Zero Balance Account in Indian Bank!. Indian Banks have been competing fiercely with one another, introducing various offers and incentives on savings accounts to attract customers. One such offer is the Indian Bank zero balance account that requires no minimum deposit requirement from the customer. So what are these Indian Bank zero-balance accounts? How do they work? And how can you open one of your own? Read on!
Indian banks offer Indian Bank Digi account and Indian Bank Basic Savings account that can be opened online. Indian Bank Digi’s saving account and Basic Saving Account have no minimum deposit required for opening the account.
Let’s get into it.
- What Is Zero Balance Saving Account?
- Advantages of having an Indian Bank Zero Balance Account.
- IB-DIGI Online SB Account.
- Who is eligible to open an Indian Bank Zero Balance Online Account?
- Document required for Zero Balance Account in Indian Bank online?
- How to Open an Indian bank Zero Balance Account Online?
- Indian Bank Basic Savings Account.
- Final Thought
What Is Zero Balance Saving Account?
A zero balance saving account is a bank account where the customer does not maintain a minimum balance. This means that the customer is not charged fees for not maintaining the minimum balance. Indian Bank offers two such accounts- Indian Bank Digi and Indian Bank Basic Savings Account. Indian Bank Digi is an online account that requires no minimum deposit.
Advantages of having an Indian Bank Zero Balance Account (IB Digi and Basic Savings Account).
#1. No minimum balance required
Indian Bank Basic Savings Account and Indian Bank Digi account do not require the customer to maintain a minimum balance; as such, no charges for non-maintenance of minimum balance are levied. Suppose you are an individual residing in urban and rural areas and open an Indian bank savings account. In that case, the Indian bank offers Indian Bank Basic Savings Account and an Indian Bank Digi account.
However, a regular savings account requires a minimum saving balance of Rs.500
.#2. No restriction on the number of transactions
Indian Bank Basic Savings Account and Indian Bank Digi accounts offer no restrictions on the number of transactions you want to make every month. You can deposit or withdraw money any number of times; as such, no transaction fees are charged in any case. The only thing that customer needs to operate these accounts is an internet banking facility and an Indian PIN (personal identification number).
#3: Free branch-less transactions through IMPS(Indian Rupee Push Payment System) transactions
Indian banks have tied up with various banks in India to offer free off-line push payment transactions through Indian Rupee Push Payment System(IMPS). Indian Bank Basic Savings account and Indian Bank Digi account holders can use this facility to make quick transfers between different banks in India.
#4: No initial deposit.
Indian Bank’s zero balance account does not require any initial deposit paid by the customer. So you can open this account without a rupee in your pocket. This is one more advantage over a regular savings account since most savings accounts have a minimum initial deposit requirement to obtain a bank account.
#5. ATM/Debit card.
You will get an Indian Bank debit card when you open an Indian bank Digi account. Indian bank ATM/debit cards offer free cash withdrawal and balance inquiry across any Indian Bank branch and other banks’ ATMs in India.
The Debit card offered by Indian banks is lightweight, secure, and is easily accepted at Indian bank ATMs and other Indian Bank branches as well.
#6: Free access to your money 24 hours a day/7 days a week
Indian bank’s debit card offers a free cash withdrawal facility anytime and anywhere in India. Since Indian Bank Basic Savings accounts and Indian Bank Digi account holders can access their money through net banking and Zero Balance Account holders can withdraw their money anytime, anywhere.
#7: Maximum Withdrawals.
The amount withdrawn from an Indian bank Zero Balance account can be up to Rs.10,000 per day for unlimited amounts at Indian Bank ATMs and up to Rs.10,000 per day at other banks’ ATMs.
However, free ATM withdrawal is limited to four transactions in one month.
#8: Unlimited Standing Instructions.
Indian bank allows it’s zero balance account holders to set up as many standing instructions as they want without limiting the number of transactions. Indian bank allows its Indian Bank Basic Savings account and Indian Bank Digi account holders to set up as many standing instructions as they want for both Indian banks and other Indian banks’ accounts.
#9: Nomination facility.
Adding a nominee is a very important step if something happens to you – your family will be able to access your account and savings. If you have a zero balance account, the nomination facility is available for all Indian Banks customers.
You can add nominee details through the physical form and online Netbanking.
These are the features Indian Bank offers to Indian Bank Basic Savings account and Indian Bank Digi account holders.
Now let us understand the Indian Bank Basic Savings account and Indian Bank Digi account. In the next section, we will dive into Indian bank basic savings account and Indian bank Digi accounts.
IB DIGI – Online SB Account.
If you’re looking to open an online savings account, IB Digi is a great option. With just your PAN card, Aadhaar number, and phone number registered with Aadhaar, you can open an account in minutes. And as an e-KYC Account, you don’t even have to visit a bank branch to complete the KYC process.
Once you’ve opened your account, you’ll have certain restrictions on the amount you can deposit or keep in your account. But don’t worry – once you’ve completed the KYC process, those restrictions will be lifted.
However, if you do not complete the full KYC within the first year of your account’s opening, it will be closed or treated as a dormant account.
Who is eligible to open an Indian Bank Zero Balance Online Account?
Below are the conditions you must satisfy to open an Indian Bank Zero Balance account:
- You must be an Indian citizen.
