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Oriental Bank of Commerce Zero Balance Account

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.

Process to open Oriental Bank zero balance account 

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.

Features of OBC zero balance account

obc zero balance account

No Minimum balance 

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.

Initial deposit

While a few zero balance accounts do not have any initial deposit, the OBC zero balance account carries an initial deposit of Rs.10.

Cheque Facility   

Account-holders receive one free cheque book of 25 leaves during a calendar year.  

Free debit card 

Customers of Oriental Bank zero balance account receive a free debit card that can be used to withdraw cash from ATMs.

Read: Forgot to carry your debit card? Cardless withdrawal is here

Open a fixed deposit (FD) or term deposit (TD)

Account-holders of OBC zero balance account can deposit their savings in term deposits and gain higher interest than savings account.  

Nomination facility 

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.

Number of Withdrawals and Deposits

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.

Charges for other facilities

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.

Features Not Available in OBC zero balance account

While the account has a host of features, internet banking is not permitted in this account.   

N.B: OBC is merged with Punjab National Bank.


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