Bandhan Bank Zero Balance Account – Features, Benefits & Application Guide

Neha, a young professional, is usually concerned, as previously, like many traditional accounts detailed on various bank cards, she had to worry about a minimum balance between ₹500 and ₹1,000; otherwise, a monthly fee of around ₹50 would be charged. Now, however, with this Zero Balance Account, Neha needs to no longer constantly monitor her bank balance, while now she can focus on her career. The following table provides a precise numerical comparison between a traditional savings account and the Zero Balance Account:

It not only simplifies banking for the convenience of Neha but also provides a direct financial benefit by eliminating unnecessary fees, thus making everyday banking easier and cheaper. 

Types of Bandhan Bank Zero Balance Account Overview

Bandhan Bank has been innovating its portfolio of savings accounts, and the zero-balance account is one of their very innovative features that relieves customers from the rule of maintaining a minimum fixed amount. This product is especially attractive to customers who love the versatility of banking digitally, as it is represented in Bandhan Bank's offerings of savings accounts.

Banking with Bandhan Bank provides you with very straightforward yet useful and accountless savings programs. These accounts have the same identification and are equally valuable. As a result, you may find an overview of 'zero-balance accounts' that includes all of the necessary information on perks and other types.

1. Pradhan Mantri Jan-Dhan Yojana (PMJDY) Savings Account

The PMJDY Savings Account is part of the Government of India's financial inclusion strategy, which seeks to give cheap access to financial services. This account can be started with a zero balance and provides access to a variety of financial services, such as savings and deposit accounts, money transfers, credit, insurance, and pension. Account holders receive a RuPay Debit Card with accidental insurance coverage of ₹1,00,000. There are no penalties for failing to maintain a minimum balance, and the account is eligible for Direct Benefit Transfer (DBT) subsidies.

2. Basic Savings Bank Deposit Account (BSBDA)

The BSBDA is intended to provide essential banking services without the requirement of keeping a minimum balance. This account can be started with a zero balance and offers basic banking services, including deposits and withdrawals. Account members receive a free ATM/debit card with no annual maintenance fees. There are no fees for non-operation or activation of inactive accounts. 

3. Basic Savings Bank Deposit Account-Small (BSBDA-Small)

The BSBDA-Small Account is designed for persons who do not have the standard KYC documentation but yet want to use basic banking services. This account can be started with a zero balance. Account credits should not exceed ₹1,00,000 per year, with a maximum amount of ₹50,000 at any given moment. Withdrawals and transfers should not exceed ₹10,000 per month. Account members receive a free ATM/debit card with no annual maintenance fees.  There are no fees for non-operation or activation of inactive accounts.

4. Pension Savings Account

The Pension Savings Account is specifically created for pensioners and provides a hassle-free banking experience after retirement. This account can be created with a zero balance and pays competitive interest rates on savings account balances on retail term deposits. Account holders get a monthly cash deposit limit of ₹2,00,000 and three free financial transfers each month, including RTGS/NEFT (Branch), IMPS, and DD. They also get 10 free multi-city at-par cheque leaves each month and unlimited free cash withdrawals from Bandhan Bank ATMs. 

Account members have access to a variety of locker facilities to meet their specific needs and preferences. A special Mastercard Titanium Debit Card is also available.

The following table summarizes the essential characteristics of these zero-balance accounts:

How to Open Bandhan Bank Zero Balance Account Online & Offline

The table below provides an organized and simple guide to opening a Bandhan Bank Zero Balance Account (BSBDA, Small Savings Account) both online and offline. Tables are prepared separately for each approach.

Online Method to Open Bandhan Bank Zero Balance Account

Offline Method to Open Bandhan Bank Zero Balance Account

Bandhan Bank Zero Balance Account Fees & Charges

The charges for the Bandhan Bank Zero Balance Account are summarized in the table below, based on information from the official Bandhan Bank website. The examples offered are based on the quantitative numbers mentioned on the website.

Bandhan Bank Zero Balance Account Interest Rates

Bandhan Bank offers attractive interest rates on its Basic Savings Bank Deposit Account (BSBDA), commonly known as a zero-balance account. The interest rates are structured in tiers based on the account balance. Below is a table summarizing these rates:

Bandhan Bank BSBDA Interest Rates

Sujata can earn 6.25% annual income on her Bandhan Bank Zero Balance Account with a balance of ₹2.3 crore, according to the ₹2 crore-₹10 crore slab. The annual interest will be ₹14,37,500 (i.e., ₹2,30,00,000 multiplied by 6.25%). The monthly interest is ₹1,19,791.67 per month. Sujata can earn over₹1,20,000 per month in passive income from interest by simply having ₹2.3 crore in her account. This demonstrates the value of Bandhan Bank's tiered interest rate structure, in which larger balances yield higher returns.

