Author
LoansJagat Team
Read Time
13 Minute
04 Apr 2025
Equitas Zero Balance Account – Features, Benefits & Online Application
Suppose you are a young professional with an irregular income, and you have been searching for a simple, low-cost way to handle your finances. With Equitas Bank's zero-balance account, you can open an account with no minimum balance, get free ATM transactions, and have mobile banking.
Here's how it works:
- You send ₹1,50,000 through NEFT, and since the amount falls between ₹100,001 and ₹200,000, you will pay ₹14.5 as the charge.
- Adding 18% GST (₹2.61), your total fee is ₹17.11.
Equitas Bank has several savings options, such as higher interest rates as your balance increases. Therefore, if you keep ₹4 lakhs, you will get 5.00% interest annually, and your savings will increase with ease!
Motive of Equitas Zero Balance Account:
Equitas Bank offers zero-balance accounts so that banking is within everybody's reach and is affordable. They intend to provide banking facilities to everyone, especially low-income or irregular-income individuals, without the need to maintain a minimum balance and payments.
There are no maintenance charges on such an account, and the features are inclusive of free transactions at ATMs and internet banking. They are ideal for those who may not have a steady income or a lot of money because they can manage their finances without having to pay attention to balancing.
What is a Zero Balance Account?
A zero-balance account is a checking or savings account with no minimum balance. It means customers can make withdrawals and deposits without fear of being charged a fee for a zero balance. It provides advantages such as no penalty for low balances, cheap savings, and quick online account opening.
It also offers online and mobile banking, as well as online transactions without extra fees. Zero balance accounts function similarly to normal savings accounts, earning interest on the balance and having flexible deposits and withdrawals. They're perfect for individuals who have trouble keeping a minimum balance.
Types of Equitas Zero Balance Account:
Basic Savings Account | Equitas Small Finance Bank has a simple savings account that is convenient to open and operate. Below is a simple explanation of the account: Important Features: No Minimum Balance: You are not required to maintain a minimum balance in the account. Basic Banking Services: You will be able to deposit, withdraw funds, and transfer amounts easily. Debit Card: You have a RuPay/Visa debit card for making payments and withdrawing money from ATMs. Online Banking: You have the facility to operate your account at any time through Equitas net banking or mobile banking. Passbook: You will receive a passbook to monitor your transactions. Nomination: You can nominate a person to inherit your money in case of untimely demise. Interest Rates: The bank offers you interest on your savings, from 3.50% to 7.00% per annum. Welcome Kit: On opening the account, you will receive a kit with a chequebook and ATM card in 7-8 working days. Fund Transfers: Both online and offline money transfers are possible. Insurance Benefits: Additional insurance benefits such as cover for lost cards, health, and accidents. Special Offers: Depending on the debit card and account type, you can receive special offers and discounts. Customer Support: Call or email the bank to seek assistance. This account is ideal for simple access to fundamental banking services without any additional charge. |
My Savings Account | Equitas Small Finance Bank has a "My Savings Account" with moderate interest rates, high security, and more cash deposit facilities. Below is a brief overview of the account: Key Features: Target Audience: Indian residents aged 18 and above. No Minimum Balance: You're not required to maintain a particular amount in the account. Moderate Interest Rate: The account provides you with a good rate of interest on your savings. Strong Security: The account comes with robust security features to protect your money. Higher Cash Deposit Limits: You can deposit cash in higher quantities than in common accounts. Welcome Kit: At the time of opening the account, you will get a welcome kit. It contains a personalised chequebook and ATM card, which will be delivered to your address in 7-8 working days. Convenient Banking: It's made so that banking daily becomes convenient for you. Online Account Opening: You can open the account online with ease via their online platform. Zero Balance Account: With the Niyo Equitas Savings Account, there is no requirement to hold a minimum balance on your account. This product is ideal for any individual wishing for easy, flexible, and safe banking without a monthly balance obligation. |
