Top 5 Zero Balance Savings Accounts With Free Debit card

Maintaining the minimum balance in your savings account can be a hassle especially for student and young professionals.  At times, we make a payment without realizing the balance has drop below the minimum requirements.

Failing to do so means paying a penalty that can dent your monthly budget. That’s why I think you should start with zero balance savings accounts.

Here are five zero balance savings accounts you can open online in less than 5 minutes. These savings accounts come with lot of additional perks as well so scroll down to know which one suits your requirements.

1. Kotak 811

Kotak 811 is India’s pioneering zero‑balance digital savings account, opening fully online in minutes with video KYC and no branch visit required. You earn up to 3.5% per annum on your balance, and you get an instant virtual debit card that’s ready to use immediately. If you need a physical card, you can request one at no extra cost.

• Interest Rate: Up to 3.5% p.a. on all balances
• Debit Card: Instant virtual card + free physical card on request
• Maintenance: Zero minimum balance, no hidden fees

Apply Now

2. Airtel Payments Bank

Airtel Payments Bank offers a seamless, paperless signup directly through the Airtel Thanks app, with zero maintenance charges and no minimum balance requirements. It provides an attractive tiered interest structure—2% per annum on balances up to ₹1 lakh, and 7% per annum on the next ₹1 lakh—plus a free RuPay debit card with zero forex markup. Built‑in UPI, bill payment, and recharge features make this a one‑stop financial app.

• Interest Rate: 2% p.a. on balances up to ₹1 L; 7% p.a. on ₹1–2 L
• Debit Card: Free RuPay card, zero forex markup
• Perks: Rewards points on every transaction; integrated UPI, bill pay, recharge

Apply Now

3. Axis Bank Amaze

Axis Bank Amaze combines the reliability of a major private bank with a zero‑balance model you can open instantly online. While it doesn’t focus on sky‑high interest rates, it compensates with a rich rewards program: a welcome bundle worth up to ₹5,999, plus up to 11,000 EDGE Reward points each year when you spend at least ₹20,000 per month. You also get a free virtual and physical debit card, along with no fees on domestic transactions or Axis ATM withdrawals.

• Welcome Benefits: Debit card perks worth ₹5,999
• Rewards: Up to 11,000 EDGE points per year on ₹20K+ monthly spend
• Fees: No minimum balance; free domestic transactions and Axis ATM withdrawals

4. RBL Go Account

RBL Bank’s Go Account lets you open a zero‑balance digital savings account within minutes, right from your smartphone. It offers a competitive interest rate of up to 7% per annum on your balance, along with a free premium GO debit card that supports tap‑to‑pay and high POS limits. You’ll also receive joining vouchers worth ₹1,500 and complimentary insurance covers to sweeten the deal.

• Interest Rate: Up to 7% p.a.
• Debit Card: Free premium GO debit card; unlimited free RBL ATM withdrawals
• Joining Perks: ₹1,500 in vouchers + free insurance benefits

5. Indie by IndusInd Bank

Indie is a digital‑first savings account from IndusInd Bank that you can open online via video KYC or Aadhaar, with no maintenance fees ever. It delivers up to 7% per annum on your deposits and comes with a premium RuPay debit card offering zero forex markup and unlimited partner‑network ATM withdrawals. Its standout feature is the “Gems” rewards program: earn 1–3% cashback on transactions with your three favourite brands each month, redeemable as account credit or vouchers.

• Interest Rate: Up to 7% p.a.
• Debit Card: Free premium RuPay; zero forex markup; unlimited partner ATM withdrawals
• Rewards: Gems cashback (1–3%) on three selected brands monthly

Apply Now

Comparison Between Top Zero Balance Savings Accounts

Which to choose?

• Maximize returns: Airtel Payments Bank, RBL Go, or Indie offer up to 7%.
• Collect rewards: Axis Bank Amaze shines with its EDGE program and welcome bundle.
• Simplicity & speed: Kotak 811 is swift to open and easy to use.
• Balanced perks & yield: Indie by IndusInd Bank combines high interest with flexible cashback.

Now, I think you will be able to choose the best zero balance savings account that meets your requirements. You can easily open a zero balance savings account and make sure that you never have to pay any penalty.

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Sameer

I am content writer with over 10 years of experience. As a content writer my focus is always to make things simple to understand for the readers.

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