What is Zero Balance Account

17 Oct 2022

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Know Everything about Zero Balance Savings Account

Banks these days are offering different banking products to enhance the banking experience for their customers and zero balance savings account is one of them. Account holders in a zero balance savings account can operate the account with zero balance.

What is a Zero Balance Saving Account?

  • As the name suggests, a zero balance savings account is a 0 balance account where the account holder is free to operate the account without maintaining a minimum balance.
  • You also have an option of online bank account opening with zero balance.
  • What makes a Zero Balance Saving Account different from other savings accounts is the practice of minimum Quarterly Average Balance (QAB) for a savings account.

Generally banks have the Quarterly Average Balance (QAB) policy for the savings account and when the account balance does not meet the QAB requirements, a non-maintenance charge is levied whereas in a zero balance savings account, the QAB policy is not applicable and therefore no minimum balance is required, making it a ‘no minimum balance savings account’, same as BSBDA or BSBD Small account.

Some of the zero balance accounts are as follows

  • Baroda advantage zero balance savings account.
  • Baroda Champ account.
  • Baroda salary variants accounts
  • B3 accounts
  • Baroda Government Employee Salary Account Scheme.
  • Basic savings bank deposit account.
  • Baroda defence salary package account

1. Baroda advantage zero balance savings account

  • Eligibility - All resident individuals above age 18 years.
  • Minimum balance - Nil.
  • Maximum Amount - There is no ceiling on the amount deposited / held in the
  • Bank of Baroda ATM: of Free Transactions-Unlimited.
  • Internet Banking/Mobile Banking-

2. Baroda Champ account.

  • Eligibility
    • Age – 0 years up to 18 years of age, single in the name of minor above 10 years to the age of 18years or jointly with either of the parent/guardian.
  • Balance Requirement
    • Minimum QAB: Nil
    • Maximum credit balance in account is Rs 1.00 lakh.

3. Baroda salary variants accounts

  • Minimum balance -
  • Maximum Amount - There is no ceiling on the amount deposited / held in the
  • Free remittance facility.
  • Waiver on processing charges of retail loans.
  • Discounts on issuance of DD / BC.
  • Lifetime free credit cards.

4. B3 Silver account

  • Product is specifically designed for individuals opening online Savings Account through Mobile banking only. This will be a digital only Account with limited access to Branch Channel.
  • Minimum Initial Funding and Quarterly – Nil.
  • Maximum Amount No Restriction.
  • Non maintenance charges (Quarterly) – nil.
  • ATM Withdrawals - Free on BOB ATMS.

5. Baroda Government Employee Salary Account Scheme

  • Eligibility Criteria –

        Central Government Employee

        State Govt. Employee

        PSU Employee

        Employees of Local Bodies

        Employees of companies with major holding of Govt.

Minimum QAB Balance


 Cheque Book       

Free Unlimited.

Internet banking / Mobile banking


6. Basic savings bank deposit account

  • Eligibility - All resident individuals in single or joint names who are eligible to open Savings Bank
  • Minimum balance - nil
  • Maximum Amount - There is no ceiling on the amount deposited / held in the
    Bank of Baroda ATM: No. of Free Transactions - Unlimited.

7. Baroda defense salary package account –

The sub – categories are as follows -

a) Baroda Military Salary Package (BMSP)

b) Baroda Central Forces Salary Package (BCFSP)

c) Baroda Police Forces Salary Package (BPFSP)

  • Unlimited Free Transactions at all ATMs (BOB and other Bank ATMs)
  • Free Remittances – RTGS / NEFT / IMPS (through all modes).
  • Free unlimited – Demand Draft / Banker’s Cheque.
  • Free Mobile Banking – Save, Borrow, Invest, Shop through BoB World App.
  • Free Internet Banking – Baroda Connect.
  • 50% waiver on Bank Locker
  • 100% waiver on Demat Annual maintenance charges.
  • 75% waiver on issuance charges for Gift and Travel Card.
  • Baroda m-invest: Investing online in various Mutual Fund through Mobile App.
  • Digital mode of Payment Facility: BHIM Aadhaar Baroda Pay, BHIM App, Bharat Bill Payment services, Fast Tag etc.

