Hotness Suggest a Zero balance savings account

Hot Deal Suggest a Zero balance savings account

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Deal Cadet
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Note : Before creating the topic i searched DD regarding this and got confused because some says its a zero balance account , some says it has charges after kyc or after 1 yr etc. In every topic different types of comments are their ,so its hard to find which is correct. Most of the topics are too old.Thats why open this to directly connect with you.

Currently i have federal bank zero balance account and icici zero balance. Now both the bank’s are telling me to upgrade my account to minimum balance a/c federal 5000 & icici 10000. Frm 2019 may Federal started telling about this , But I didn’t do that. Now icici also started and Now one if that account got freezed. So I think it’s better to take the money and close those accounts.

So guys pls suggest me a zero balance account.

138 Comments  |  
31 Dimers
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Deal Cadet
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1 Airtel payment bank
2 kotak 811
3.paytm payment bank ( some dimmers now pointed message charges will be there)

If it is now needed only online opening kotak available

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Shopping Friend
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Go with DBS

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Deal Cadet
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nirmaltvd wrote:

1 Airtel payment bank
2 kotak 811
3.paytm payment bank ( some dimmers now pointed message charges will be there)

If it is now needed only online opening kotak available

1, I’m not looking for payments banks accounts.
2, is kotak safe ? I think your account got blocked bcoz of the kyc issue.

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Deal Cadet
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Ash-D wrote:

Go with DBS

Don’t have branches in my state kerala.

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Deal Cadet
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kotak 811.. customer from last 2 years . Mainly do transaction for aliexpress

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Shopping Friend
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jerryn70 wrote:

Don’t have branches in my state kerala.

Ohh but it depends on your use
I never visited the bank yet since I opened the account.

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Deal Subedar
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Fincare small finance Bank.
online account opening, physical Rupay Card. Full kyc at home.

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Aveejeet wrote:

kotak 811.. customer from last 2 years . Mainly do transaction for aliexpress

In some threads i saw comments like after completing kyc in branch our account will be converted to min balance 10k account , is it true ?

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Deal Major
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Ash-D wrote:

Ohh but it depends on your use
I never visited the bank yet since I opened the account.

You cannot open DBS account without a physical branch in your location
Also Aadhaar Address & Physical branch should be from same location

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Deal Cadet
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Ash-D wrote:

Ohh but it depends on your use
I never visited the bank yet since I opened the account.

There is no biometric verification center in our state. So account opening is not possible .

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SandipxDip wrote:

Fincare small finance Bank.
online account opening, physical Rupay Card. Full kyc at home.

Bank is not serviceable in my state bro

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jerryn70 wrote:

In some threads i saw comments like after completing kyc in branch our account will be converted to min balance 10k account , is it true ?

No, There are 5 types of kotak accounts with different minimum balance requirements. Kotak 811 is zero balance account and they won’t upgrade even after KYC unless you say so.

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Deal Subedar
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@jerryn70 SBI has made all their savings accounts to zero balance , no min bal required now.

If you opt for no debit card, no sms alerts, there will be absolutely no charges for their savings account.

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Perfectionist
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Having Kotak 811 accont from past 4-5 yeas, dont remember if i have done physical kyc but have been doing txns once or twice in a month and working absolutely perfect.
No min balance req.

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Deal Cadet
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WALL-E wrote:

No, There are 5 types of kotak accounts with different minimum balance requirements. Kotak 811 is zero balance account and they won’t upgrade even after KYC unless you say so.

Any hidden charges other than debit card and sms alert ?

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Deal Cadet
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jerryn70 wrote:

Any hidden charges other than debit card and sms alert ?

Kotak 811 : No charges for SMS alerts (as of now). Physical Debit card is chargeable. P2P UPI free limit is 20 per month and chargeable beyond that. P2M UPI is unlimited and Free.

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dev007 wrote:

@jerryn70 SBI has made all their savings accounts to zero balance , no min bal required now.

If you opt for no debit card, no sms alerts, there will be absolutely no charges for their savings account.

