Need Advice to open zero balance savings bank account onine
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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.
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CORRECTION/EXPLANATION-
7% is only on the incremental amount.. i.e. for 2L money deposited.. 13k (6k+7k) will be the interest (NOT 14K)
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
Wo bhi kya din thay jab bank acc open karne par rs 1000 cb dia jata tha 
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 ?
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
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
You are right. However, here is way to get the zero balance Yes Insta -
For your needs digi bank is the best, been using it for a year now. Also the rewards scheme called digibucks is also good.
I am having DBS & kotak. Both I ll suggest
how to complete kyc of kotak 811 account opened with only PAN
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.
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.
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).
Long ago I opened online account with fincare small finance bank received debit card but not deposited any money into it, how do I complete full KYC of this account?
hows jana small fin bank.. is it trusted?? wanted to do fd for 3 lakh
Ratings for Jana bank is not good, consistently. However you can open deposit of ~75k each in 3-4 family members to keep money safe under RBI’s DICGC. Small banks generally are far safer and sound. And if you compare to many big PSU like idbi, private bank like idfc they are much much better financially due to RBI’s policies which allowed them as a bank.
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.