Eligibility Criteria for Bandhan Bank Zero Balance Account Opening

Bandhan Bank, often known as a zero-balance account, is designed to provide basic banking services without the obligation of keeping a minimum balance. A thorough table explaining the eligibility conditions for opening a BSBDA is provided below, based on data from Bandhan Bank's official website.

Eligibility Criteria for Bandhan Bank Zero Balance Account Opening

Required Documents for Bandhan Bank Zero Balance Account Opening

To open a Bandhan Bank Zero Balance Account, applicants are required to provide specific documents to comply with the bank's Know Your Customer (KYC) norms. Below is a comprehensive table detailing the accepted documents for both Proof of Identity (PoI) and Proof of Address (PoA), based on information from Bandhan Bank's official website.

Required Documents for Bandhan Bank Zero Balance Account Opening

Bandhan Bank Zero Balance Account Helpline

Bandhan Bank offers multiple helplines and contact points to assist customers with their Zero Balance Account inquiries. Below is a comprehensive table summarizing these contact details:

Bandhan Bank Zero Balance Account Helpline

These contact methods ensure that customers have multiple avenues to address their queries and concerns regarding the Zero 

Balance Account. 

 Bank Zero Balance Account Welcome Kit

Zero Balance Account provides consumers with a comprehensive welcome kit upon account opening. This package will enable instant access to basic banking services and tools. The following table details the components normally included in the welcome kit.

Bandhan Bank Zero Balance Account Welcome Kit Components

Conclusion

Bandhan Bank's Zero Balance Account is an easy and inclusive banking option that removes the pressure of maintaining a minimum balance while still providing essential banking services.  Bandhan Bank serves a diverse customer base, including individuals, minors, and retirees, through a variety of account types such as PMJDY, BSBDA, BSBDA-Small, and Pension Savings Accounts. 

The account offers excellent interest rates, a simple online and offline opening process, and clear fee structures. Customers also receive a comprehensive welcome kit, access to digital banking platforms, and 24-hour customer service, making banking more convenient and accessible. Bandhan Bank enables customers to build their savings without incurring hidden costs by providing zero maintenance fees and a structured tier-based interest system. This account is an excellent choice for individuals looking for a hassle-free, cost-effective banking experience.

FAQs Related to Bandhan Bank Zero Balance Account

1. Who is qualified to open a Bandhan Bank zero balance account?

Any resident Indian over the age of 18 may open a Zero Balance Account. Minors over the age of 10 can open and operate their own accounts.

2.  Can I convert my existing savings account to a Zero Balance Account?

No, you cannot convert an existing savings account into a Zero Balance Account. You must open a new account in the BSBDA or other suitable categories.

3.    Is there a limit on the number of transactions in a Zero Balance Account?

While most transactions are free, some accounts, such as BSBDA-Small, may have withdrawal and deposit restrictions based on RBI standards.

4.   Does Bandhan Bank provide a free debit card with the Zero Balance Account?

Yes, most Zero Balance Accounts include a free ATM/Debit Card; however, certain accounts may include annual maintenance fees.

5.   Can I get payments from abroad into my Bandhan Bank Zero Balance Account?

Yes, foreign remittances are permitted in a BSBDA account, subject to current RBI regulations and compliance criteria.

6.    How can I check my account balance without going to a branch?

You can access your balance through mobile banking, internet banking, missed call banking, or the mBandhan app.

7.   What happens if I open several zero-balance accounts with Bandhan Bank?

According to RBI regulations, each customer is only allowed one BSBDA account per bank. If numerous accounts are discovered, the bank may require you to close one.

8.   Can I link my Zero Balance Account with UPI for digital transactions?

Yes, you may link your Bandhan Bank Zero Balance Account to any UPI app to make seamless digital payments and financial transfers.

9.  Is there a penalty for not using the account for a long time?

No, there are no fines for non operation; but, if the account is not utilized for a long length of time, it may become inactive. You can revive it by going to the branch. 

10.  Does Bandhan Bank provide a passbook for Zero Balance Account holders?

Yes, every Zero Balance Account holder receives a passbook to keep track of transactions and account balances.

11.   Can I set up a shared Zero Balance Account with a family member?

Yes, Bandhan Bank accepts shared Zero Balance Accounts with qualified individuals, provided that all KYC requirements are completed.

12.    Are there any hidden fees associated with the Zero Balance Account?

No, Bandhan Bank is completely transparent about all charges. However, certain services, such as chequebooks, SMS notifications, and further deposits above limits, may incur a small cost. 

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