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IDFC First Zero Balance Savings Account

IDFC First Bank Pratham Savings Account

Are you looking for a savings account that covers all your needs and you don’t have to keep a minimum average balance? The zero balance account of IDFC First Bank can help you do that. 

Savings accounts are sine qua non for financial stability and independence. A regular setting aside of cash reserves for a rainy day or simply for future plans is a penny wise move and more and more individuals are getting into the habit of saving by creating savings bank accounts.

Most savings bank accounts, however, always require that an individual ensure a certain amount of cash balance in the bank account. It is understandably worrisome and stressful to have to shoulder the burden and responsibility of assuring cash balances in the savings accounts and hence, most banks around the country have come up with an inventive, innovative solution: zero balance saving accounts.

What is Zero Balance Savings Account? 

A zero balance saving account is a savings account that does not require a customer to set aside a minimum balance in their bank accounts. Zero balance saving accounts free the user from the chains of minimum balance and thereby, enable them to freely and confidently create a bank account which would cater to their savings needs. A zero balance saving account works exactly like any other savings account. Most banks allow their customers that opt for a zero balance saving account online to avail of all the facilities that come alongside a regular savings account.

Zero balance saving accounts online are an innovative concept that can be credited with making banking more accessible and friendly for the general public especially those that tend to be sceptical and wary of banks and banking policies in general. Banks are now aggressively marketing 0 balance saving accounts to tier 2 and 3 cities with a primary focus and emphasis on the zero balance nature of the savings bank accounts. A 0 balance account is extremely beneficial to people who might be more comfortable with having an option to empty out and liquidate all their savings for some reason.

IDFC First Zero Balance Account 

idfc first bank zero savings account

To help align with the ease of opening the zero balance savings account across the country, the IDFC First Bank comes up with the special Pratham Savings Account scheme. Under this bank account opening scheme, the customers can open the respective account only with the help of their Aadhar Card. The application of opening a zero balance savings account with this bank can even be applied at the micro ATM. Some additional features of the account include Internet & mobile banking, free & unlimited ATM services, and various others.

Who Can Open IDFC Zero Balance Account? 

Any resident of the country is eligible to open a 0 balance saving account with the IDFC First Bank. A Pratham savings account (BSBDA) at the IDFC First Bank, which is essentially a 0 bank balance saving account, can be opened by any resident individual either singly or jointly.

Individual holding a BSBDA (Basic Savings Bank Deposit Account) with another bank can not open a basic savings account with IDFC First Bank. 

In the case that an individual already has a prior savings account in the IDFC First Bank and wishes to open a 0 balance saving account, they have to close the existing savings accounts within 30 days from the opening date.

Documents required to open a IDFC First Zero Balance Account 

Opening a bank account can be a cumbersome process. When opening a zero balance savings account with IDFC First Bank, a consumer need to provide the following documents to the bank:

  • A recent passport size photograph of the account holder 
  • Address Proof
  • Identification proof documents.

IDFC First Bank accepts the following documents as valid proof of address and identity:

  1. A valid passport (that hasn’t expired)
  2. Permanent Account Number Card also known as PAN card. (However, it can be used only as an identity proof.)
  3. Voter’s ID card which is the election card
  4. Permanent Driving License with an affixed photograph
  5. Job card issued by NREGA and duly signed by an official of the state government
  6. Aadhar card or a letter issued by the UIDAI (Unique Identification Authority of India) containing name, address details, photograph, and Aadhar number.

Interest Rates

IDFC First Bank is one of the few banks that give attractive interest rates on their savings account. The bank offers a high interest rate of up to 7%. 

Interest Rate on IDFC First Bank Zero Balance Account

Daily Balance Rate of Interest(% pa)
Balance up to Rs.1 lakh6.00%
Balance of more than Rs.1 lakh but less than Rs.1 crore7.00%

Other Benefits of IDFC Zero Balance Account

Opening a zero balance savings account is enticing enough considering its zero balance feature. Customers opening a zero balance saving account with receive a free debit card, unlimited fund transfer and free ATM transactions.

Conclusion:

Pratham Savings Account is the basic savings account or zero balance account from IDFC First Bank. Customers can open the account only with the help of their Aadhar Card. The application of opening a zero balance savings account with this bank can even be applied at the micro ATM. Some additional features of the account include Internet & mobile banking, free & unlimited ATM services, and various others.

Make sure you avail the benefits of the zero balance savings account offered by various banks in India.

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