When a student opens their savings account, then they have many options in which bank to open their savings account. It’s very difficult to find the best zero balance savings account for students because the best savings account depends on many factors like debit card fees, ATM withdrawal Limit, Interest rates for Fixed Deposit, etc. Students need a savings account to manage their expenses, and save their pocket money and at many places they also get discounts with the help of their debit cards or credit cards.
Their credit history is also built from their transaction history which will improve their CIBIL score. CIBIL score improvement depends on many factors but transaction history is one of them. When students prepare their ITR, a savings account is also required for this. So having a good savings account is very important for a student. So today we will tell you four such zero balance savings accounts which will be perfect as per your needs.
Talking about the traditional method, we have to open an account by visiting the branch, but some banks also provide a digital account opening facility. These four banks provide the facility to open a digital savings account, with the help of which you can quickly open your savings account.
1) AU 0 Balance Savings Account
AU is India’s largest small finance bank. AU Small Finance Bank was registered as an NBFC in 1996 when its name was “AU financiers”. After two decades of its operation, AU started the journey of a small finance bank by obtaining a license from RBI on 19th April 2017. According to the annual report of AU Small Finance Bank 2022, there are a total of 27,817 employees. The founder of AU Small Finance Bank is Mr Sanjay Aggarwal. AU Small Finance Bank is the best zero-balance savings account for students in terms of interest rates in savings accounts and Fixed Deposits.
| Balance Slab | Interest Rate in Savings Account |
| Less than INR 1 Lac | 3.50% |
| INR 1 Lac to INR 10 Lacs | 5.00% |
| INR 10 Lacs to INR 25 Lacs | 7.00% |
| INR 25 Lacs to INR 1 Crore | 7.00% |
| INR 1 Crore to INR 5 Crore | 7.25% |
| Above Rs 5 Crore | 7.00% |
Fixed Deposit Interest Rates
| Tenure | Interest Rate |
| 365 Days | 6.75% |
| 366 Days | 7.75% |
| 2 Years | 7.50% |
| 2 Years 1 Day | 8% |
AU Small Finance Bank – Rupay Platinum Debit Card Details
- Air Accident Cover – Rs 5 Lakhs
- Personal Accident Cover – Rs 2 Lakhs
- Airport Lounge Access – 8 Complimentary Domestic per year (2 per quarter)
- Annual Fees – Rs 150 + GST
- ATM Transaction Limit – Unlimited at AU Bank, 5 Free at Other bank
How to Open an AU Zero Balance Savings Account?
Step 1: Visit AU Bank’s official Website.
Step 2: Enter Mobile No. which is linked with your aadhaar.
Step 3: Enter the One Time Password (OTP) sent to your Mobile number.
Step 4: Now, enter your PAN Details and Aadhaar number.
Step 5: Enter your Aadhaar Verification OTP and your Family info.
Step 6: Then enter your communication address.
Step 7: Enter your Occupation Details and Confirm it.
Step 8: Choose AU Digital Savings Account and click on Initiate V-KYC.
After video KYC, your account opening details will be shown and the welcome kit will be delivered to you within a week.
2) SBI Digital Savings Account
SBI is the largest bank in India with 1/4th market share. State Bank of India has 48 crore customers. The head quarter of SBI is in Mumbai and along with this, SBI also provides you services like Life Insurance Mutual Funds etc. It is one of the best zero-balance savings accounts for students in India.
If chequebook and passbook are not available in the welcome kit, then we will have to get them issued through the YONO App or by visiting the branch.
- Total Branches:- 22,405
- ATMs:- 65,627
Interest Rate on Savings Account :
2.70%
Interest Rate on Fixed Deposit
| Tenure | Interest Rate for General Public | Interest Rate for Senior Citizens |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 4.75% | 5.25% |
| 180 days to 210 days | 5.75% | 6.25% |
| 211 days to less than 1 year | 6.00% | 6.50% |
| 1 Year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
SBI – Rupay Classic Debit Card Details
- Insurance Fee is Nil.
- Annual Fees – Rs 125 + GST
How to Open an SBI Insta Plus Savings Account?
Step 1: Install the YONO SBI Application from the Play Store/ App Store.
Step 2: Launch the app and click on “Open Savings Account”.
Step 3: To open an account, you will have two options “With branch visit” and “Without branch visit”. To open an account online, select without branch visit.
Step 4: Submit your Mobile Number and E-mail ID and enter the OTP.
Step 5: Create a Strong Password and enter your aadhaar number.
Step 6: Then fill your Details and Address.
Step 7: Now, Enter your PAN, Educational, Occupation, and Nominee Details. Kindly note your Token number and Complete the Video KYC Process.
3) IndusInd INDIE 0 Balance Savings Account
IndusInd Bank is India’s leading financial services brand. They have more than 38 million customers. IndusInd Bank provides many products and services such as microfinance personal loans, personal and commercial vehicle loans, credit cards and SME loans. IndusInd Bank was established in 1994.
