Jupiter Zero Balance Account – Features, Benefits & Application Guide

Aditya Choudhary was a lawyer who specialised in debt consolidation cases. While working with clients, he noticed something interesting—most of them had zero-balance accounts.

Curious, he asked them why. They explained that these accounts helped them manage their money better. Since there was no minimum balance requirement, they could use every penny efficiently without worrying about penalties.

“As soon as money comes in, it gets used where it’s needed,” one client said. “No idle cash, no unnecessary charges.”

This made Aman wonder—was a zero-balance account just an empty account, or was it a smart way to control finances? He decided to dig deeper, realising that for many, it wasn’t just about debt—it was about managing money in a way that worked for them. To understand it better, Aditya decided to understand it from scratch, so here are a few questions that he had to know before getting into deep.

What is a Savings Account?

A savings account is a type of deposit account that allows you to hold cash securely while earning interest on the balance. It can be opened with a bank or a financial institution, and the money in the account is easily accessible whenever needed.

To understand its benefits, let’s consider an example:

Example:

Ravi is a 25-year-old IT professional earning ₹50,000 per month. He decides to open a savings account to manage his money better. Here’s how he uses it:

1. Monthly Deposit: After covering his expenses (rent, bills, groceries), Ravi decides to save ₹15,000 each month in his savings account.
   
   
2. Interest Earnings: His bank offers an annual interest rate of 4%, which helps his savings grow over time.
   
   
3. Emergency Fund: By consistently saving, Ravi builds a financial cushion for emergencies.
   
   
4. Easy Withdrawals: Whenever needed, he can withdraw money via ATM, online banking, or UPI.

Ravi’s Savings Growth Over 6 Months

And how is this interest calculated and added to the next month’s deposit?

Let’s see:-

Interest Rate formula = Total Balance x annual interest rate x days in a month

                                                                      365

Like for 1st month=  15,000 x 0.04 x 31  = 50 approax

                                           365

How do Savings Bank Accounts Work?

For this, he decided to look at the whole system of Jupiter Money

A savings account is a secure and flexible way to store money while earning interest. It is one of the most common financial products offered by banks. These accounts allow individuals to deposit, withdraw, and manage their funds with ease.

1. Depositing Money

Money can be added to a savings account through various methods, including:

• Cash deposits at bank branches or ATMs
• Cheque deposits through banks or mobile banking apps
• Electronic fund transfers from another account via:
  • National Electronic Fund Transfer (NEFT)
  • Real-Time Gross Settlement (RTGS)
  • Unified Payments Interface (UPI)
  • Immediate Payment Service (IMPS)

2. Earning Interest

Banks and financial institutions pay interest on the balance maintained in a savings account. This interest is usually credited quarterly and helps account holders grow their savings over time. However, banks can increase or decrease the interest rates depending on market conditions.

3. Accessing Funds

A savings account provides easy access to money whenever required. Withdrawals can be made through:

• ATMs
• Online banking
• Mobile banking apps
• Branch visits

There are no fixed tenures, meaning funds can be used anytime without penalties.

4. Minimum Balance Requirements

• Some savings accounts require a minimum balance to avoid monthly charges or qualify for higher interest rates.
• Many banks offer zero-balance savings accounts, which do not require maintaining a specific amount.

Why Savings Accounts Are Important

A savings account helps individuals manage their finances efficiently by offering:

• Security for their money
• Steady interest earnings
• Convenient deposits and withdrawals
• No restrictions on fund usage

While reading about this, Aditya noticed a very interesting thing Zero Balance Account, so the next question he found out is-

Types of Savings Accounts in India

A savings account is a fundamental financial tool that provides individuals with a secure place to store their money while earning interest. Banks offer various types of savings accounts tailored to different needs and demographics. Below are nine common types of savings accounts and their key features.

1. Regular Savings Account

This is the most basic type of savings account, available at almost all banks. It requires maintaining a minimum balance, and failing to do so may result in penalties.

Key Features:

• Requires a minimum balance to avoid charges
• Comes with a debit card and checkbook facility
• Ideal for individuals looking for a simple and secure way to save money

2. Salary Savings Account

These accounts are specifically designed for employees, with salaries being directly credited by their employers.

Key Features:

• No requirement to maintain a minimum balance
• Offers higher interest rates compared to regular savings accounts
• Provides easy access to loans and credit services
• Salary is automatically transferred from the employer’s account

3. Senior Citizens' Savings Account

This account is exclusively for individuals aged 60 years and above, offering enhanced benefits to support their financial security.

