Zero Balance Savings account,which bank??

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Metalspree

Metalspree

Galvanizer
Hi folks i am looking out for a Zero balance savings account but which bank i did a lil bit of googling and found out that Barclays has Zero Balance account but i doesn't have not many branches :( , i do have a Corporate ICICI account with my company but i will be quitting my company in one moths time and will not be working for sometime at least :cry: and more over i cant maintain the minimum balance :ashamed: I am looking for a zero balance account but none of the big banks are providing ( i am not sure ) , are there any other alternatives for the same.If my only option is Barclay's.How good is it ??

Here is the link for Barlcay's Zero balance account---->Barclays Zero Balance account

PS: Please post the services provided by other banks if they are ready to give zero balance account TIA:D
 
Only salaried accounts could be of zero balance.Many banks like HDFC/SBI etc providing this facility.

Further SBI is cheap in case of minimum balance of 1000 only.They have all online transaction services in internet banking.

If you want zero balance account in ICICI bank for online transactions only,then this is for you.

ICICI Bank
 
Another option is to open an icicidirect.com 3in1 a/c. (Demat + Trading + Saving a/c) Its a zero balance saving a/c even if you don't want to trade in shares....
 
err....I could of course be wrong, but AFAIK, all banks are supposed to provide one as mandated by RBI :P

Only hitch, no ATM/Debit/Online access etc. For those, they ll prob charge extra.
 
I donno what a zero balance account is, but I have one SBI account.. it had 500 bucks when I created the account.. emptied it to zero in 2 months time.. six months later deposited a 6 digit sum.. emptied it to zero...keeps working fine.. what am I missing here? and 99% of the ppl in my coll hostel run their balance down to zero every month.. more like within the first week of every month..

EDIT: Oh and ATM works fine, once there is non-zero balance again(of course duh :P)
 
Thanks folks will check on all the options provided ,@virus32win does the b2 account in ICICI mean i do not get a ATM card , i need a zero balance account which works like a corporate ICICI account like the one i have , are there any chances for the same , btb ur link worked for a friend of mine , he got it done ,repped u :D
 
Yes b2(branch free) ICICI accounts meant for only online transactions.No ATM/CASH/BRANCH dealing.One can transfer/receive money online only.

SBI is good option at 500 minimum balance with everything enabled including ATM/Internet Banking.

@racy1

Another option is to open an icicidirect.com 3in1 a/c. (Demat + Trading + Saving a/c) Its a zero balance saving a/c even if you don't want to trade in shares....

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I have same 3 in one account but there is still 5000/- minimum balance condition on account.Will you give some detailed information about this zero balance feature on 3 in 1 account ?
 
virus32win said:
I have same 3 in one account but there is still 5000/- minimum balance condition on account.Will you give some detailed information about this zero balance feature on 3 in 1 account ?
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Those zero balance a/c's are special a/c's & needs to be specified earlier that you want one before opening it.. The catch is that...

You need to open your icicidirect a/c & they will open the bank a/c through the same form...

If you have an existing icicibank a/c & you open an icicidirect a/c & link your existing savings a/c to it then you are not eligible for zero balance...

If you already have a 3in1 a/c & didn't asked for the zero balance option earlier then they will not give it to you even later if you ask for it...

You cannot even close your existing a/c & reopen a new one... 'coz you are not eligible now since you were an earlier customer...

Its only for new/ fresh customers... :S
These are the company rules I came to know about from icicidirect directly when I got a 3in1 a/c from them & later found out that the guy from icicidirect who came to my house to open the a/c actually fooled me... I asked for the 3in1 a/c. specifically. He opened the icicidirect a/c instead & a separate bank a/c through the banking guy he came with, telling me it will be linked later & will become 3in1 a/c. Later I found that I am in a mess & cannot have zero balance option.... :@
Bottom line is, its a marketing freebie which the company/sales agent uses to get customers in this competitive market.... they don't advertise it though... 'coz zero balance is not economically viable for the bank....
 
metalspree said:
Here is the link for Barlcay's Zero balance account---->Barclays Zero Balance account

PS: Please post the services provided by other banks if they are ready to give zero balance account TIA:D
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barclays has a service charge of 750 bucks per annum for that zero balance account :P

even the icici 3 in 1 account has a annual fees attached to it.

cant seem to be able to provide a direct link to it, but go to Zero Balance Savings Accounts - Barclays India and then click on the schedule of charges. it is mentioned explicitly.

unless you want a no frills account which will give you even limited atm swipe in your own banks atm, you should look at a account from SBI or any of the government bank. most have a 1 k minimum balance criteria

i for one have a account with bank of india, minimum balance of 500 bucks and they provide atm card, net banking, cheque book everything :D

EDIT :

seems that they have revised the charges. it is 999 now per annum for non metros and 2 k for metro.

and as you have a bank account already, you wont be eligible for a no frills account. most banks anyway will try to make it as difficult as possible to open a no frills account.
 
