declare -a MY_ARRAY=()
Does the declaration of array in this way in bash will initiate all the array elements to 0?
If not, How to initiate
Bash arrays are not fixed-length arrays, so you can't pre-initialize all elements. Indexed arrays are also not sparse, so you can't really use default values the way you're thinking.
However, you can use associative arrays with an expansion for missing values. For example:
declare -A foo
echo "${foo[bar]:-baz}"
This will return "baz" for any missing key. As an alternative, rather than just returning a default value, you can actually set one for missing keys. For example:
echo "${foo[bar]:=baz}"
This alternate invocation will not just return "baz," but it will also store the value into the array for later use. Depending on your needs, either method should work for the use case you defined.