Banking in India has come a long way with many options available for zero balance savings account

Most banks have the rule for non-salary accounts to maintain a minimum monthly balance. This amount can vary, depending on the bank and location. The minimum balance rule helps banks to cover the expenses of maintaining lakhs of accounts.

However, from the customer’s perspective, the minimum balance rule means that the money is locked at a much lower interest rate. It is usually in the range of 2.5% to 3% for savings accounts. In comparison, if the same money is deposited in an FD, it can fetch more than double the savings account interest rate.

The good thing is that some banking entities have started thinking from the customer’s perspective. Working on that, these entities are offering zero balance savings accounts to customers. Moreover, with foolproof authentication with Aadhaar and credit score check, the entire process of opening a zero balance bank account can be done online. There is no need to be hassled with the task of visiting a physical bank branch. If you are looking for the best zero balance account opening online, here are some options you can consider.

Kotak 811 Zero Balance Account (Kotak Mahindra Bank)

This is one of the popular options for a fully digital zero balance account. Things you will need to do are Aadhaar authentication and PAN verification. A video KYC is also required. In addition to zero balance, you will also get a free virtual debit card. You will be able to access features such as UPI, IMPS, NEFT and RTGS. Although it is a zero balance account, you can still earn around 3-4% interest on any savings that you may have. Kotak 811 Zero Balance Account is ideal for students, freelancers and digital-first users.

SBI Insta Plus / Basic Savings Bank Deposit Account (State Bank of India)

You can choose reliable zero balance account options such as Insta Plus (opened via Video KYC online) or BSBDA. You get a free debit or ATM card, with unlimited withdrawals facility at SBI ATMs. At other bank ATMs, four transactions are free. You can use the official SBI YONO app for UPI, bill payments and digital banking. Interest on any savings you may have is around 2.70%.

IndusInd Bank Indus Delite / Online Savings Account

Once the KYC process is completed via video conferencing and your application is approved, you can access your zero balance account with IndusInd Bank. You will be getting a free debit card and there are options for passbook, chequebook as well. IndusInd Bank offers good digital tools and benefits such as cashback. Interest rate on your savings could be higher in comparison to the zero balance account of other banks.

IDFC FIRST Bank Pratham / Savings Account

This is a fully digital online zero balance account, offering benefits such as up to 7% interest rate and free unlimited ATM withdrawals. With no hidden charges, the IDFC Bank’s zero balance account stands out in the banking domain. You can access a wide range of digital banking features and expect good reliability across all the core services.

Axis Bank Easy Digital / Basic Savings Account

You can open a zero balance account with Axis Bank via an Aadhaar-based Video KYC. Once the formalities are completed, you will be provided with a free RuPay debit card. You can make unlimited withdrawals at Axis Bank ATMs and up to four free transactions at ATMs of other banks. A number of features can be accessed via the official Axis Bank mobile app. Interest rate offered on the savings bank account is in the range of 2.5-3.50%. Cashback offers are also available with the Axis Bank zero balance account.

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To choose the best credit card for frequent flyers, one needs to assess the overall benefits and also consider the fees and charges

Credit cards have evolved significantly in recent times, with personalized options to suit distinct needs and preferences. For example, there are specialized credit cards for various needs such as shopping, grocery purchases, online food ordering, train travels, fuel filling, etc.

Similarly, there are specialized credit cards available for frequent flyers as well. These can boost your savings and also make your air travel a more enjoyable experience. Let us check out some of the best credit cards for frequent flyers in 2025.

Axis Bank ATLAS Credit Card – With this credit card, you can access rewards with any airline of your choice. You will be getting up to 18 complimentary domestic lounge access, if you spend at least Rs 50,000 in the previous three months. You also get unlimited international lounge access, along with eight guest visits per annum if you opt for the Priority Pass. Rewards come in the form of accumulated EDGE Miles – 5 EDGE Miles for every Rs 100 spent. These can be used for domestic and international lounge visits. Costs include joining fees and annual fees of Rs 5,000 each. There is no spend-based waiver.

SBI Air India Signature Credit Card – This card can benefit users who prefer to travel with Air India. Lounge access benefits include eight complimentary domestic Visa lounge visits per year and more than 600 international lounge visits via Priority Pass. Users get a welcome bonus of 20,000 reward points and an annual bonus of 1 lakh reward points. Four points are earned for every Rs 100 spent. Other benefits include complimentary travel insurance, 1% fuel surcharge waiver and Air India Flying Returns membership. Costs include joining fee and annual fee of Rs 4,999 each.

