Over the last two years, the Indian digital banking ecosystem has undergone significant changes. In 2023, Kotak 811 and ICICI Mine Account were two of the most popular zero balance digital savings accounts in the country. However, by mid-2024, the landscape had shifted dramatically, introducing new players and phasing out older offerings.
Major Developments in Digital Banking (2023–2025)
In April 2024, the Reserve Bank of India (RBI) imposed a temporary ban on Kotak Bank from onboarding new customers due to security concerns. After a year, this ban was lifted, and Kotak resumed onboarding under a simplified version of its 811 product line.
Meanwhile, ICICI Bank discontinued its Mine Account in mid-2024 without any formal announcement. As of 2025, ICICI no longer offers a digital zero balance account. This opened the door for Axis Bank and IndusInd Bank to introduce their own offerings: Axis Amaz Account and IndusInd India Account, respectively. Among these, Axis Amaz and Kotak 811 now stand as the two main contenders.
Axis Bank Zero Balance Account Offerings
Axis Bank offers three types of zero balance savings accounts:
1. Basic Savings Account
Created under the Pradhan Mantri Jan Dhan Yojana. Designed for individuals with little or no access to banking. Requires branch visit for opening and limited online features. Not ideal for users seeking a fully digital experience.
2. Salary Account
Available to salaried individuals with an Axis Bank tie-up. Offers various tiers such as Liberty, Prestige, Burgundy, and Prime. Not accessible for all users; hence not discussed in depth here.
3. Axis Amaz Zero Balance Digital Savings Account
This is Axis Bank’s flagship digital account and comes with a subscription-based model.
Key Features:
- Zero balance requirement.
- Two subscription plans:
- ₹200/month
- ₹2200/year
Benefits (Post Subscription):
- Free Amazon Prime membership (worth ₹1499/year).
- Swiggy One Lite subscription (worth ₹99/month).
- ₹200 cashback/month on spending ₹800 or more.
- 5% cashback on platforms like Zomato, BookMyShow, Myntra, Uber, and Blinkit (capped at ₹250/month).
- Unlimited ATM withdrawals, even from other banks.
- Insurance benefits.
- Physical Rewards Debit Card.
- 3% interest rate on savings.
Note: All listed benefits under Axis Amaz are available only after subscribing to a paid plan.
Drawbacks:
- Subscription is mandatory for unlocking benefits.
- Users must be active spenders to fully utilize rewards.
- Unused benefits can lead to monthly deductions without tangible returns.
- Offers such as cashback and discounts are temporary and vary.
Kotak 811 Zero Balance Account (2025 Version)
Kotak revamped its 811 product line in 2024. Originally offering four variants, the bank has now simplified it into two main options:
1. 811 Normal Account
- Requires ₹1000 initial funding.
- Zero balance maintenance post-opening.
- ₹300 fee for a physical debit card.
- Includes Active Money feature—a sweep-in FD with approx. 7% interest.
2. 811 Super Account
- Requires ₹5000 initial funding.
- Offers ₹6000 annual cashback via 5% flat cashback (₹500/month cap).
- Cashback excludes wallet loads and interbank transfers.
- ₹300 annual subscription fee.
- Free physical debit card.
- Includes the Active Money sweep-in facility.
Read Also - Best Premium Credit Card in India?
Axis Amaz vs Kotak 811: A Parameter-wise Comparison
| Feature | Kotak 811 | Axis Amaz |
|---|---|---|
| Minimum Opening Balance | ₹1000 / ₹5000 | ₹0 |
| Zero Balance | Yes | Yes |
| Debit Card Fee | ₹300 (Normal), Free (Super) | Free with subscription |
| Cashback | ₹6000/year (Super) | ₹200/month + 5% on partners |
| ATM Withdrawals | 3 free/month | Unlimited with subscription |
| KYC | Video KYC | OTP-based |
| Interest Rate | ~7% (FD sweep) | 3% |
Eligibility
- Kotak 811 requires video KYC.
- Axis Amaz allows OTP-based KYC via Aadhaar and PAN.
- Kotak users without full KYC may need to visit a branch after 12 months.
Account Transactions
- IMPS Charges: Free in Kotak; ₹3–₹15 in Axis.
- Chequebooks: Axis offers up to 4 free transactions; Kotak offers only 1 free.
- Cash Deposits:
- Up to ₹2 lakh is free in both.
- Post-limit: ₹150/transaction at Kotak, ₹21 at Axis.
- ATM Withdrawals:
- Axis offers unlimited free withdrawals with subscription.
- Kotak limits to 3 free withdrawals/month.
Digital Experience
- Kotak 811 has a dedicated mobile app with a high Play Store rating (4.6).
- Axis has no dedicated app for Amaz; services are within the main Axis app.
Final Verdict: Which Zero Balance Account is Better?
Kotak 811 appears to have a slight edge due to its dedicated focus on digital banking, refined offerings, and added features like Active Money. While Axis Amaz provides generous benefits, they are gated behind a subscription and best utilized by high-frequency spenders.
For users seeking a balanced, feature-rich digital savings experience with long-term value, Kotak 811 stands out as the best zero balance account in 2025.
