Hotness Need Advice to open zero balance savings bank a...

Hot Deal Need Advice to open zero balance savings bank account onine

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Deal Cadet
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I want to open a zero balance savings bank account online.

The basic purpose is to pay credit card bills from that account. The account should give high savings account interest which my current bank accounts are not giving. ICICI, StanChart, Citi, BoB are giving about 3%. The online account should give excellent online banking. If required, customer care should be good to support any query. I rarely use cash so ATM benefits are not important.

I researched online for this. I found that DBS Digibank, Yes Insta, RBL Abacus and Kotak 811 are the accounts that fit the above criteria. All of provide give 5% interest on balance below 1 Lac and 6/6.5% on the amount above 1 Lac. Please correct me if this is wrong.

Please give your opinion that helps selecting an account.

51 Comments  |  
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Deal Captain
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DBS gives 6% interest below 1L and 7% above 1L upto 2L.
DBS charges 150 fee for debit card 2nd year onwards.
I’m using both kotak and dbs, never faced any big issue. So not much interaction with cc.

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Deal Cadet
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Axis Asap had monthly and Quarterly charges

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B3A5T wrote:

Axis Asap had monthly and Quarterly charges

Thanks for the info.

Anyway, Axis is not in the list of shortlisted products. We are currently considering :
DBS Digi,
Yes Insta,
RBL Abacus,
Kotak 811

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Deal Subedar
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bridges wrote:

Thanks for the info.

Anyway, Axis is not in the list of shortlisted products. We are currently considering :
DBS Digi,
Yes Insta,
RBL Abacus,
Kotak 811

Can yes insta account be opened online using pan and aadhar card only?

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Deal Subedar
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bridges wrote:

Thanks for the info.

Anyway, Axis is not in the list of shortlisted products. We are currently considering :
DBS Digi,
Yes Insta,
RBL Abacus,
Kotak 811

Why not open all of them?? U can taste each flavour. My friends are using Kotak and dbs. And they are happy.
IDFC is also a good bank ask @mrkool_jj 😛😛

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P_A_N_K_A_J wrote:

Why not open all of them?? U can taste each flavour. My friends are using Kotak and dbs. And they are happy.
IDFC is also a good bank ask @mrkool_jj 😛😛

No use of opening an act in IDFC now..
U have to maintain 25k DAILY.

I too have paytm, 811, sbi now need one more bank with 0 balance.

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Deal Cadet
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Wo bhi kya din thay jab bank acc open karne par rs 1000 cb dia jata tha stuck_out_tongue_winking_eye

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B3A5T wrote:

Axis Asap had monthly and Quarterly charges

Which charges ..are u talking about sms charges?

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King_123 wrote:

Which charges ..are u talking about sms charges?

They charge “Consolidated Charges” and SMS Charges

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DBS Digibank. Highest interest rate. Zero minimum balance. UPI facility. All fund transfers/bill payment are free. If you complete certain type of transactions in a month, you also get additional cashback. However, you will need to complete full KYC to get proper benefits.

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panchabhut wrote:

DBS Digibank. Highest interest rate. Zero minimum balance. UPI facility. All fund transfers/bill payment are free. If you complete certain type of transactions in a month, you also get additional cashback. However, you will need to complete full KYC to get proper benefits.

Is it difficult to complete full KYC ?

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Deal Cadet
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DBS seems to be a preferred choice on net.

Though, I am not planning to use the account for ATM withdrawal (because I hardly use cash), there are charges for debit card.

There is also a charge of Rs.500 for the account closure if closed within 6 months. But not sure what it means because anyway it is zero balance account.

There are various other charges also. They are given here – https://www.dbs.com/digibank/in/rates-and-fee...ml

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Deal Cadet
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Here is the latest interest rate :

DBS Digi – 6% till 1 Lac, 7% from 1 Lac to 2 Lac
RBL Digital – 5.50 % till Rs 1 Lac, 6 % from 1 lac to 10 Lac
Yes Insta – 5% till 1 Lac, 6% from 1 Lac to 1 Cr

Zsjpjnd
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7H4NO5 wrote:

DBS gives 6% interest below 1L and 7% above 1L upto 2L.
DBS charges 150 fee for debit card 2nd year onwards.
I’m using both kotak and dbs, never faced any big issue. So not much interaction with cc.

CORRECTION/EXPLANATION-
7% is only on the incremental amount.. i.e. for 2L money deposited.. 13k (6k+7k) will be the interest (NOT 14K)

https://www.dbs.com/digibank/in/rates-and-fee...ml

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bridges wrote:

Here is the latest interest rate :

DBS Digi – 6% till 1 Lac, 7% from 1 Lac to 2 Lac
RBL Digital – 5.50 % till Rs 1 Lac, 6 % from 1 lac to 10 Lac
Yes Insta – 5% till 1 Lac, 6% from 1 Lac to 1 Cr

Please share more information about Yes Insta account & also share link

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bridges wrote:

Here is the latest interest rate :

DBS Digi – 6% till 1 Lac, 7% from 1 Lac to 2 Lac
RBL Digital – 5.50 % till Rs 1 Lac, 6 % from 1 lac to 10 Lac
Yes Insta – 5% till 1 Lac, 6% from 1 Lac to 1 Cr

Yes insta is not Zero Account …. Minimum Rs. 10,000 >> 50,000 >> 1,00000 As per Account + include family saving in one Account…

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For your needs digi bank is the best, been using it for a year now. Also the rewards scheme called digibucks is also good.

