RBL Zero Balance Account – Features, Benefits & Application Guide

A Zero Balance Account is a type of bank account that allows users to enjoy banking services without the requirement of maintaining a minimum balance. RBL Bank offers this facility to promote financial inclusion, making banking accessible for everyone.

Let’s understand it with the help of an example of Ramesh, a Delivery Executive

Ramesh earns a monthly salary of ₹25,000. Earlier, he had a regular savings account requiring him to maintain a minimum balance of ₹5,000. However, due to monthly expenses, he often fell below this limit and incurred penalties.

To avoid this, Ramesh switched to an RBL Zero Balance Account, which allowed him to manage his salary and expenses without worrying about penalties.

Monthly Income & Expense Breakdown:

Types of RBL Zero Balance Account

RBL Bank has introduced its latest digital banking innovation, the GO Savings Account, a cutting-edge Zero Balance Digital Savings Account designed to offer seamless banking with a simple and hassle-free account opening process.

A Modern Approach to Banking

The GO Savings Account caters to customers across all age groups, redefining convenience and accessibility in banking. Unlike traditional savings accounts, this product introduces a subscription-based model, bundling a host of exclusive benefits into a single, value-packed offering.

Benefits of RBL Zero Balance Account

To understand the advantages of the RBL Bank GO Savings Account, let’s take the example of Rahul, a young professional who recently opened a GO Account to manage his finances efficiently.

By opening an RBL Bank GO Zero Balance Account, users like Rahul can enjoy premium banking benefits, enhanced security, and exclusive rewards, making it an ideal choice for hassle-free digital banking.

How to open a RBL Zero Balance Account Online?

Opening an RBL Bank Zero Balance GO Account online is a simple and convenient process. With just a few clicks, you can start enjoying a seamless digital banking experience. Follow the steps below to complete your account setup:

Step 1: Go to the official website of RBL Bank.

Step 2: Hover your cursor in the navbar, you will see an option “Savings Accounts” on the right-most side on top.

Step 3: Click on that, and a new page will be displayed where you will see “Open GO Account” as soon as you open the page. Below that heading, you will see some options, in which the “Zero Balance Account” option is also there.

Step 4: Click on the “Open Now” button just below those options. After clicking on that, you will be directed to a new page.

Step 5: On this new page, you will see a button “Open Go Account.” Click on that and the page will scroll down by itself. After that, you have to scroll down a little bit, and you will see an option “Open Go Account.” Click on that.

Step 6: After clicking on that, you have to fill out the application, where on the first page you will see a RBL GO Debit Card, and you have to check two of the boxes.

Step 7: After that, click on the “Continue” button. After clicking, you have to fill in some personal details, and then they will show you the joining fee, and you will be done!

How to Open a RBL Zero Balance Account Offline?

Opening an RBL Bank Zero Balance Account offline is a simple process. By visiting the nearest RBL Bank branch, you can complete the procedure with minimal hassle.

Step-by-Step Guide to Opening an Account

1. Locate the Nearest RBL Branch
   • Visit the official RBL Bank website or use Google Maps to find the closest branch.
     
     
2. Request the Application Form
   • At the branch, ask for the Savings Account application form from the bank representative.
     
     
3. Fill Out the Application Form
   • Provide accurate personal details, including contact information and nominee details.
     
     
4. Submit Required Documents
   • Provide valid proof of identity, such as an Aadhaar Card, PAN Card, or Voter ID.
   • Submit proof of address, such as a utility bill or rent agreement.
     
     
5. Complete the Know Your Customer (KYC) Process
   • The bank will verify your documents and complete the mandatory KYC process.
     
     
6. Make an Initial Deposit (if applicable)
   • Although a zero balance account does not require a minimum balance, some accounts may require an initial deposit.
     
     
7. Activate Your Account
   • Once the documents are verified and processed, the bank will activate your account.
   • You will receive details such as your account number, debit card, and internet banking credentials.