- Total Branches – 2728
- ATMs – 2939
Interest Rate on Saving Account
| Balance Slab | Interest Rate |
| Upto Rs 1 Lakh | 3.50% |
| Rs 1 Lakh to Rs 5 Lakhs | 5.00% |
| Rs 5 Lakhs to Rs 10 Lakhs | 6.00% |
| Rs 10 Lakhs to Rs 25 Lakhs | 6.75% |
| Rs 25 Lakhs to Rs 5 Crores | 6.75% |
| Rs 5 Crores to Rs 50 Crores | 6.75%** |
| Rs 50 Crores to Rs 100 Crores | 6.75%** |
Interest Rate on Fixed Deposit (Less than 2 Cr)
| Tenure | Interest Rate For General Public | Interest Rate For Senior Citizens |
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 30 days | 3.50% | 4.00% |
| 31 days to 45 days | 3.75% | 4.25% |
| 46 days to 60 days | 4.75% | 5.25% |
| 61 days to 90 days | 4.75% | 5.25% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 180 days | 5.00% | 5.50% |
| 181 days to 210 days | 5.85% | 6.35% |
| 211 days to 269 days | 6.10% | 6.60% |
| 270 days to 354 days | 6.35% | 6.85% |
| 355 days to 364 days | 6.50% | 7.00% |
| Above 3 years 3 months to below 61 months | 7.75% | 8.25% |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75% | 8.25% |
| 1 Year 7 Months up to 2 Years | 7.75% | 8.25% |
| Above 2 Years up to 2 Years 1 Month | 7.25% | 7.75% |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.25% | 7.75% |
| 2 years 6 Months to below 2 years 9 Months | 7.25% | 7.75% |
| 2 years 9 Months to 3 years 3 months | 7.25% | 7.75% |
| 61 months and above | 7.25% | 7.75% |
Fees & Details :
| Particulars | Star | Super Star | Mega Star |
| Initial Funding | Rs 0 | Rs 25k – Rs 49,000 | More than Rs 50,000 |
| MAB | Rs 0 | Rs 25k in SA or Rs 1 Lakh in SA + FD | Rs 50k in SA or Rs 2 Lakh in SA + FD |
| Debit Card Fees | Rs 499 | Rs 249 | Rs 0 |
| ATM Withdrawal at IndusInd Bank | Unlimited | Unlimited | Unlimited |
| ATM Withdrawal at Other Bank | 5 free per month, later Rs 21 charge | 5 free per month, later Rs 21 charge | Unlimited |
How to Open an IndusInd INDIE Savings Account?
Step 1: Install the INDIE Application from the Play Store/ App Store.
Step 2: Launch the app and enter your mobile number, then fill OTP.
Step 3: Set M-PIN and enter your PAN and Aadhaar Details.
Step 4: Add your Communication Address, Personal & Nominee Details.
Step 5: Then Complete Video KYC.
4) Kotak 811 Savings Account
Kotak Capital Management Finance Limited was established in 1985. In 2003, Kotak Mahindra Finance Ltd became India’s first non-banking finance company to convert into a commercial bank. In 2014, ING Vysya Bank merged with Kotak Mahindra Bank. Then in 2017, 811 was launched which was India’s unique full-service digital banking ecosystem. The Managing Director and CEO of Kotak Mahindra Bank is Ashok Vaswani.
- Total Branches – 1261
- ATMs – 1092
Interest Rate on Saving Account
| Customer | Up to Rs 50 Lakhs | Above Rs 50 Lakhs |
| Domestic | 3.50% | 4.00% |
| Non-Resident (NRE/NRO) | 3.50% | 3.50% |
Interest Rate on Fixed Deposit (Less than 2 Crores)
| Tenure | Interest Rate for General Public | Interest Rate for Senior Citizens |
| 7 to 14 days | 2.75% | 3.25% |
| 15 to 30 days | 3.00% | 3.50% |
| 31 to 45 days | 3.25% | 3.75% |
| 46 to 90 days | 3.50% | 4.00% |
| 91 to 120 days | 4.00% | 4.50% |
| 121 to 179 days | 4.25% | 4.75% |
| 180 days | 7.00% | 7.50% |
| 181 days to 269 days | 6.00% | 6.50% |
| 270 days | 6.00% | 6.50% |
| 271 days to 363 days | 6.00% | 6.50% |
| 364 days | 6.50% | 7.00% |
| 365 days to 389 days | 7.10% | 7.60% |
| 390 days | 7.40% | 7.90% |
| 391 days to Less than 23 Months | 7.40% | 7.90% |
| 23 Months | 7.30% | 7.85% |
| 23 months 1 Day to less than 2 years | 7.30% | 7.85% |
| 2 years to less than 3 years | 7.15% | 7.65% |
| 3 years and above but less than 4 years | 7.00% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.60% |
Kotak Mahindra Bank – Debit Card Details
- Annual Fees – Rs 299
- ATM Transaction Limit – 5 Transactions are free from Kotak ATM (thereafter Rs 21 per transaction) and 5 Transactions are free from Non Kotak ATM (thereafter Rs 21 per transaction). But in Metropolitan cities: only 3 transactions are Free.
- Cash Deposit / Withdrawal Limit – Rs 10,000 per month is free. Post that Rs 4.5 per Rs 1000 will be levied.
How to Open Kotak 811 Savings Account?
Step 1: Visit Kotak Bank’s Official Website.
Step 2: Submit your Mobile Number, e-mail ID, PIN code and enter OTP.
Step 3: Fill your PAN and Aadhaar Number.
Step 4: Enter your Personal, Occupation, Address, Nominee Details.
Step 5: Now, Set your M-PIN.
Step 6: Then, Complete KYC.