Selfe Savings Account | Equitas Bank's Selfe Savings Account is an online account which you can open in a snap using a selfie. It earns a maximum of 7% interest annually, has no balance requirements, and includes a virtual debit card. Here's an easy-to-understand rundown: Major Features: Digital and Convenient: It is ideal for someone who enjoys the use of technology. It is easily opened and maintained using the mobile banking app provided by the bank. Zero Balance & No Hidden Charges: You do not have to maintain any minimum balance, and there are no hidden charges. High Interest Rate: You can earn interest of up to 7% on your savings annually. Virtual Debit Card: You have a complimentary virtual debit card to use for making payments online. Free Fund Transfers: You can transfer funds free of cost, anywhere, anytime, via online banking. Full KYC: It's a regular savings account, but you may open it initially with a half KYC (Know Your Customer) and upgrade it later. This account is excellent for those who desire an easy-to-use, high-interest, and low-fuss savings account with no requirement for monthly balances. |
Namma Savings Account | The Equitas Small Finance Bank Namma Savings Account is a savings account for financial inclusion. With no charges for maintenance, nice interest rates, and online banking services. Here's a quick summary: Important Features: No Charges for Maintenance: There are no charges to maintain the account, so anyone can open it. Nice Interest Rates: You get interest on your money, computed daily and credited to your account every quarter. Digital Banking: You can easily operate your account and conduct transactions through mobile and internet banking. Debit Card: You have an option of a RuPay or VISA debit card, such as Classic, Gold, Platinum, or Signature. Nomination Facility: You can nominate a person to receive the money in your account if any untoward incident occurs to you. Passbook Facility: You are supplied with a passbook to allow you to monitor your transactions. Account Number Selection: You can select your 10-digit account number. Zero Balance: The account does not charge you to maintain a minimum balance, so it is convenient for individuals from diverse backgrounds to open and utilise. This account is perfect for anyone seeking a plain, easy-to-handle savings account with no minimum balance requirement. |
Salary Account | Equitas Small Finance Bank's Preferred Salary Account is particularly designed for the employees of corporate companies. It is offered with a few advantages, such as no minimum balance to maintain, additional financial security, health services, and a great experience. The following is a simple explanation of the features: Key Features and Benefits: For Employees: Specifically designed for corporate company employees to serve their banking requirements. No Minimum Balance: You are not required to maintain any minimum balance in the account. Increased Financial Security: The account comes with insurance coverage for increased security. Health Benefits: You receive free telehealth services for convenient access to medical advice. Reward Points: Get reward points with each transaction you make. Easy Account Management: You can easily manage your account through mobile and online banking. Smooth Banking Experience: It's a quick and convenient way to manage your finances. Interest on Savings: Interest is computed daily and paid quarterly. Slab Rates: You are charged interest on the balance in your account, with varying rates depending on the balance. Zero Balance: You don't have to keep a minimum monthly balance. Free Debit Card: You're given a complimentary debit card with special advantages. Unlimited ATM Transactions: You can utilize any SBI or other bank ATMs in India without any restrictions on transactions. No DD Charges: You don't have to pay any amount for issuing Demand Drafts. This is ideal for business employees who seek convenient banking, added security, and the ability to earn rewards. |
How to open a Zero Balance Account in Equitas online?
Here’s the step-by-step process to open a Zero Balance Account in Equitas:
- Visit the Equitas Bank website.
- Scroll down a bit and click on the ‘Know More’ option under Save.
- On the next page, choose the type of account you want to open by clicking on ‘Open Account.’
- On the next page, enter your details (like title, name, last name, age, mobile, email, city, pin code, and branch), and click on the ‘Submit’ option.
- Verify your mobile number by entering the OTP received on your registered mobile number.
- Upload required documents (like photo proof and identity proof) and all other documents as required.
- Accept the terms and conditions to proceed with the process.
- Follow the on-screen instructions to complete the account opening process.