Key Features:

• Higher interest rates than standard savings accounts
• No minimum balance requirement in many cases
• Attractive fixed deposit options with additional benefits

4. Zero-Balance Savings Account

A zero-balance savings account eliminates the need to maintain a minimum balance, making it ideal for those who want flexibility without penalties.

Key Features:

• No penalties for low balances
• Combining the benefits of both savings and current accounts
• Often provided to individuals from economically weaker backgrounds

5. Pradhan Mantri Jan Dhan Yojana (PMJDY) Savings Account

This government-backed savings account is aimed at promoting financial inclusion, especially for individuals from rural and weaker economic backgrounds.

Key Features:

• No minimum balance requirement
• Limited to four withdrawals per month
• Comes with a debit card facility
• Offers ₹1 lakh accidental insurance coverage and ₹30,000 life insurance coverage

6. Kids’ and Minors’ Savings Account

This account is designed for children, allowing parents or guardians to operate it until the child turns 18 years old.

Key Features:

• Helps develop early financial habits in children
• No minimum balance requirement
• Children above 10 years can operate the account independently

7. Joint Savings Account

A joint savings account is shared by two or more individuals, allowing each holder to conduct transactions independently.

Key Features:

• Multiple account holders can access funds and operate the account
• Comes with a debit card and checkbook facility
• Ideal for families, spouses, or business partners

8. Women’s Savings Account

These accounts are specially designed to encourage women to manage their finances independently.

Key Features:

• Higher interest rates compared to regular savings accounts
• Additional benefits like personal insurance coverage
• Discounts on banking products and online transactions

9. Student Savings Account

These accounts are designed for college students, offering features that cater to their financial needs.

Key Features:

• No minimum balance requirement
• Access to education loans
• Includes mobile and net banking facilities
• Ideal for students managing tuition fees and daily expenses

How to open a Jupiter Zero Balance Account Online?

Opening a Jupiter Zero Balance Savings Account is a quick and seamless process that can be completed online through the Jupiter Money app. Follow the step-by-step guide below to get started.

Step 1: Download and Install Jupiter: UPI & Credit Cards

Visit the Google Play Store or Apple App Store and search for Jupiter: UPI & Credit Cards. Download and install the app on your smartphone.

Step 2: Register and Complete eKYC Verification

Open the app and register using your mobile number. Complete the electronic Know Your Customer (KYC) process by providing:

• Aadhaar Card
• PAN Card

Ensure that your Aadhaar and PAN are linked before proceeding.

Step 3: Complete the Onboarding Process

Follow the on-screen instructions to enter your details. Link your Aadhaar and PAN as required, then verify and submit your information.

Step 4: Account Activation

Once the KYC verification is completed, your Jupiter Zero Balance Savings Account will be activated. You will receive account details, and you can start using it immediately.

Step 5: Initial Funding (If Required)

Some accounts may require an initial deposit, as per Federal Bank’s policies. Check the app for specific funding requirements.

Step 6: Explore Jupiter’s Features

After your account is activated, you can start using various features such as:

• UPI payments
• Bill payments
• Investment options
• Digital banking services

How to Open a Jupiter Zero Balance Account Offline?

Currently, Jupiter operates as a digital banking platform in partnership with Federal Bank, and its services are primarily available online. However, if you prefer an offline approach, you may be able to open a Jupiter Zero Balance Savings Account through the following steps:

Step 1: Visit a Federal Bank Branch

Since Jupiter accounts are issued by Federal Bank, visit your nearest Federal Bank branch and inquire about opening a Jupiter Zero Balance Savings Account.

Step 2: Gather Required Documents

Carry the necessary documents for Know Your Customer (KYC) verification, including:

• Aadhaar Card (linked with mobile number)
• PAN Card
• Passport-size photographs
• Proof of address (if different from Aadhaar)

Step 3: Fill Out the Account Opening Form

Request the savings account opening form from the bank representative. Fill in your details and select the Jupiter Zero Balance Savings Account option if available.

Step 4: Complete KYC Verification

Submit the filled form along with the required documents. The bank will verify your details as part of the KYC process.

Step 5: Account Activation

Once the verification is complete, your Jupiter Zero Balance Savings Account will be opened. You will receive your account details and debit card, which can be used for transactions.