Emirates Skywards ICICI Bank Sapphiro Credit Card – This is preferred by flyers who like the luxury travel perks available with Emirates airlines. Users can access unlimited complimentary domestic and international airport lounge access via Dreamfolks Pass. Additionally, there are 2 complementary spa sessions per year at select airports in India. Rewards come in the form of up to 2 Skywards Miles per transaction. Costs include joining fees and annual fees of Rs 5,000 each.

Kotak IndiGo 6E Rewards XL Credit Card – This is appropriate for folks who prefer to travel with IndiGo airlines. Users can access eight domestic lounge access per year. Welcome bonus includes complimentary IndiGo ticket valued at Rs 3,000, along with 6E Prime add-on worth Rs 1,099. This can be used for seat selection, priority check-in, meals and faster baggage handling. Rewards include 6 points for every Rs 100 spent. Costs include joining fees and annual fees of Rs 2,500 each.

IndusInd Bank Avios Visa Infinite Credit Card – This will be suitable for folks who prefer to fly with Qatar Airways or British Airways. Complimentary lounge access includes 2 domestic and 2 international lounge visits per quarter. Rewards include 6 Avios points for every Rs 200 spent. These can be redeemed when flying with Qatar Airways or British Airways. Costs include joining fees and annual fees of Rs 1,500 each, making it one of the most affordable credit cards for frequent flyers.

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In recent years, we have witnessed the phenomenon of central banks launching their own digital currencies. Some examples include the Sand Dollar of Bahamas, e-CNY of China and e-krona of Sweden. This shift towards central bank digital currencies (CBDCs) is expected to intensify, as more countries launch their respective digital currencies. Around 100 countries including most G20 nations are actively thinking about launching their digital currencies.

As central bank digital currencies are a relatively new phenomenon, at least in public domain, it makes us wonder why countries have developed an interest in digital currency. Is central bank digital currency same as cryptocurrency? To answer such questions, here’s a look at key reasons why central banks are launching digital currency.

Ease of payment – The concept of central bank digital currency may seem entirely new. But it has existed earlier also. Much of the reserves maintained by central banks is in digital form. However, these are only utilized by other banks and financial institutions. Central bank digital currency is slightly different, as it can be used by everyone including individuals. Digital currency will simplify everyday payments, as they will be able to function even without internet access.

Reduce cash circulation – It is common knowledge that much of the criminal activities are financed through cash. Also, printing cash is a significant cost burden for central banks. As more and more people start using digital currency, the amount of currency notes to be printed will reduce dramatically. The eventual aim is apparently to shift entirely to digital transactions. However, this may take several years to achieve.

Fighting counterfeits – When money gets into the wrong hands, bad things are bound to happen. Counterfeiting is a big problem, with millions of dollars in circulation around the globe. Every country faces the problem of counterfeiting. Counterfeit currency can be used for various nefarious purposes such as crime, creating social unrest, anti-national activities, etc. With a greater share of digital currency, the problem of counterfeits can be minimized.

Reduce money laundering and financial fraud – With digital currency, it will become a lot harder to launder money that is usually earned illegally and without paying the necessary taxes. The risk of financial frauds will also decrease with digital currency.

Is central bank digital currency same as cryptocurrency?

There is a tendency to confuse central bank digital currency (CBDCs) with cryptocurrencies like Bitcoin, Ethereum, Tether, etc. However, the fact is that CBDCs have no relation to cryptocurrency. As compared to a cryptocurrency whose value may increase or decrease based on demand, the value of CBDCs will always remain equal to the respective amount in actual currency. Another difference is that while cryptocurrencies are privately owned, CBDCs are owned and managed by respective central banks.

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An international financial institution, World Bank primarily focuses on providing funds and grants to countries for executing capital projects. The financial assistance is provided to low- and middle-income countries. The World Bank comprises five institutions, which are IBRD (The International Bank for Reconstruction and Development), IDA (The International Development Association), IFC (The International Finance Corporation), MIGA (The Multilateral Investment Guarantee Agency) and ICSID (The International Centre for Settlement of Investment Disputes).