Here’s a step-by-step process to open a Zero Balance Account in Equitas:
Step 1: Download and Install the App
- Go to the Google Play Store or Apple App Store.
- Search for ‘Equitas Mobile Banking’ and install the app on your phone.
Step 2: Register as a New User
- Open the app and tap on the ‘New User Registration’ option.
- Enter your mobile number and follow the instructions to create your account.
Step 3: Open Your Account
- Follow the steps to open a zero-balance savings account.
- You’ll need to provide your Aadhaar and PAN details for KYC (Know Your Customer) verification.
- You will be asked to upload a photo and other documents.
- Complete the verification process by following the on-screen instructions.
How to open a Zero Balance Account in Equitas offline?
Step 1: Visit the Nearest Branch
- Go to the nearest Equitas Bank branch.
Step 2: Gather Your Documents
- Bring a valid ID and address proof (such as your Aadhaar card, PAN card, or passport).
Step 3: Get Help from a Bank Officer
- A bank officer will help you fill out the application form and guide you through the process.
Step 4: Fill the Form and Submit Documents
- Complete the form and hand over your documents.
Step 5: Submit a Photo and Details
- Provide a passport-sized photo and any other required details.
Step 6: Accept Terms and Conditions
- Agree to the bank’s terms and conditions, which will be displayed on a tablet or PC.
Step 7: Instant Account Opening
- Your account will be opened instantly at the branch.
Step 8: Activation Message
- You will receive an activation message later to enable net banking.
Step 9: Initial Deposit
- You can make an initial deposit at the branch if needed.
Step 10: Digital Account Activation
- Your account will be fully activated for digital access within 1-2 days.
Eligibility to open a zero-balance account in Equitas Bank:
Here's what you require to open a zero-balance account with Equitas Bank:
- Indian Residence: You need to be a resident of India.
- Age: You should be 18 years or older.
- Documents: You need to hold a valid Aadhaar card and PAN card as proof of your address and identity.
- No Minimum Balance: No minimum balance has to be maintained in the account.
- Initial Deposit: There is no minimum balance, but you may have to pay a small deposit to open the account.
- Agree to Terms: You will have to agree to the terms and conditions of the account.
- Occupation Details: You will be required to give details about your profession and how you earn money.
Documents required to apply for a zero-balance account in Equitas Bank:
To open a zero-balance account with Equitas Bank, you’ll need the following documents:
Identity Proof (Choose One):
- PAN Card
- Aadhaar Card
- Passport
- Driving License
- Voter ID
- Ration Card
Address Proof (Choose One):
- Aadhaar Card
- Passport
- Voter ID
- Driving License
- Ration Card
- Bank Statement
Other:
- One passport-size photograph
Equitas Bank Zero Balance Account Fees and Charges:
Here's the detailed breakdown of the charges for Equitas Small Finance Bank's zero-balance savings account in a table:
Feature | Details |
No Minimum Balance Requirement | Maintain a zero balance without incurring charges. |
Free ATM Transactions | Unlimited free transactions at your own and other banks' ATMs. |
Free Funds Transfer | No charges for funds transfer via net banking or mobile banking. |
Free Cheque Leaves | The first 10 cheque leaves are free within a year. |
Free EMIs, Bill Payments, Merchant Transactions | No charges for these transactions at your ATMs. |
Instant Account Closure | An account can be closed instantly within 14 days without extra charges. |
Potential Charges:
Transaction Type | Charges |
Beyond Free Limits (Cheque Book/ATM) | Nominal charges may apply. |
GST | GST applies to all charges. |
NEFT Charges | |
Up to ₹10,000 | ₹2.5 |
₹10,001 to ₹100,000 | ₹4.5 |
₹100,001 to ₹200,000 | ₹14.5 |
Above ₹200,000 | ₹24.5 |
RTGS Charges | |
₹200,000 to ₹500,000 | ₹20 |
Above ₹500,000 | ₹40 |
Let’s understand it with the help of an example:
Imagine you’re transferring ₹1,50,000 using NEFT from your Equitas Bank account. Here’s how the charges apply:
NEFT Fee: Since ₹1,50,000 falls between ₹100,001 to ₹200,000, the fee is ₹14.5.
