Is There a Zero Balance Account in Indian Banks? Benefits & Eligibility

An Indian Bank Zero Balance Account refers to a savings account which offers their users to maintain an account without keeping a minimum balance. This zero balance savings account is designed to make banking easily accessible for everyone, mainly students, low-income individuals, senior citizens, and people opening their first bank account. Users can enjoy major basic services like deposits, withdrawals, fund transfers, ATM, and digital banking with ease. If you are opening your first bank account, you can reach out to LoansJagat’s professional team to compare and choose the bank account suitable for you. 

Key Takeaways:

1. This account is a great option for low-income individuals, students, and first-timers as there is no minimum balance requirement. 
2. Indian Bank has offered various services connected to the zero balance savings account, like ATM, internet banking, mobile banking, and fund transfer facility. 
3. This account helps promote financial inclusion by making banking affordable and easier. 
4. Eligible customers can access government benefits transfers directly into their bank account using the Indian Bank zero balance account. 
5. The Indian Bank zero balance account can be opened through your nearest bank branch. 
6. This zero-balance bank account is a safe place to save money without any minimum balance requirements. 

What Is the Eligibility Criteria For Indian Bank Zero Balance Account?

There are certain eligibility criteria for opening a zero balance account in Indian Bank. Here are the pointers that work as the eligibility criteria here: 

1. Individual (Single Account): An Indian resident who meets the bank’s KYC requirements can open a zero balance savings account in their name. 
2. Joint Account Holders: Two or more individuals who wish to open a zero balance savings account can jointly open and operate the account. 
3. Illiterate Persons: People who cannot read or write can also open this account easily, as the bank offers facilities like thumb impression verification to access banking services. 
4. Blind or Visually Impaired Persons: Individuals who are visually impaired are also eligible to open an Indian Bank Zero Balance Account. 

Disclaimer: All Indian Bank users can complete the KYC process, formalities, and submit the required identity and address proof as per RBI and Indian Bank guidelines.  

The types of accounts offered by Indian Bank are with and without cheque facility, as per the official website. There is no minimum balance requirement, no maximum amount, and no maintenance of minimum balance. 

What Are The Salient Features of Indian Bank Zero Balance Account?

Indian Bank offers some of the features for customers that make the banking services much more convenient and better for them. Here are the salient features that the bank offers:

20 Free Cheque Leaves in a Calendar Year

The bank offers 20 cheque leaves free every calendar year for customers with cheque-operated savings accounts; there can be certain charges if the cheque leaves exceed. 

Personalised Cheque Book 

The bank also offers a personalised cheque book with the account holder’s name specially printed on the cheque leaves, making cheque transactions more convenient and secure for personal and business payments. 

Free RuPay ATM & Debit Card

Indian Bank zero balance account holders receive a RuPay ATM and Debit Card free of cost. These cards can be used for cash withdrawal, purchases at merchant outlets, and online transactions. 

50 Free Withdrawals Every Half-Year 

The account offers 50 free cash withdrawals every six months. All these withdrawals can be done through eligible banking channels, after which charges may be applied.