Avira Antivirus: Free Antivirus Software for Windows
Avira AntiVir Personal Free edition is a reliable antivirus solution. It scans your computer for malicious programs such as viruses, Trojans, backdoor programs, hoaxes, worms, dialers etc. in real time and also monitors all actions taken by the user or the system programs for any malicious executions or usage of resources.
Avira AntiVir Personal provides Netbook support for laptops with low resolution. It’s AntiDialer feature offers protection against expensive dialers. This Free Edition also offers additional functionality such as AntiRootkit protection against hidden rootkit’s, AntiPhishing protection against phishing and also AntiSpyware protection against spyware and adware.
Features include a Real-time Scanner, daily free definition updates, Root-kit Scan, Boot records scan. Avira AntiVir Personal is light on system resources (around 10mb memory usage) and the scans are fast with good detection rates.

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I’ve been using this for past 1 year. Simply great!
Thanks. Could you post a good antispyware too?
Avira is my favorite free antivirus because it uses a limited amount of resources. For a free antivirus, it does have pretty good detection rates. One thing I like to do is turn the heuristics up to high and have it scan all files. This way it has a better chance of detecting viruses and malware. Great write up.