GST: In addition to that, an 18% GST will be levied on ₹14.5, which is equal to ₹2.61.
So, your overall bill is ₹14.5 + ₹2.61 = ₹17.11.
Equitas Bank Zero Balance Account Interest Rates:
Here's a breakdown of the interest rates for Equitas Small Finance Bank's savings accounts based on the daily closing balance:
Daily Closing Balance | Interest Rate |
Up to ₹1 lakh | 3.50% p.a. |
Above ₹1 lakh to ₹5 lakhs | 5.00% p.a. |
Above ₹5 lakhs to ₹25 crores | 7.00% p.a. |
₹25 crores and above | 7.80% p.a. |
Let's say you have ₹4 lakhs in your Equitas savings account. Based on the daily closing balance:
- Since your balance is above ₹1 lakh but below ₹5 lakhs, you earn an interest rate of 5.00% p.a.
- If you had ₹6 lakhs, you'd earn 7.00% p.a., and with ₹30 crores, the rate would be 7.80% p.a.
The more you save, the higher the interest rate, helping your money grow faster over time.
Equitas Bank Zero Balance Account Helpline Number:
If you need help with your Equitas Bank zero-balance account or have any questions, here’s how to contact them:
- Toll-Free Number: 1800 103 1222
- International Number: +91-44-4004-8500
- Email: customerservice@equitasbank.com
For specific issues, you can contact the Nodal Officer:
- Name: Smitha Kumar
- Address: Equitas Small Finance Bank, 4th Floor, #769, Spencers Plaza Mall, Anna Salai, Chennai – 600002
- Phone: 044-40048570
- Email: nodalofficer@equitasbank.com
Equitas Bank Zero Balance Account Welcome Kit:
When you open a zero-balance account with Equitas Bank, you will get a welcome kit containing useful information and items.
Here's what you get:
- Passbook: A record of your transactions.
- Debit Card: For shopping and withdrawing cash.
- Chequebook: For paying others (with a specified number of cheques).
- Internet and Mobile Banking Details: How to set up online and mobile banking.
- Contact Information: Branch addresses, helplines, and other contact information.
- FAQs and Terms: Solutions to frequently asked questions and key account information.
- Safety Tips: Information on how to keep your account safe from fraud.
- Gifts and Vouchers: Potential bank partner offers.
Conclusion:
The Equitas Zero Balance Account is a great choice for anyone looking for hassle-free, low-cost banking. With no minimum balance to maintain, no charges for ATM transactions, and convenient mobile banking, it's ideal for those with unpredictable incomes. Whether you're opening a Basic Savings Account, Selfe Savings Account, or Salary Account, Equitas has something for everyone.
And you can earn interest on your savings and get additional benefits such as insurance coverage and rewards. Opening an account is simple, either online or offline, and you’ll receive a helpful welcome kit. Don’t miss out—start banking smarter with Equitas today!
FAQs Related to Equitas Zero Balance Account:
Q1: What are the restrictions of a zero-balance account?
Zero-balance accounts, in the interest of promoting financial inclusion, usually come with some restrictions. These could be the restriction of the number of monthly transactions, and reduced benefits in comparison to regular savings accounts.
Q2: Can I earn interest on a zero-balance account?
Yes, you can earn interest on a zero-balance account, with rates varying based on the balance, making it a good option for growing your savings.
Q3: How can I transfer funds from my zero-balance account?
You can transfer funds using online banking or mobile banking without incurring any charges, making transactions convenient and cost-free.
Other Zero Balance Accounts | |||
About the Author
LoansJagat Team
We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?
Quick Apply Loan
Subscribe Now