Step 6: Access Your Account Digitally

Even though the account is opened offline, you can manage it digitally using the Jupiter Money app. Download the app to enjoy features such as:

• UPI payments
• Bill payments
• Investment options
• Fund transfers

Jupiter Zero Balance Account Fees & Charges

Jupiter offers zero charges on most online transactions, ensuring a seamless and cost-effective banking experience. Below is a detailed breakdown of the charges for different types of transactions.

Online Payments – NEFT/RTGS/UPI

• No charges for NEFT, RTGS, and UPI transactions.
  
  

Online Payments – IMPS

• No charges for the first five IMPS transactions in a month.
• From the sixth IMPS transaction onwards, the charges are as follows:
  
  

With Jupiter, you can enjoy free transactions on NEFT, RTGS, and UPI while benefiting from a reasonable fee structure for IMPS transactions beyond the free limit. To know more click here

Jupiter Zero Balance Account Interest Rates

Eligibility Criteria for Jupiter Zero Balance Account Opening

To open a Jupiter Zero Balance Savings Account, the applicant must meet the following eligibility requirements:

• Indian Resident – Only individuals residing in India can apply.
• Hindu Undivided Family (HUF) – Members of a HUF are eligible to open an account.
• Minors – A parent or legal guardian can open an account on behalf of a minor.

Documents Required for Jupiter Zero Balance Account Opening

• Age and identity proof, such as a driving license, permanent account number (PAN) card, passport, Aadhaar card, or voter ID.
• Address proof like a passport, utility or telecom bill, or an Aadhaar card.
• Recent passport-sized photographs.
• Senior citizens must provide age proof while opening a senior citizen savings account.
• Parents or guardians must submit their documents along with the minor’s birth certificate while opening a child's or minor's savings account.

Jupiter Zero Balance Account Helpline

Customers can contact Jupiter Customer Care at +91 8655055086 (available 9 AM – 7 PM on weekdays) or chat with support executives. Complaints can also be lodged via the Jupiter App or email from the registered email ID to the support address provided.

Jupiter Zero Balance Account Welcome Kit

Jupiter, a digital banking platform powered by Federal Bank, provides a zero-balance savings account along with a welcome kit for new users. This kit includes essential banking tools to ensure a seamless banking experience.

What’s Included in the Welcome Kit?

1. Zero-Balance Savings Account
   • No requirement to maintain a minimum balance.
2. Internet Banking Access
   • A User ID and password for secure online banking.
3. Debit Card Application Option
   • Users can apply for a Federal Jupiter debit card through the Jupiter app or by visiting a Federal Bank branch.

This welcome kit ensures users can easily access and manage their Jupiter account with digital banking features.

Conclusion

The Jupiter Zero Balance Savings Account is an excellent choice for individuals seeking a hassle-free digital banking experience. With no minimum balance requirement, seamless Internet banking access, and the option to apply for a Federal Jupiter debit card, it offers convenience and flexibility. Additionally, its free NEFT, RTGS, and UPI transactions, along with competitive interest rates, make it a valuable option for managing daily finances. Backed by Federal Bank, Jupiter ensures secure, user-friendly, and efficient banking, making it a smart choice for modern banking needs.

FAQ’s

1. What is a JupiterZero-Balance Savings Account?

A zero-balance savings account offers the benefits of both savings and current accounts. It does not require maintaining a minimum balance, and there is no penalty for a low balance. These accounts are often designed for individuals from economically weaker sections to encourage financial inclusion.

2. Can a nominee be added to a savings bank account?

Yes, you can provide nominee details at the time of opening the account. The nominee can be a spouse, family member, or any trusted individual.

3. Can Non-Resident Indians (NRIs) open savings accounts?

Yes, NRIs can choose between Non-Resident External (NRE) and Non-Resident Ordinary (NRO) savings accounts. NRIs can deposit foreign income into their NRE accounts, while NRO accounts can be used to deposit domestic earnings.

4. Can you lose money held in a savings account?

Yes, if the rate of inflation exceeds the interest rate available on the savings account, your money may lose value over time. To protect against this, consider investing in inflation-beating financial products.

5. Can a savings account become dormant or inactive?

If there are no transactions for two years or more, the savings account becomes inactive or dormant. To reactivate it, you will need to contact the bank.

6. Is there any tax implication on a savings account?

Annual interest earnings up to ₹10,000 are not taxable under Section 80TTA of the Income Tax Act, 1961. Any interest income above this limit is taxed as per your income tax slab.

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