The Oriental Bank of Commerce (OBC) zero balance account or Basic Saving Bank Deposit Account is exclusively introduced for people who otherwise cannot afford to open a regular savings account as it comes with a minimum average balance. People from the economically weaker sections of the society find it hard to maintain the minimum average balance as well as pay for the various charges of a savings account. This basic savings account or zero balance account is specifically meant for individuals without a savings bank account.
As it is a zero balance savings account, customers don’t have to keep a minimum balance in their bank account. Moreover, it is feature-rich savings account with all the essential banking facilities available free of cost or at a nominal cost.
Individuals need to complete the Know Your Process (KYC) process to make their OBC zero balance account operational. For this process, customers need to submit identification and address proof along with two passport photographs.
If the present address is different from the identification document submitted, a separate proof of address needs to be provided. A rent agreement indicating the address of the customer duly registered with State Government or similar registration authority will also be accepted as address proof.
Accounts can be opened in an individual capacity or as a joint account. Also, one should note that the account holders cannot open any other savings account with the bank.
As stated initially, the OBC Basic savings account is a zero balance account. Hence, customers do not have to keep any minimum balance in their account and customers are not levied any penalty for non-maintenance of minimum average balance.
While a few zero balance accounts do not have any initial deposit, the OBC zero balance account carries an initial deposit of Rs.10.
Account-holders receive one free cheque book of 25 leaves during a calendar year.
Customers of Oriental Bank zero balance account receive a free debit card that can be used to withdraw cash from ATMs.
Account-holders of OBC zero balance account can deposit their savings in term deposits and gain higher interest than savings account.
Account-holders can nominate their loved ones as a nominee of their savings account. Availing the nomination facility is crucial. With the nomination facility, the bank can easily transfer the account balance and other proceeds to the nominee’s account after the death of the account holder. This will help the family of the deceased person to tide over the financial problems.
There is no limit on the number of deposits. However, customers can undertake a maximum of six free withdrawals (including ATM and Transfers). After six withdrawals, Rs.5 will be levied on every withdrawal.
The account does not carry any charges for standing instruction for transfer of funds within the same branch. Also, there are no charges for activating inoperative account.
Issuance of demand draft and transfer through NEFT attract applicable charges. Other services can also be availed by paying the applicable charges.
While the account has a host of features, internet banking is not permitted in this account.
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