INSUBCONTINENT EXCLUSIVE:
Axis and Kotak Mahindra offer up to 7.1% and 6% respectively on digital zero minimum balance accounts.These days leading banks offer the
facility of opening savings accounts instantly via internet on mobile or desktops
The largest lender of the country, State Bank of India, has been offering two such savings accounts, which can be opened via its YONO app
and do not require maintenance of any minimum balance as of now
Among private lenders, both Axis Bank and Kotak Mahindra Bank have also introduced similar accounts which do not require maintenance of any
However, the interest rates offered on digital savings accounts of Axis Bank and Kotak Mahindra Bank are better than SBI's .State Bank Of
India (SBI) Instant Savings Zero Minimum Balance AccountsSBI offers two instant savings accounts which can be opened via YONO app
These are the Digital Savings Account and the Insta Savings Account, according to the website of YONO app, sbiyono.sbi.(Digital Savings
Account and Insta Savings Account of State Bank of India (SBI) do not require you to maintain any minimum balance under a special
offer.)Digital Savings Account of SBI does not require any minimum balance till March 31, 2019
Insta Savings Account of SBI does not require any minimum balance till August 2018
But after this date, customers will be required to maintain minimum balance as defined for normal SBI Savings Bank Accounts, according to
Both accounts can be opened on the basis of paperless opening, which means that a customer does not need to submit physical copies of
acceptable documents to SBI at the time of opening of these accounts
All that you need to provide is your Aadhaar card and PAN (permanent account number) details.SBI Digital Savings Account:You will be
required to make one visit to an SBI branch to open this account
It offers you a personalized Platinum Debit Card.SBI Insta Savings AccountThis account is for new customers having no existing relationship
It gets started on the basis of OTP or one-time password-based electronic KYC (Know Your Customer), which helps the bank verify the
This account can be opened from home and does not require the applicant to visit a bank branch
Thus, it can be activated instantly
This account offers a free Rupay debit card.Interest rates on SBI Digital Savings Account, Insta Savings AccountThe interest rates on both
these accounts are the same as on regular savings accounts of SBI
For a balance up to Rs 1 crore, the interest rate on deposits in both the accounts is 3.5 per cent while for balance above Rs 1 crore, the
interest rate is 4 per cent.Axis Bank's Axis ASAP Zero Balance AccountAxis Bank offers Axis ASAP account, which does not require you to
maintain any minimum balance
This instant account can be opened in any Axis Bank branch, according to a mail from Axis Bank
All that you need is your Aadhaar card number and PAN.(Axis Bank offers Axis ASAP account, which does not require you to maintain any
minimum balance.)Interest rate on Axis Bank's Axis ASAP Zero Balance AccountAxis ASAP Zero Balance Account offers an interest rate up to
7.1 per cent for balances above Rs 1 lakh.Kotak Mahindra Bank's 811 Digital Savings Zero Balance AccountKotak Mahindra Bank offers the
facility of opening 811 instant account
It offers a virtual debit card
"The essence of 811 is to bring to you all facilities from zero balance banking to seamless shopping, travelling and entertainment
Balance AccountThis account offers an interest rate of up to 6 per cent on your deposits
For balance over Rs 1 lakh and up to Rs 1 crore, the interest rate is 6 per cent
For balances above Rs 1 crore, the interest rate is 5.5 per cent.
