Looking for a no-minimum-balance savings account in India? Here’s your English article, spotlighting the top five options currently available—perfect for everyday savers who want hassle-free banking.
1. Pradhan Mantri Jan-Dhan Yojana (PMJDY)
- Truly zero balance—no minimum required.
- Benefits include ₹1 lakh accident insurance, RuPay debit card, and free ATM use.
- After six months, you may access an overdraft facility.
2. State Bank of India (SBI) – Basic Savings Account (BSBDA)
- No minimum balance requirement.
- Access to SBI Quick, YONO mobile banking, and comprehensive branch and digital services.
3. Canara Bank – All Savings Accounts
- From June 1, 2025, Canara Bank has waived Average Monthly Balance (AMB) requirements for all types of savings accounts—no penalties if you can’t maintain a certain balance.
4. HDFC Bank – BSBDA (Basic Savings Bank Deposit Account)
- Zero-balance option that qualifies as a basic savings account.
- Offers digital access via mobile and net banking, SMS alerts, and passbook features.
5. Federal Bank – FedSelfie Account
- Zero-balance digital savings account opened via mobile app.
- Paperless opening, instant account number generation using Aadhaar and PAN. Ideal for tech-savvy users.
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