After the covid issues they will change it to normal.

I need debit card and sms alerts.

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WALL-E wrote:

Kotak 811 : No charges for SMS alerts (as of now). Physical Debit card is chargeable. P2P UPI free limit is 20 per month and chargeable beyond that. P2M UPI is unlimited and Free.

Sms alert charge is mentioned in the website. 5 or 50p per sms

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jerryn70 wrote:

Sms alert charge is mentioned in the website. 5 or 50p per sms

That might be for SMS banking. SMS alerts are free as of now. I am using it from last 3 years and not charged till now.

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jerryn70 wrote:

In some threads i saw comments like after completing kyc in branch our account will be converted to min balance 10k account , is it true ?

Every company wants to earn money. Banks are not exceptional. Sometimes they will try to convince you to upgrade the bank account or credit card, etc.

I have been offered HDFC savings a/c zero balance salary a/c. While filling up the forms no issues and I was not told anything. Later found that they created a Demat account in my name and charged annual fee for that.

I have been offered ICCI zero balance savings a/c. I was so careful and made sure I am not signing for Demat or Credit card along with the application. After a year, they converted to standard account and charged me for not maintaining the balance.

Even if they offer zero balance account, they will charge for debit card, sms charges, cheque book charges, NEFT/IMPS charges, etc.

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jerryn70 wrote:

In some threads i saw comments like after completing kyc in branch our account will be converted to min balance 10k account , is it true ?

Nope. 811 account zero balance account as of now

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john78 wrote:

Every company wants to earn money. Banks are not exceptional. Sometimes they will try to convince you to upgrade the bank account or credit card, etc.

I have been offered HDFC savings a/c zero balance salary a/c. While filling up the forms no issues and I was not told anything. Later found that they created a Demat account in my name and charged annual fee for that.

I have been offered ICCI zero balance savings a/c. I was so careful and made sure I am not signing for Demat or Credit card along with the application. After a year, they converted to standard account and charged me for not maintaining the balance.

Even if they offer zero balance account, they will charge for debit card, sms charges, cheque book charges, NEFT/IMPS charges, etc.

You are correct these guys are so tricky , icici axis hdfc …
Top players are more tricky . Small banks are ok

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Aveejeet wrote:

Nope. 811 account zero balance account as of now

Are you using physical debit card ?

Interest paid yearly or quarterly ?

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Deal Subedar
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No sms charges for kotak811(I am not doing sms banking). Virtual card is free of charge.

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jerryn70 wrote:

Are you using physical debit card ?

Interest paid yearly or quarterly ?

No physical card. Interest quarterly

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Deal Cadet
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how old is ur icici account ? mine not asking. maybe u opened it as personal account

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Shopping Friend
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john78 wrote:

Every company wants to earn money. Banks are not exceptional. Sometimes they will try to convince you to upgrade the bank account or credit card, etc.

I have been offered HDFC savings a/c zero balance salary a/c. While filling up the forms no issues and I was not told anything. Later found that they created a Demat account in my name and charged annual fee for that.

I have been offered ICCI zero balance savings a/c. I was so careful and made sure I am not signing for Demat or Credit card along with the application. After a year, they converted to standard account and charged me for not maintaining the balance.

Even if they offer zero balance account, they will charge for debit card, sms charges, cheque book charges, NEFT/IMPS charges, etc.

for HDFC when did u come to know they have created demat in your name and charged annual fee does it show in internet banking

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Deal Subedar
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jerryn70 wrote:

You are correct these guys are so tricky , icici axis hdfc …
Top players are more tricky . Small banks are ok

Can you please write about your experience with ICICI? What type of account you have and what reasons are they giving to change MAB requirement?

I have a zero Balance account in ICICI (opened in November by depositing 50K plus) and don’t want its requirements to change after an year. If things are going to change in future, i shall make arrangements now itself.

I also have Zero balance accounts with HDFC (Family group preferred account) and Axis (Prestige Account with 3 Lakh FD’s)

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