By following these steps, you can easily open an RBL Zero Balance Account and enjoy the benefits of digital banking with no minimum balance requirements.

RBL Zero Balance Account Fees & Charges

While the RBL Bank Zero Balance GO Account offers numerous benefits, there are certain fees associated with it. However, you can avail of a waiver on renewal fees by meeting specific spending criteria. Below is a breakdown of the charges:

RBL Zero Balance Account Interest Rates

The RBL Bank Zero Balance GO Savings Account offers competitive interest rates based on the daily balance maintained in the account. Higher balances earn higher interest rates, making it a great choice for savings. Below is the detailed structure of interest rates:

Note:

• Interest rates are subject to periodic changes as per bank policies.
• MIBOR (Mumbai Interbank Offered Rate) + 100 bps applies for balances exceeding ₹500,00,00,000.

Mr. Arjun Khanna, a 45-year-old businessman from Bangalore, deposits ₹12,00,000 in his newly opened RBL Bank Zero Balance GO Savings Account. He wants to estimate his monthly interest earnings based on the bank's interest rate structure.

Arjun’s Account Balance Breakdown & Applicable Interest Rates:

Monthly Interest Calculation:

• Annual Interest Earned = ₹61,750
   
• Monthly Interest = ₹61,750 ÷ 12 = ₹5,145.83
  
  

Since Arjun maintains this balance consistently, he earns approximately ₹5,145.83 per month as interest, which is credited quarterly to his account.

Eligibility Criteria for RBL Bank Zero Balance Savings Account Opening

To open an RBL Bank GO Zero Balance Savings Account, you must meet the following eligibility criteria:

1. Residency & Nationality
   • Must be a Resident Indian and an Indian national.
     
     
2. Mandatory Documents
   • Must possess a valid Aadhaar Card and Permanent Account Number (PAN) Card.
     
     
3. Mobile Number Requirement
   • The mobile number used for registration must be linked with Aadhaar for verification.
     
     
4. Location Criteria
   • Must reside in a city where RBL Bank has branch operations.
     
     
5. Existing Account Restriction
   • Should not have an existing Savings Account or Fixed Deposit with RBL Bank.

Meeting these criteria ensures a smooth and hassle-free account opening process with RBL Bank.

Example: Opening an RBL Bank GO Zero Balance Savings Account

Mr. Amit Verma, a 35-year-old Indian citizen, wants to open an RBL Bank GO Zero Balance Savings Account. To ensure he qualifies, he checks the eligibility criteria and matches them with his details:

Since Amit meets all the requirements, he proceeds with the online application. He enters his details, completes Aadhaar OTP verification, and successfully opens his Zero Balance Savings Account.

Within 24 hours, he receives his account number: 1234567890 and IFSC code: RATN0001234, allowing him to start banking instantly.

Required Documents for RBL Bank Zero Savings Account Opening

To open an RBL Bank Zero Balance Savings Account, you need to provide the following documents:

1. Identity Proof (Any One)

• Aadhaar Card (Mandatory)
• PAN Card (Mandatory)
• Voter ID
• Passport
• Driving License

2. Address Proof (Any One)

• Aadhaar Card (if linked with current address)
• Utility Bill (Electricity, Water, or Gas Bill – not older than 3 months)
• Rent Agreement (Registered)
• Passport
• Bank Statement with Address (Latest 3 months)

3. Passport-Sized Photograph

• A recent color passport-size photograph

4. Mobile Number Linked with Aadhaar

• A mobile number registered with Aadhaar for OTP verification

Providing these documents ensures a smooth and hassle-free account opening process at RBL Bank.

Example: Opening an RBL Bank Zero Balance Savings Account

Ms. Neha Sharma, a 28-year-old software engineer from Mumbai, wants to open an RBL Bank Zero Balance Savings Account. She gathers the required documents before proceeding with the application.

Neha completes the online application by entering her details and uploading the necessary documents. She then verifies her identity through Aadhaar OTP authentication.

Within 24 hours, Neha receives her account number: 9876543210 and IFSC code: RATN0005678, enabling her to access digital banking services immediately.