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panchabhut wrote:

DBS Digibank. Highest interest rate. Zero minimum balance. UPI facility. All fund transfers/bill payment are free. If you complete certain type of transactions in a month, you also get additional cashback. However, you will need to complete full KYC to get proper benefits.

How to do KYC for DBS Bank at Cafe Coffee Day outlets?

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I am having DBS & kotak. Both I ll suggest

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drupal wrote:

How to do KYC for DBS Bank at Cafe Coffee Day outlets?

Not sure if its still possible after the Supreme Court verdict on Aadhaar.

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panchabhut wrote:

Not sure if its still possible after the Supreme Court verdict on Aadhaar.

Spoke to cc he told me kyc only possible at branch
Kyc at ccd disabled

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Deal Cadet
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Opened an account with DBS. Also transferred money using UPI and scheduled a payment. It got paid. Everything seems to be working fine.

KYC is done on the App itself using Virtual Aadhar. But for full KYC either they will send a person to home provided your pin code is in serviceable area or you need to visit the branch. The time to go for full KYC is 1 year from opening the account.

Pikachu
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161508 wrote:

CORRECTION/EXPLANATION-
7% is only on the incremental amount.. i.e. for 2L money deposited.. 13k (6k+7k) will be the interest (NOT 14K)

https://www.dbs.com/digibank/in/rates-and-fee...ml

This interest amount is per day basis??
After calculating per day basis they will add all days interest and credit on a single day…. ?

Or
What’s the way….

But the by this DBS account is possible only when we have pan card ???!

Zsjpjnd
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vickyVicky wrote:

This interest amount is per day basis??
After calculating per day basis they will add all days interest and credit on a single day…. ?

Or
What’s the way….

But the by this DBS account is possible only when we have pan card ???!

I don’t have account there, just know what is online.
you can ask their CC.

it should be like calculation per day and credit once in 3-4 months SBI credits interest on deposits in this way. smile


• Download “digibank by DBS” app from the play store or app store.
• Enter your correct details like Salutation, Full Name, Date of Birth, Mobile No. & E-mail ID.
• The mobile number provided by you will be verified via an OTP sent to the number after giving out all these initial details.
• Create Username & Password.
• Enter your area Postal code.
If the postal code entered belongs to one of the allowable pin codes, then the digiSavings on-boarding journey will continue and you will be navigated to Aadhaar/VID and PAN number input screen.
If the postal code entered does not belong to one of the allowable postal codes or if you don’t have Aadhar & PAN, then you will be navigated to wallet on-boarding screen. Note: Postal Code is the PIN code/ZIP code of the area of the city where you currently reside.
• Enter Occupation details, Source of funds, Annual Income range, Estimated financial assets, Family details (Father Name, Mother Name, Marital status), Nominee details. (Note: Nominee details are optional. In case you opt to add nominee – Fill in the Nominee details – Full Name, Date of Birth, Address of Nominee)
• Select A/c type: “Verify with SMS OTP” – Aadhaar SMS OTP or “Verify Fingerprint” – Meet an Agent/ Visit a nearby Store.
• If you opt for Aadhaar SMS OTP, then OTP will be triggered to Aadhaar registered mobile number. Enter OTP and then proceed for Debit card request.
• If you opt to Meet an Agent/ Visit Partner Store, then complete the bio-metric verification process. Once the bio-metric verification is completed, proceed for Debit card request and enjoy the full power of digiSavings A/c.
A code will be be generated to complete your fingerprint verification
Note: In case you opt for E-wallet account or Aadhaar SMS OTP account, your account has a validity of 12 months only. As per regulatory guidelines, you need to complete biometric authentication within 12 months of opening the account. In case this has not been done, we will have to go ahead and block your account.

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off topic.. . is opening account in rbl bank for fixed deposit is gud idea… its rate is higher than others 8.05%

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baaz4u2007 wrote:

off topic.. . is opening account in rbl bank for fixed deposit is gud idea… its rate is higher than others 8.05%

You can also open FD with DCB bank without actually opening an savings account with them.
https://is.gd/...Gi

DCB bank also provides 8.05 % FD interest. In addition to that they also provide insurance of the same amount of FD with the Suraksha scheme.

Hamster
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Try small finance banks. Utkarsh gives 7% on savings. I have a basic account with them. There are 12 sfb. You need to talk and bargain with account opening deposit amount bait and approx 10k fd. Good thing, everything is free. Bad thing is apart from AU or Equitas, most dont have ecomm support (can’t buy from amazon or paytm) imps, upi or one time mandate. Other than that it does your work efficiently. Currently I have a/cs in 6 sbf. Will be happy to help if someone wants any (no pm because I rarely read pm).

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baaz4u2007 wrote:

off topic.. . is opening account in rbl bank for fixed deposit is gud idea… its rate is higher than others 8.05%

There are small finance banks which provides 9%! Why settle for 8? Anyways all deposits upto 1 lac is insured so all banks registered under dicgc are safe

https://www.dicgc.org.in/FdLibCommercialBank...px

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