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Indian Bank Zero Balance Account

The Basic Savings Bank Deposit Account (BSBDA) is Indian Bank zero balance account that aims to cater to unbanked individuals to usher an era of financial inclusion. This basic savings account or zero balance account of Indian Bank provides basic banking facilities such as debit card, cheque without any minimum balance.

Indian Bank zero account opening can be done by filling up the account opening form that can be downloaded. One can fill the form and submit it with the attested identification, address proof and few passport-sized photos. Customers can also take the account opening form from the bank branch and fill it in the bank before submitting. Currently, online account opening of Indian Bank zero balance account is not available. 

Features of Indian Bank zero balance account

No minimum balance 

Keeping a minimum balance in the account is not everyone’s cup of tea. The minimum average balance differs from bank to bank and the type of savings account. The minimum balance requirement in a regular savings bank account can range from Rs.1,000 to Rs.10,000. Also, individuals residing in urban areas have a higher minimum balance requirement than rural bank branches. Penalties are charged in case of non-maintenance of the average balance.

Customers of the Indian Bank zero balance account don’t have to keep any minimum balance on a monthly or quarterly basis. Also, the zero balance feature is available for individuals residing in the urban and rural centres and no penalty is charged for not keeping the required minimum balance.

The minimum balance requirement of a regular savings account of Indian Bank is Rs.500.  

No initial deposit

In addition to no minimum balance, the Indian Bank zero balance account does not have any initial deposit. It means that one can open the savings account without any deposit. This is another advantage over regular savings account as most of the savings account has a minimum initial deposit requirement to open a bank account.

ATM/Debit card 

Customers of the basic savings account can avail ATM/debit card without any additional cost. A debit card is a convenient form of transactions. It is lightweight, secure and is easily accepted by various online and offline merchants.

Account-holders can also withdraw cash from the ATM for their cash requirement.    

Demand draft 

Customers of Indian Bank zero balance account can avail one demand draft without any commission for issue to third parties.

Avail other features after completing the KYC process 

Know Your Customer (KYC) is a regulatory process that is undertaken to prevent money laundering. To complete the KYC process, individuals need to submit their identification and address proof along with a few passport photographs. The process helps to ascertain valid customers. After the KYC process is completed, customers can opt for the different financial products such as fixed deposit, recurring deposit, mutual funds etc. By saving and investing in the different products, individuals will be able to park money in different options which can help to fulfil the different financial goals as well as get higher returns and interest rate than a savings account.    

Read: Opened a digital bank account? Know the difference between Full KYC and e-KYC


Customers of the Indian Bank 0 balance account or basic savings account can undertake up to four free debit transactions in a month including ATM withdrawals.

Nomination facility 

The nomination facility is available for all customers of the Indian Bank zero account. Having a nominee is very helpful in times of sudden death of the account holder. The nomination is an important feature as it helps the family of the account holder to get the proceeds of the savings account or other related accounts such as fixed deposits, recurring deposits etc.


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