Fincare Zero Balance Account – Easy Account Opening & Full Details

Suppose you're a person who's been finding it difficult to maintain your savings due to minimum balance conditions at regular banks. Now, enter Fincare Small Finance Bank's Zero Balance Accounts. They provide a convenient method of saving without having to maintain a specific balance. Here's how it works, in easy numbers:

• Shakti Account: You have an account with zero minimum balance. You are entitled to 5 free ATM withdrawals at non-metro branches. Thereafter, ₹21 per transaction. Isn't that cool?

• BSBDA Account: You don't even need to keep any balance, and you also get a free RuPay debit card and no fees for cash deposits. You even earn interest, like your money is earning for you, right?

With Fincare's digital-first strategy, you can manage your account from anywhere, anytime—no waiting! Easy as that!

Motive of Fincare Zero Balance Account:

Fincare Small Finance Bank has the vision of bringing banking to rural communities and low-income populations via zero-balance accounts. Such accounts provide minimum services such as deposits, withdrawals, and fund transfers without a minimum balance requirement. The bank further employs digital banking to extend banking services, fostering financial inclusion and enabling underprivileged groups.

Types Of Fincare Zero Balance Accounts:

The types of zero balance accounts offered by Fincare Small Finance Bank are:

1. Shakti Account

   
   

2. BSBDA (Basic Savings Bank Deposit Account):
    

Charges on Shakti Zero Balance Account:

Here is the information about the charges for Fincare Small Finance Bank's Shakti zero-balance account:

Charges on BSBDA (Basic Savings Bank Deposit Account) Zero Balance Account:

Here is the information about the charges for Fincare Small Finance Bank's Basic Savings Bank Deposit Account (BSBDA):

How to open a Zero Balance account in Fincare Small Finance Bank online?

1. Visit the official website of Fincare Small Finance Bank.
2. Click on the ‘Login’ option in the top right corner of the page.
3. Select ‘Personal’ from the drop-down menu.
4. On the next page, enter your User ID and click on the ‘Proceed to Login’ option.
5. Enter your mobile number, email ID, and PAN card number, and click on the ‘Continue’ option.
6. Enter the OTP received on your registered mobile number.
7. Provide the additional information to complete the application process.
8. Fincare offers two zero-balance account types, BSBDA Account and Shakti Account. Select the one that suits your needs.
9. Fulfill the Know Your Customer (KYC) process. You can choose the video KYC option to complete the full KYC for a digital savings account.
10. After completing KYC, proceed to open your account and start using it.

How to open a Zero Balance account in the Fincare Small Finance Bank offline?

Here's a step-by-step, simplified guide to opening a zero-balance account at Fincare Small Finance Bank offline:

Visit a Branch: Visit the nearest Fincare Small Finance Bank branch in Jhajjar, Haryana, during working hours.

2. Get the Account Form: Request the bank official for the account opening form.

3. Fill Out the Form: Fill out the form with your personal, contact, and KYC information.

  Submit Documents: Submit the form along with your PAN card, ID proof, and address proof.

5. Wait for Verification: The bank will check your information and documents.

6. Account Activation: After verification, your zero-balance account will be activated.

Eligibility to open a zero-balance account in Fincare Small Finance Bank:

Here's the easy-to-understand breakdown of the eligibility requirements to open a zero-balance account in Fincare Small Finance Bank:

• Age: You must be 18 years or older to open an account in your name.

• Citizenship: You should be a resident Indian citizen.

• Minors: In case you are below the age of 18, you can apply for an account with the assistance of a parent or guardian.

• Entities: Some entities, according to the bank's policy, are also allowed to open accounts.

• No Minimum Balance: No minimum balance has to be maintained in the account.

• Agree to Terms: You will have to agree to the terms and conditions of the account.

   

Documents required to apply for a zero-balance account in Fincare Small Finance Bank:

Here’s a simple table summarising the documents needed to open a zero-balance account at Fincare Small Finance Bank:

Fincare Small Finance Bank Zero Balance Account Interest Rates:

If you want to earn higher returns from your savings, the AU Savings Account provides high-interest rates to let your money increase at a greater rate. With an interest rate of up to 7.25% per year, you can get appealing returns, which will help you accomplish your goals without much difficulty.

Here’s a breakdown of the interest rates for Domestic / NRE / NRO Savings Accounts at AU Small Finance Bank, effective from 20th January 2025:

Important Points:

• Interest Computation: Interest is computed daily and paid every month.
• Incremental Balances: The interest rate is for the balance in every range.

Suppose you keep ₹4 Crores in your AU Savings Account. This is how the interest would be calculated:

On the first ₹4,99,999, you are getting 3.00% interest. On the subsequent ₹5,00,000 to ₹9,99,999, you receive 5.00%. And then, on the rest of the ₹10,00,000 to ₹4 Crores, you get 7.25% interest. Your money grows at various rates depending on how much of it falls within each range of balances.

Note: For savings balances of ₹25 Crores and more, please see your branch or relationship manager for details.

Rates may change at any time without notice.

Fincare Small Finance Bank Zero Balance Account Helpline Number:

For any information regarding zero balance accounts or any other services offered by Fincare Small Finance Bank, you may reach out to them through:

• Toll-Free Number: 1800 313 313

• Email: customerservice@fincarebank.com

• WhatsApp Banking: Write "hi" to 7211100400 for services such as viewing transactions, statements, loan applications, and chequebook ordering.

In case you need information regarding accounts, call the toll-free number to communicate with customer care.

Key Update: Fincare Small Finance Bank has merged with AU Small Finance Bank w.e.f. April 1, 2024.

Suspicious Activity: In case you see something suspicious, immediately change your Internet Banking Login ID and Transaction Password. Report unauthorized transactions on 1800 313 313.

Fincare Small Finance Bank Zero Balance Account Welcome Kit:

Here’s a simplified breakdown of how Fincare Small Finance Bank handles onboarding and provides services for zero-balance accounts:

Conclusion:

Fincare Small Finance Bank's Zero Balance Accounts are the ideal choice for individuals who find it difficult to hold a minimum balance. With two excellent choices—Shakti and BSBDA accounts—you get free transactions, interest on savings, and basic banking services at no cost. The bank specialises in digital banking for convenient use anytime, anywhere, making it possible to bring banking services to rural and poor regions. And, account opening is easy, with minimal documentation and online or offline registration options. Fincare's zero-balance accounts make banking easy for all!

FAQs related to Fincare Small Finance Bank Zero Balance Account:

Q1: What are the rules for zero balance accounts?

Answer: Zero balance accounts allow you to open a savings account without maintaining a minimum balance, and no penalties apply if the balance is zero.

Q2: What is the zero balance account (ZBA) method?

Answer: The ZBA method maintains a zero balance by transferring funds from a master account. It's used by businesses to manage multiple subaccounts for tracking departmental or project expenses.

Q3: What are the disadvantages of zero balance accounts?

Answer: Zero balance accounts may offer limited free chequebooks, fewer online banking features, and a cap on transactions. They also risk financial mismanagement due to a lack of balance requirements.

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