening a zero balance savings account

No minimum balance

The account stays active and free of non-maintenance charges even at zero balance.

Free debit card

A RuPay Classic Debit Card is issued for cash withdrawals and merchant purchases at no fees.

Monthly interest credit

Interest is calculated on the daily closing balance and credited monthly, so returns start compounding sooner.

Zero-fee services

No charges on common services such as IMPS, NEFT, RTGS, ATM transactions, and SMS alerts.

Deposit insurance

Cover of up to ₹ 5 lakh per depositor through DICGC.

Digital access

Access to internet banking portal and mobile banking app for balance checks, fund transfers, and bill payments.

RBI guidelines for basic savings bank deposit accounts (BSBDA)

No balance rule

No minimum balance or maintenance fee applies to a BSBDA account at any point.

Free basics

Banks must offer free cash deposits, a free ATM-cum-debit card, and a free passbook facility.

Withdrawals

A minimum of 4 free withdrawals a month, including ATM withdrawals, must be allowed.

Electronic transfers

NEFT, RTGS, and IMPS are part of the free services list.

One per bank

A customer can hold only one 0 balance savings account of this type, per bank.

KYC compliance

Norms under the Prevention of Money Laundering Act apply to every Basic Savings Bank Deposit Account (BSBDA).

Interest Rates on Zero Balance Savings Account

IDFC FIRST Bank offers up to 6.50% per annum on a Zero Balance Savings Account, calculated on the daily closing balance and credited monthly, so returns compound faster than accounts with quarterly interest credits.

Know more

How to open a zero balance account?

Offline process

Opening a Zero Balance Account with IDFC FIRST Bank is simple - visit your nearest branch with the required documents, fill out the account opening form, complete your KYC, and submit the form along with self-attested copies for verification. Once verified, your Zero Balance Savings Account will be opened.

Locate your nearest IDFC FIRST Bank branch

Eligibility criteria to open a zero balance savings account

Opening a Zero Balance Savings Account with IDFC FIRST Bank is simple and secure. Visit your nearest branch with the required valid documents, complete the account opening process, and start enjoying essential banking services without maintaining a minimum balance.

To open a zero balance BSBDA account, you must be:

Resident Individuals (Sole or Joint Accounts)

An Indian citizen

A Resident of India

Documents required for zero balance savings account

A passport-size photograph PAN Card or Form 60

Identity proof (any one from below):

Aadhaar Card Passport Voter ID Card (Election Card) Permanent and valid driving licence with photograph Job Card issued by NREGA and signed by a State Government officer Letter issued by the National Population Register with name and address

Zero balance savings account fees & charges

Common services, including IMPS, NEFT, RTGS, ATM transactions, debit card, and SMS alerts, come with zero charges. There is no average monthly balance requirement as this is a zero balance account, hence, no non-maintenance charges apply.

Know more

Zero balance savings account FAQs

What is a zero balance account?

A zero balance account is a savings account that does not require a minimum balance to remain active. Under RBI guidelines, this account type is called a Basic Savings Bank Deposit Account and offers essential banking services free of charge.

Why did RBI introduce zero balance (BSBDA) accounts?

RBI introduced BSBDA accounts to provide access to basic banking services without requiring a minimum balance. The goal is to support financial inclusion across income groups.

Who is eligible for a zero balance savings account?

As per IDFC FIRST Bank's eligibility criteria, Indian citizens and residents of India can apply for this account.

What documents are required for zero balance account?

A passport-size photograph, a PAN Card or Form 60, and one identity proof such as Aadhaar, passport, voter ID, driving licence, an NREGA job card, or an NPR letter are required to open a zero balance BSBDA account with IDFC FIRST Bank.

Do we get interest on a zero balance savings account?

Yes, IDFC FIRST Bank offers up to 6.50% per annum on this savings account variant, calculated daily and credited monthly, in line with its savings account interest slabs.

Does a zero balance account have a transaction limit?

Yes, certain transaction limits apply. Under RBI guidelines, banks must provide a minimum of four free cash withdrawals per month including ATM withdrawals for BSBDA 0 balance accounts. Electronic or digital transactions such as UPI, NEFT, IMPS, and online transfers do not have the same restrictions.

Can I get a debit card for a zero balance savings account?

Yes. A RuPay Classic Debit Card is issued free of cost with the IDFC FIRST Bank Zero Balance Savings Account for ATM and merchant transactions as per RBI guidelines.

How much can I withdraw from a zero balance account?

Withdrawal limits are based on debit card and account terms set by the bank. RBI mandates at least four free withdrawals monthly, including ATM transactions, on this account type.

Are there any hidden charges in a zero balance savings account?

No, services such as IMPS, NEFT, RTGS, ATM transactions, and SMS alerts come with zero charges, and there is no minimum balance penalty on this account.

Is a zero balance account safe?

Yes, deposits in zero balance accounts are insured up to 5 lakh rupees per depositor by DICGC, a subsidiary of the RBI, like other savings accounts.

What are the rules for a zero balance savings account?

The key rules are simple: No minimum balance is required, only BSBDA account can be held per bank, and KYC must be completed as per RBI and bank norms.

Are ATM transactions free in a zero balance account?

Yes, as per the free withdrawal limit set by RBI guidelines, a minimum of four free withdrawals are allowed in a month, including ATM transactions, on a BSBDA account.

Can I open a zero balance account without visiting a branch?

No, zero balance account opening online is not available for this account variant. The application requires a branch visit.

What happens if I don't use my zero balance account for a long time?

If there are no customer-initiated transactions for two consecutive years, the account becomes dormant. Interest continues to be earned, but some services get restricted until the account is reactivated.

More FAQ

Less FAQ

IDFC FIRST Bank Mobile App

Drop a ‘Hi 👋’ on 9555 555 555

Call us on 1800 10 888

Locate our nearby