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1. Top 5 millennial friendly zero- balance savings account in India A savings account can be called one of the most basic and also the most popular banking products in India. To keep your money safe, to earn interest over the balance, to make financial transactions, there are n number of reasons for you to have a savings account. While every Indian who turns 18 aspires to have his own banking account to manage his finances but the problem comes when banks require you to maintain a minimum balance. A minimum balance is a fixed amount that you need to maintain in the savings account on an average balance basis. Non-maintenance of the minimum balance attracts penal charges. Though some banks provide Zero Balance Savings Accounts to its customers where they don’t need to maintain any minimum balance but that comes with a limited set of features. Finding zero balance accounts isn’t that great a deal anymore. But what’s important is finding the right zero balance account – one which is digital, involves less paperwork, offers great interest rates, doesn’t charge extra or hidden fees, and other smart features. That said, for people who wish to open a zero-balance savings account, we are here to tell you the top 5 Zero Balance Savings Accounts in India. These options will help you make a better choice while opening your account.

2. Kotak Mahindra Bank HDFC Bank IndusInd Bank Bank MoneyHop SBI Bank Basic Savings Bank Deposit Account Basic Savings Bank Deposit Account Name of zero- balance savings account Indus Online Savings Account 811 Digital Bank Account Hop Millennials One Global Account Interest rate (% p.a.) 6 3 – 3.5 2.7 3.5 – 4 4 – 6 Free Debit Card. Free Virtual Debit Card. Physical Debit card at Rs. 199/year plus taxes. Free Virtual as well as Physical Platinum Plus Debit Card at Rs. 1,000 and added GST charges. Free Debit Card Free Debit Card Card Debit cum Forex Card – One Global Card Instant, Digital, Mobile First, Feature Requires a branch visit Requires a branch visit Instant but needs branch visit for full KYC A/c Instant but needs branch visit for full KYC A/c Account Opening One Global A/c Multi-Currency Saving Bank A/c INR Saving A/c INR Saving A/c Account Type INR Saving A/c INR Saving A/c Omnichannel Expenditure Ability. Expenditur e -Swipe and Online Payments Only Swipe and Online Payments Only (Swipe, Tap, Scan, Online payment) Forex Swipe and Online Payments Only Swipe and Online Payments Only Budegt- Get Any currency, anytime, anywhere On App- On demand Not Available Not Available. Ing

3. Track your expenditures on the go with Not Available Not Available Not Available Not Available Smart Card Control Not Available Not Available Not Available Not Available Smart Statement ATM Withdrawa ls Block/Freeze/Unfre eze your Hop card, set expenditure limit, reset atm pin on app Only upto 5 withdrawa ls from non- HDFC ATMs free Only upto 4 withdrawa ls from non-SBI ATMs free Not Available Not Available Only upto 5 withdrawa ls from non-Kotak ATMs free Only upto 5 withdrawa ls from non- IndusInd ATMs free Unlimited Withdrawals from any bank ATM at no extra cost Get to know about these top zero-balance savings accounts in detail: 1.MoneyHop MoneyHop’s Millennials One Global Account account is one of the best zero balance savings accounts that you can get for free in India. It lets you manage all your finances seamlessly from your mobile. Usually zero balance accounts come with a limited set of features and you have to either maintain a minimum balance or explicitly pay for using premium services. However, the Hop’s millennials account comes loaded with almost all of the premium features at no extra cost. The zero balance savings account can be opened and operated with your mobile after a quick and digital onboarding process. Millennials who travel abroad frequently either need to purchase and carry a separate forex card or pay exorbitant fees on their debit/credit cards while making payment in foreign currency. However, the problem is resolved with Hop’s One Global Account as it comes with a debit cum forex contactless card (Hop Card) which can be used in India

4. as well abroad at 0% mark-up and no hidden charges. This feature truly gives a global outlook to the card. The account also comes with omnichannel spending capabilities where you can spend via scanning QR code, make bill payments, swipe or tap your card at POS. You can also use the card for cash withdrawals from a nearby ATM. Unlike other debit cards which only allow you upto 5 free cash withdrawals from non-owned ATMs, you can use Hop card for making cash withdrawals from any ATM for any number of transactions at no extra charge. You can also use the Hop App for making money transfers via IMPS/NEFT/RTGS or UPI. Not just that, the account enables you via on app currency exchange, budgeting and expense management, invest in mutual funds and so much more. In nutshell it is a ‘Banking Super App’ where you can Save, Invest, Borrow, and Spend, all at one place! Eligibility: Resident Indian • Above 18 with KYC documents (PAN and Aadhaar Card) • Some features of the ‘Hop Millennials Account’ by MoneyHop: Digital Onboarding. Instant account opening through phone. Free virtual and physical debit card. Limitless ATM withdrawal free of charge On app currency exchange. On app expense management. On app mutual fund investment. Set daily or monthly budget Money transfer online via IMPS/NEFT/RTGS or UPI Smart card controls – Freeze/Unfreeze, block/unblock, and reset pin through app. Separate Expenditure and Smart Savers account. Omnichannel expenditure capability- tap, scan, swipe, withdraw from ATM. Zero Hidden Charges. • • • • • • • • • • • • •