While most people have a basic idea about what World Bank is, there is not much clarity on how World Bank generates its own funds. For better understanding, here’s a look at who funds World Bank.

Financial Markets

Through the International Bank for Reconstruction and Development (IBRD), the World Bank taps the world’s financial markets to raise most of its funds. IBRD has the primary mission of providing loans, guarantees, advisory services and risk management products to middle income as well as creditworthy low-income countries.

Till date, more than $500 billion worth of loans have been provided by IBRD to alleviate poverty across the globe. IBRD has consistently maintained high credit rating, which allows the organization to borrow funds from the world’s financial markets at low cost. IBRD also generates funds via its equity investments and the small margin that is earned via lending to countries.

Donor countries

Through the International Development Association (IDA), the World Bank raises funds through donations from member countries. Much of the funds are generated through donations by developed countries. Some of the largest donations are received by countries such as United States, Japan, United Kingdom, France, Germany, Canada, China, Italy, Netherlands, Sweden, Saudi Arabia and Switzerland.

Bonds

World Bank issues bonds, something similar to the general practice associated with corporates and central banks. World Bank can easily issue bonds to raise funds, as the organization has consistently maintained triple-A credit rating. This is the highest credit rating for any organization. World Bank bonds are usually purchased by member countries and private sector institutions.

World Bank bonds are among the safest investment options for nations and private organizations. World Bank bonds can be purchased from commercial banks, security houses, dealers and brokers. Bonds issued by World Bank are broadly classified as benchmark and global bonds, local currency bonds, structured notes and USD discount notes.

Investment of undisbursed loans

Every year, there’s a specific portion of available funds that is not disbursed. This balance is invested to earn income. It is then used to meet operational expenses of World Bank’s Washington headquarters and regional offices.

Repayment

When borrowing countries repay their principal, it becomes part of total funds available with World Bank. These funds are automatically allocated as available funds for any upcoming projects.

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The basic concept of banking has been in existence since several centuries when people did not even use money. It all started when the world traded with the barter system and a few merchants started giving grain loans to farmers.

Modern day banking system developed in the 14th century, when several banking establishments started operating in Europe. Since then, banks have become a lot more complex and acquired several new roles. Based on assets under management, here’s a quick look at top five largest banks in the world.

Industrial and Commercial Bank of China – Founded in 1984 as a limited company, Industrial and Commercial Bank of China (ICBC) is currently a state-owned commercial bank with global operations. Part of the bank’s capital has been sourced through the Ministry of Finance of China. The bank has branches across Asia, Africa, Latin America, Europe, America and Australia. ICBC currently has assets worth USD 4,324.27 billion.

China Construction Bank – Founded in 1954, China Construction Bank (CCB) was earlier known as People’s Construction Bank of China. It got its new name in 1996. While it has thousands of braches in its home country, CCB also has operations across major cities in European countries, USA, Australia, South Korea, and Japan. As of 2020, it has USD 3,653.11 billion worth of assets under management.

Agricultural Bank of China – Also referred to as AgBank, Agricultural Bank of China (ABC) started operations way back in 1951. Just like other large Chinese banks, ABC also has global operations. It is a public limited company, with its shares listed on Shanghai Stock Exchange and Hong Kong Stock Exchange. ABC currently manages assets worth USD 3,572.98 billion.

Bank of China – More than a century old, Bank of China started operations in 1912. In addition to its local network, Bank of China has branches in more than 27 countries. Even though it is not a central bank, Bank of China has been given the license to issue banknotes in Hong Kong and Macau region. Total assets under management are worth USD 3,270.15 billion.

Mitsubishi UFJ Financial Group – Based in Tokyo, Japan, Mitsubishi UFJ Financial Group (MUFG) came into existence in 2005 post the merger of Mitsubishi Tokyo Financial Group (MTFG) and UFJ Holdings. MUFG is currently one of the primary revenue generators for Mitsubishi Group. As of 2020, MUFG has USD 2,892.97 billion worth of assets under management.

As is evident from above, China is continuously strengthening its banking system with the goal to dominate the global financial system. It’s obvious that China wants to be the global superpower and it will need its banks to make it possible. China is also expected to match the military prowess of United States by 2027. As things stands now, it appears that China is all set to dominate the 21st century.

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