I think banks like State Bank, Corporation Bank etc. have minimum 1K balance requirement. 1K is not so hard to maintain IMO. But, the quality of service you get from these banks will be questionable. Again, it would depend on your location for eg: people have had good experience with State Banks' personal banking branches. (My experience has been simply disgusting though with smaller branches using old, outdated computers and a skeletal staff.)

I think Kotak Mahindra may offer a zero balance account. AFAIK, they are one of the most flexible banks. But better take feedback from a person having an a/c in this bank.

ICICI sucks bigtime. I have such a headache remembering to maintain their 10K balance requirement.
 
metalspree,

I was given a zero balance ABN AMrO recently. It sabsolutely free except that - 2 transactions every month mandatory either deposit or withdrawal orwhatevr. You can also opt or not to avail auto debit for credit card if u have. Check with local area. u in banglore and ABN shuld be pretty strong out there. i got this and wa told that ABn wants to increase its market share in South - donno if its true.
 
If you or someone in your family has a bank account with ICICI and with a balance of >5laks then you can get your account upgraded to privilege banking. While the person getting upgraded has to maintain minimum 50k in the bank, you get 3 new privilege bank account options for other members of your family and all of those are 0 balance accounts. Among other benefits all get titanium debit card, no transaction fees on any withdrawl from any atm and no debit card renewal fees. There are some other benefits also which i never bothered about :lol: Ask your ICICI bank guy.
 
Safin said:
If you or someone in your family has a bank account with ICICI and with a balance of >5laks then you can get your account upgraded to privilege banking. While the person getting upgraded has to maintain minimum 50k in the bank, you get 3 new privilege bank account options for other members of your family and all of those are 0 balance accounts. Among other benefits all get titanium debit card, no transaction fees on any withdrawl from any atm and no debit card renewal fees. There are some other benefits also which i never bothered about :lol: Ask your ICICI bank guy.
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Same thing is available in HDFC as "Classic Banking".

Here you can club all your account and have qumulative AQB 100000/-, even if you go below it there is no penalty and all your debit cards are upgraded to Gold and are free for life.

You can have unlimited number transactions online and at any ATM in india free.
If neither of private banking options is working for you then PSU banking is the best option for you.

SBI has the best reach amongst PSU banks and with only 1000/- bucks parked you can avail of a host of facilities.
Another option with private sector banks would be if you are ready to park 50k in FD then you can have linked zero balance account. But when you break that FD your acount has to maintain AQB.
 
hey man.. dont worry
your ICICI zero balance account wont stop.
i was using it 4 years back then next company gave me HDFC salary account. zero balance.
but for last 4 years i am using ICICI account as zero balance only. so dont go anywhere... stay relax...
 
avi_avadhut said:
hey man.. dont worry
your ICICI zero balance account wont stop.
i was using it 4 years back then next company gave me HDFC salary account. zero balance.
but for last 4 years i am using ICICI account as zero balance only. so dont go anywhere... stay relax...
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that's because either your company did not informed the bank or the bank did not paid attention. once the account is close, you might get a 600-700 rs ka phatka... :ohyeah:
even i enjoying a hdfc 0 balance account but my balance is more than 10k to avoid any mishaps..

regards
neo
 
anooj30299301 said:
metalspree,

I was given a zero balance ABN AMrO recently. It sabsolutely free except that - 2 transactions every month mandatory either deposit or withdrawal orwhatevr. You can also opt or not to avail auto debit for credit card if u have. Check with local area. u in banglore and ABN shuld be pretty strong out there. i got this and wa told that ABn wants to increase its market share in South - donno if its true.
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i do have a ABN -AMRO account it was given by my previous employer now its converted to a regular saving account they had called me and said that if i maintain a daily balance of 10K i will get all privileges what i had prior i am like :@ :@ 10K :no: :no:

THanks for the valuable replies i guess i will go with SBI no other choice here
 
Go with SBI, 500 balance if you don't need cheque book . SBI staff mostly acts like they are doing favour for you but get online banking working and ATM to avoid them :P . Doesn't HDFC has only x number of free transactions at ATM every month, or is that changed now ? Still they will surely have fees on cash deposit on any other branch .
 
rapt0r said:
Doesn't HDFC has only x number of free transactions at ATM every month, or is that changed now ? Still they will surely have fees on cash deposit on any other branch .
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ATM transactions at HDFC atms are completely free now.

Cash deposits in branches other than home branch will be charged Rs 100+tax
 
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