- You must be 18 years of age or above. If you are an Existing Indian Bank customer, you are not eligible to open an Indian bank zero balance account.
- This online savings account can’t be opened by minors, educational institutions, or joint account owners.
Document required for Zero Balance Account in Indian Bank online?
Here are the Documents required to open an Indian Bank Zero Balance Online Account:
- Identity proof: Indian passport, Indian driving license, Indian Voter ID card/Aadhaar card/PAN card issued by the Indian government.
- Address proof: Ration Card / Passport / Electricity bill / Telecom bill with your Indian Bank Savings Account number on it (Only for Indian citizens), Letter of allotment from an employer if you’re employed.
Before creating an Indian Bank online savings account, there are a few things to consider.
Below are the few things to consider before you open an Indian Bank online savings account:
- Your account remains valid for 12 months unless you complete the Full KYC.
- No checkbook is provided to you.
- The balance in the account should not exceed Rs. 1 lakh on any day; otherwise, the account shall be closed.
- The total amount credited in the account should not exceed Rs. 2 lakh in a financial year.
- You will get a special RuPay card if you open this account online. You can use the card at a POS machine, but your limits are lower.
Read More: How to Open PNB Saving Bank Account Online
How to Open an Indian bank Zero Balance Account Online?
Now, let us see how an Indian bank zero balance account can be opened online. Here are the steps for opening an Indian bank zero balance online account:
Step 1: Visit Indian Bank’s official website.
Step 2: Add your name, mobile number, and email address you want to register with the bank here.
Step 3: Check all the terms and conditions and submit your Indian bank zero balance account form after reading and agreeing with them.
Step 4: An OTP will be sent to your Addhar Registered mobile number. Enter the OTP you received on your mobile phone and click Verify OTP. You should get a pop-up screen at the top of the window.
Step 5: Now fill in the other personal details like Father’s Name, mother’s name, Passport No., Indian Passport No. (if you have an Indian Passport), your marital status, bank branch, etc.
Step 6: Enter your PAN. To verify your PAN, your PAN should be linked to your Aadhaar. Select Verify from the drop-down menu.
Step 7: You can also update your communication address in the next stage if it differs from your Aadhaar address. Select the box to make your Aadhaar address your preferred communications address if both a permanent and a contact address are the same.
Step 8: To open an Indian Bank zero balance online savings account, click on ‘Create SB account. These are the final steps.
After completing the above steps, Indian Bank will send you the account number and CIF number to your registered email address.
Apart from the account number and CIF number, Email shall also have a process to complete this online account to the full KYC saving account. You need to complete the Full KYC within 12 months from the account opening. Otherwise, the Indian bank will close the account.
Pro Tips: Only one customer can open a Digi Savings account on the same device and mobile phone.
Till now, we have learned about the Indian Bank Zero Balance account, Its Features, and how to open it. Now let’s look at Indian Bank Basic Savings Bank Deposit Account (BSBDA).
Indian Bank Basic Savings Account
The Basic Savings Bank Deposit Account (BSBDA) is a zero balance account from Indian Bank that allows you to access basic banking facilities such as debit cards and cheques without any minimum balance.
The main purpose is the financial inclusion of Indian people who are deprived of banking facilities. Thera no charges of non-maintenance of monthly average balance.
Here are the features of an Indian bank’s Basic Saving account.
- There are no minimum balance requirements.
- A free checkbook is available for Indian Bank’s Basic Savings account customers.
- The Indian bank Basic Saving account allows you to open a frills SB Account with Indian Banks.
- This account can be opened with minimum documents like self-attested photographs and affixation of signatures.
Things to consider before the opening of an Indian Bank Small savings account.
- This account can be opened by Individuals only.
- Opening of Joint account with operational clause ‘either-or Survivor’ etc. is also allowed.
- You can not have more than two accounts.
- The account shall be operational initially for 12 months and, after that, maybe extended.
- You can not deposit more than Rs.1,00,000 or more in one financial.
- The aggregate of all withdrawals and/or transfers during the month should not exceed Rs.10,000.
- A bank balance should not be more than 50,000 rupees at any time.
How Indian bank’s Basic Savings Account is different from the Indian bank Digi? Indian
|Types||Indian bank Digi Account||Basic Saving account|
|Open||Can Be open Online||Only Branch can Open|
|Purpose||Tap new Customer, Who Do not have any relationship with the bank.||Tap unbanked sections of the society who don’t have a savings account.|
|Maximum Deposit Amount||No Restriction||Rs.1,00,000|
|Bank Balance||No Restriction||Maximum Balance should not be more than Rs.50,000 at any time.|
|KYC||Full KYC required||Limited KYC required|
Indian banks provide a variety of savings accounts for Indian citizens, one of which is the Indian Bank Basic Savings Account and Indian Digi bank Saving Account. The Indian bank Basic Savings account offers Indian people with no minimum balance requirements and a free checkbook to use as they please.
This account can be opened by an individual but there are limitations on withdrawals amounting to Rs 10,000 per month and only two accounts allowed at any time.
Apart from those restrictions, this basic savings bank deposit account is perfect for anyone looking for an easy-access banking solution without monthly maintenance fees!
In conclusion, Indian Banks offer many different types of zero balance saving options that allow customers unparalleled access to their funds while maintaining high levels of security. Let us know if you have any questions.