How to open a zero balance savings account?

Indian banks offer zero-balance savings account opening facilities online and offline.

If you are one who prefers banking services offline, the following steps are for you:

Step 1: Visit your nearest bank branch.

Step 2: Enquire about the 0 balance account from the bank representative.

Step 3: Ask for the account opening application form.

Step 4: Fill in the form carefully and submit the same along with the required documents such as address proof, identity proof, income proof and a passport-size latest photograph of yours.

Once the bank verification is successful, you will be notified by the bank through an sms or e-mail.

If you do not wish to visit the bank physically and wish to do the procedure from the comfort of your home, follow the given steps for an online bank account opening with zero balance.

Step 1: Visit the preferred bank’s official website using your mobile phone or laptop.

Step 2: Explore the 0 balance account facilities and initiate the process by filing the application form required to open a zero balance savings account.

Step 3:  Upload the digital copy of all the necessary documents such as Aadhar and Pan card and submit the application form.

Step 4: Get your KYC verification through video KYC online.

If the bank verification is successful, you will be provided with a customer ID and account number by the bank.

Step 5: Once you receive your customer ID and account number, log in via net banking or mobile banking in order to create a password and commence online transactions.

Should you open a zero-balance account?

Of Course Yes. A zero balance savings account does not just free you from the string of maintaining a minimum account balance but also helps you manage your finances and track your expenses. It helps you lower your expenditures and inculcate the habit of saving.


Undoubtedly, a zero balance account offers much more flexibility in comparison to a regular savings account that requires minimum balance maintenance. It adds to the financial inclusion of an individual as a 0 balance account and offers all the banking facilities that a regular savings bank account offers to its customers such as Internet banking,Mobile Banking , cards, customer support, etc.

So, what are you waiting for? Visit your nearest branch or bank’s website (except Baroda advanatage zero balance savings account and Basic savings bank deposit account ) and open a zero balance savings account in simple and easy steps and enjoy hassle-free banking facilities.

Frequently asked questions (FAQs)

Can I Convert My Account To A Zero-Balance Account?

Yes! You can. It is very easy to convert your existing savings account to a zero balance account by following the steps given below:

  • You can visit the home branch of your bank where you have your existing savings account.
  • Ask the bank representative for the respective form for converting your existing (as per scheme provided by the bank for Zero Balance) savings account to a zero balance account.
  • Fill up the form carefully.
  • Ask if any documents are required to be attached.
  • submit the form along with an account conversion application and attached documents (if required) at your home branch.
  • the bank shall evaluate the application form.
  • once the verification is done, your savings account will successfully get converted to a zero balance account.

 Why should you choose to open a zero-balance bank account online?

Choosing an online bank account opening with zero balance is always a better choice.

There are several valid reasons to opt for an online savings account opening zero balance. In recent years, there has been a plunge in digitalisation in every sector, including banking. As per the RBI’s guidelines, all banks and financial institutions have to allow their customers and prospective customers to access banking services digitally. Also, the process of opening a zero balance savings bank account is an extremely simple task and much easier than the offline process as it only takes up a few minutes. Above all,

  • It saves you from long queues at the bank.
  • No minimum QAB is to be maintained.
  • There are various other facilities (which depends on schemes) such as discounts on locker facilities, demat annual maintenance charges and on processing fees of loans.
  • Free mobile banking facility, Internet banking facility.
  • B3 account is a very good product which can be easily opened online through mobile banking.

Can we save money in a zero-balance account?

Indeed. You can save money in a zero balance account due to many reasons such as:

  • You do not require a deposit amount to open a zero-balance saving account, however funds can be deposited into it to increase the savings .
  • In a regular savings account, banks levy a penalty for not maintaining the minimum account balance, but in a zero balance account, there is no penalty as you are not required to maintain a minimum balance.(subject to terms and conditions )
  • 3 You receive a similar rate of interest in a zero balance account to that of a regular savings account.

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