5. Customized Rewards • 1.HDFC – Housing Development Finance Corporation HDFC is a renowned name in the private banking sector of India. With the HDFC Zero Balance Account, you won’t have to maintain a minimum balance which means no extra charges will be levied if you fail to keep a minimum balance in your zero balance savings account. But the drawback of opening this account with HDFC is that it has limited free monthly transactions. After that they charge a particular fee for every transaction. Also, the HDFC zero balance account looks more like a conventional banking account lacking the new age smart banking features. Eligibility: • Resident Individuals. Hindu Undivided Families (HUFs). Customers cannot have another Basic Savings Bank Deposit Account with any other bank. Customers must not have another HDFC Savings Account. • • • • Some features of the ‘Basic Savings Bank Deposit Account’ by HDFC: Free cheque book and passbook facility. Free cash and cheque deposits at ATMs and branches. Free Debit Card. Email statements. Demand Drafts. Transfers funds through NEFT and RTGS IVR based phone banking Net Banking. Mobile Banking. Withdraw cash without charges at other bank ATMs up to 4 times. Pay utility bills, check account balance or stop cheque payments via SMS. • • • • • • • • • • •

6. 1.SBI – State Bank of India While discussing leading banks of India, SBI comes on top because of its large customer base. Among the various services they offer, the zero balance savings account is the most popular product among the customers. You can have zero balance in the account without having to pay any penalty for it. Even though SBI provides a few banking services online, this zero balance account cannot be managed completely online. It involves branch visits which can be time consuming and sometimes even unfruitful. Eligibility: Indians with valid KYC documents. • Some features of the ‘Basic Savings Bank Deposit Account’ by SBI: Can be opened singly or jointly. The basic savings bank deposit account holder cannot have another Savings Bank account. (If the customer already has one, it will have to be closed within 30 days of opening this zero balance savings account) Free debit card. No cheque book facility. Available at all branches of SBI. Withdraw cash without charges at other bank ATMs up to 4 times. • • • • • • 1.Kotak Mahindra Bank The Zero Balance Savings Account by Kotak is popularly known as the 811 Digital Bank Account. It can be opened from anywhere through your phone. Needless to say, there are no charges if you don’t maintain any balance. The kotak 811 account can be opened and operated online, but it has received a lot of criticism for its poor and extremely slow customer service.

7. Eligibility: • Resident Indian. Hindu Undivided Families (HUFs). Foreign Nationals living in India. • • • Some features of the ‘811 Digital Bank Account’ by Kotak Bank: Maximum of 4% interest rate. Get the Virtual Debit Card instantly after account opening. Transfer money online for free. Transfers funds through NEFT and RTGS. Scan and pay option. Pay credit card bills online. Kaymall section on the app that allows shopping on Flipkart, buying subscriptions to magazines, booking flights and hotels on Goibibo, and booking train tickets at the best rates. • • • • • • • 1.IndusInd Bank With the Indus Online Zero Balance Account, you can have an account that suits your saving needs. On opening the account, you can take a Premium Debit Card that provides benefits in categories like shopping, entertainment, etc., online as well as offline. One downside to opening this account is the charges applicable while joining and issuance of debit card. Eligibility: • Indians above 18 years. Validity only for 1 year only, after 1 year the customer has to do face-to-face KYC • • Some features of the ‘Indus Online Savings Account’ by IndusInd Bank:

8. The sum of aggregate credits in cash credit cannot exceed Rs. 2 lakh per annum Certain fees and charges may be applicable on joining. Simple online application for account opening. Aadhaar and PAN details are required for account opening. Can select the account number of your choice. Free fund transfer through NEFT / RTGS / IMPS via online channels Save Up to Rs. 3,000/year on Fuel Surcharge Waiver Free debit card Free passbook and cheque book Mobile banking and net banking Withdraw cash without charges at other bank ATMs up to 5 times. • • • • • • • • • • • Conclusion Today, there is a gamut of products available to cater to all the banking needs of individuals. In this clutter, it becomes difficult to choose the right type of savings account. Many parameters need to be considered while choosing the best Zero Balance Savings Account. While conventional banking products offered by the likes of HDFC and SBI banks are still popular, a large number of people especially the Indian millennials who are living in Tier I and II cities of India and who don’t have time to undergo for a paper-intensive, fragmented and branch based banking system are opting for banking which is smarter, faster and better. You need to keep in mind the important criteria like the transaction charges, interest rate, net banking facility, cash deposit and withdrawal limit, the security of the funds, and more. These features vary from bank to bank. So, it is important to keep them in mind while picking the right Zero Balance Savings Account for you.