RBL Zero Balance Account Helpline

If you need assistance or have any queries related to your RBL Bank Zero Balance Account, you can reach out to the dedicated RBL Bank helpline through the following channels:

RBL Bank ensures prompt customer support through its helpline, offering assistance for banking services, credit cards, and account-related queries.

RBL Zero Balance Account Welcome Kit

Upon opening an RBL Bank Zero Balance Account, customers receive a comprehensive welcome kit that provides essential banking tools and exclusive benefits. The welcome kit includes:

1. Debit Card

• A complimentary debit card for ATM withdrawals, in-store payments, and online transactions.

2. Cheque Book

• A cheque book for making payments, withdrawals, and financial transactions.

3. Passbook

• A passbook to help customers keep track of all their account transactions and balances.

4. Internet Banking Details

• Step-by-step instructions to activate and use RBL Bank’s internet banking services, allowing seamless fund transfers and bill payments.

5. Mobile Banking Details

• Information on how to set up and use the RBL Mobile Banking App for easy account management.

6. Exclusive Vouchers

• Complimentary vouchers worth ₹1,500 from leading brands, enhancing customer benefits.

7. Cyber Insurance Cover

• A complimentary ₹1 lakh Cyber Insurance Cover for the first year, protecting against online fraud and cyber threats.

8. Free Credit Score Check

• Access to a free credit score helps customers monitor and improve their financial health.

The RBL Bank Zero Balance Account welcome kit is designed to offer convenience, security, and added value, ensuring a smooth and rewarding banking experience.

Mr. Rahul Mehra, a 30-year-old marketing executive from Pune, successfully opened an RBL Bank Zero Balance Savings Account. Within a few days, he receives his Welcome Kit, which includes essential banking tools and benefits.

Rahul quickly activates his internet banking and mobile banking to start managing his finances digitally. With his complimentary debit card, he makes his first online purchase of ₹2,000. He also redeems ₹1,500 worth of vouchers on shopping and dining.

The ₹100,000 Cyber Insurance Cover gives him peace of mind while making online transactions. With the free credit score check, Rahul starts monitoring and improving his financial health.

This welcome kit ensures that Rahul enjoys a seamless and rewarding banking experience with RBL Bank.

Conclusion

The RBL Bank Zero Balance Account is an excellent choice for individuals seeking a hassle-free, cost-effective banking solution. With no minimum balance requirement, it ensures financial accessibility for all, making banking more inclusive and convenient.

The account offers comprehensive features, including a free debit card, internet and mobile banking, exclusive vouchers, and cyber insurance, providing both security and added benefits. The simple account opening process and 24/7 customer support ensure a smooth banking experience.

Whether you are a salaried employee, student, or self-employed individual, the RBL Bank Zero Balance Account provides a seamless way to manage finances with modern digital banking conveniences.

FAQ’s

What is a GO Account?

GO Account is a variant of the Digital Savings Account. With a GO Account, you will enjoy a zero-balance account with various banking services for free and get benefits worth five times the joining fee.

Why do I need to do a video KYC even after opening my minimum KYC GO account?

A minimum KYC account can be closed after 12 months as per RBI (Reserve Bank of India) guidelines, and there are deposit and transaction limits. So, to enjoy the full benefits of the GO Account, the bank recommends completing video KYC as soon as possible.

Can I open a GO Account with a zero balance?

Yes, you can open a GO Account with zero balance, but the bank recommends maintaining a balance in your account to take advantage of the high interest rates offered by RBL Bank.

Once I complete the digital KYC, how can I find my GOC Account details?

After you complete the KYC, your account will be emailed to your registered email id and shall also be included in the Welcome Kit, which will be delivered to your address. You can also find your GO Account details on the RBL MoBank App.

How many Aadhaar OTP (One Time Password) based accounts can I open?

You can open only one Aadhar OTP based KYC account in non-face-to-face (minimum KYC account) mode with only one bank.

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