Banking has seen a significant change in recent times when online services have taken the center stage.
Among the easiest things currently available in the market can be described as zero balance accounts; the hassle of maintaining minimum balance disappears. A zero balance account of IDBI Bank is perfect for those seeking such flexibility. This article is almost like an in-depth guide on opening a zero balance account online with IDBI Bank and discovering the various benefits, features, and process involved with it.
What is a Zero Balance Account?
A zero balance account is a kind of savings account that does not force the account holder to maintain money in the account. Zero balance accounts are very appealing to students and low-waged earners, initially account holders, and those who look for simple banking. They allow customers to use key banking services minus the risk of being charged due to low balances.
With the advancement of digital banking, IDBI Bank has an e-banking facility where an individual can open a zero balance account online, saving her time and being convenient.
IDBI Bank Zero Balance Account Options
BSBD is basic savings bank deposit account
Aimed at individuals looking for a comprehensive, zero balance banking solution.
Other key services that they offer are deposit, withdrawal, debit card usage, and money transfers without requiring any minimum balance.
Little Account
It is for customers without all the normal Know Your Customer (KYC) documents.
Offers simple banking services with few requirements, like a limited number of transactions and a maximum balance limit.
Benefits of Opening a Zero Balance Account Online
- Convenience: The whole process is carried out online and may even escape a trip to a branch.
- No Penalties: Unlike regular accounts, zero balance accounts do not charge customers for not keeping a specific amount of money.
- You can manage your account anytime and anywhere using IDBI Bank’s mobile and internet banking services.
- Digital Onboarding: Video KYC Onboard very efficiently and easy, no paperwork.
- Complimentary Debit Card-Use your free debit card for ATM withdrawals, online purchases, and more.
Features of Zero Balance Account of IDBI Bank
-
Has no minimum-balance requirement
Enjoy your banking freedom with no obligation to keep a required account balance. -
Digital Banking Access
Avail the services of IDBI Bank Internet Banking, Mobile Banking, and UPI towards transactions, bill payments, and account maintenance. -
No-fee Debit Card
Customers receive a free debit card for ATM withdrawals and purchases. -
SMS and Email Alerts
Receive real-time SMS and email notifications for all activities involving the account. -
Simple Money Transfers
It is very simple and straightforward to utilize NEFT, RTGS, IMPS, or any other available facility to expedite the transfer of funds. -
Nomination Facility
You can protect your money by adding a nominee to your account.
Transaction Limits (on Small Accounts)
The Small accounts have specific balance and transaction limits so that they fulfill the relatively relaxed norms of KYC.
Eligibility for Opening IDBI Bank Zero Balance Accounts
Basic Savings Bank Deposit Account or BSBD
You need to have a valid Aadhaar and PAN card. Applicant needs to be at least 18 years of age.
Short History
Minimal KYC documentation is required.
This account perfectly suits those who don’t have a PAN card or yet have complete KYC compliance.
How to Open a Zero Balance Account Online with IDBI Bank
-
Visit IDBI Bank Website
Proceed to the website of IDBI Bank and click on “Savings Accounts.” -
Choose Your Account Type
Choose the type of zero balance account suitable to your needs: BSBD or Small Account. -
Complete the Application Form
Give your personal information, which could be your name, address, telephone number, and email. -
Upload Papers
Open your BSBD account by uploading the scanned Aadhaar card, PAN card, and a passport-sized photo. You may even just upload your Aadhaar and fill up this small self-declaration form for Small Accounts. -
Video KYC End.
IDBI Bank may ask for a video process of KYC to confirm your details. Here, you’ll discuss with a bank representative who verifies your identity with the help of your Aadhaar and PAN. -
Obtain Account Information
After this, you will be entitled to receive a confirmation of your account details by email and SMS. You can then avail yourself of facilities for Internet and Mobile Banking.
Key Considerations of Zero Balance Accounts
Transactional Limits
Transactions and balances are limited for small accounts. For example, the balance limit is set at ₹50,000.
KYC Compliance
BSBD accounts should have complete KYC compliance. A small account customer must shift to a regular saving account within a year by submitting all KYC documents.
Service Charges
All basic services are free, but additional services like supplementary cheque books or special services require a fee.
Dormant Accounts
The account may be declared dormant by RBI if the account remains inactive for a long period.
How IDBI Bank’s Zero Balance Accounts Stand Apart
Advantages Over Other Banks
- Easy Digital Onboarding: Video KYC process is much easier compared to other banks.
- No Hidden Charges: IDBI Bank’s zero balance accounts really have no balance requirement, unlike some banks that add some hidden fees.
- Full Banking Services Online banking/ internet banking, UPI, and mobile banking.
Limitations
Some features, even cheque books, might not even be available to Small Accounts.
You also strictly follow the transaction limits applied for Small Accounts.
FAQs
-
Who can open a zero balance account in IDBI Bank?
Any Indian citizen aged 18+ can open a zero balance account at IDBI Bank. For Small Accounts, only a little paperwork is required. -
What documentation is necessary?
For BSBD accounts, you need Aadhaar and PAN. Small Accounts require only basic identity proof. -
Can I open a joint account?
Yes, with valid KYC documents, the joint account can be opened under the BSBD category. -
What happens if I do not complete my KYC for the Small Account?
Accounts would be closed if KYC was not done within a year. -
Does the debit card charge for using it?
No, because IDBI Bank provides free debit cards with its zero balance accounts.
Conclusion
A zero balance account is perfect for all those who want to enjoy easy banking facility without any charges. IDBI Bank provides an online account opening facility which lets you take the help of the benefits offered by modernized banking at your home. Now you can opt for a BSBD account for all features or may go for a Small Account with lesser paperwork; IDBI Bank will guarantee smooth, safe, and hassle-free banking for you. Take a step and open your zero balance account today at IDBI Bank. Experience the future of banking, designed for you