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How to Open AU Bank Zero Balance Account Online in 2024

Opening a bank account has become essential in today’s digital world. AU Bank offers convenient zero balance savings accounts that allow customers to reap banking benefits without having to maintain high balances. This blog discusses the various types of zero balance accounts provided, the process of opening accounts both online and offline, interest rates, charges and eligibility criteria to help one choose the best fit.

Types of AU Bank Zero Balance Account

AU Bank offers various zero balance bank accounts to suit different customer needs. The main types are:

1. Regular Savings Account

  • Maximum Limit: Rs. 1 lakh
  • Cheque Book: 10 leaves free per month
  • Monthly Withdrawal Limit: 5 free, then Rs. 50 per withdrawal
  • Debit Card: Free
  • Credit Card: Not available
  • Additional Features: Internet Banking, UPI enabled

2. Salary Savings Account

  • Maximum Limit: Rs. 2 lakh
  • Cheque Book: 20 leaves free per month
  • Monthly Withdrawal Limit: 10 free, then Rs. 50 per withdrawal
  • Debit Card: 1 free international transaction per month
  • Credit Card: Eligible for credit card after 6 months
  • Additional Features: Insurance cover up to Rs. 1 lakh

3. Student Savings Account

  • Maximum Limit: Rs. 50,000
  • Cheque Book: 5 leaves free per month
  • Monthly Withdrawal Limit: 3 free, then Rs. 20 per withdrawal
  • Debit Card: Free
  • Credit Card: Not available
  • Additional Features: Higher interest rate than regular savings account

How to Open AU Bank Zero Balance Account Online?

Opening a zero balance account with AU Bank online is simple and convenient. Here are the quick steps:

  • Visit AU Bank website and click ‘Open Account’
  • Enter basic details like name, date of birth, email etc
  • Upload scanned photo and signature
  • Provide PAN/Aadhaar details for verification
  • Choose the type of account
  • Create login credentials for internet banking
  • Account will be instantly opened, login credentials sent via email
  • Download Mobile App to check balance, do transactions instantly
  • Option to select nominee, update profile later from online portal

How to Open AU Bank Zero Balance Account Offline?

For those who prefer to open an account offline, visiting an AU Bank branch can be an easy option.

The steps are:

  • Visit the nearest AU Bank branch
  • Pick up an account opening form and fill details
  • Submit identity and address proof like Aadhaar, voter ID, passport etc
  • Signature and photograph will be captured at the branch
  • Provide initial deposit if needed as per account type
  • Activation of debit card and internet banking will be done within 3 days
  • Receive debit card and cheque book within a week
  • All transactions can then be done via branch, ATM, debit card or internet banking

AU Bank Zero Balance Account Interest rates

AU Bank offers competitive interest rates on its zero balance savings accounts. The interest is calculated on a daily balance and credited quarterly.

  • Regular Savings Account – 3.5% p.a. on balances up to Rs. 1 lakh, 5% on amounts above Rs. 1 lakh
  • Salary Savings Account – 3.5% p.a. on entire balance
  • Student Savings Account – 4% p.a. on entire balance
  • Senior Citizen Savings Scheme – 5% p.a. for citizens above 60 years
  • Fixed Deposit rates from 4-6% p.a. depending on tenure from 7 days to 10 years

Fees and charges of AU Bank Zero Balance Account

AU Bank keeps most banking services free for zero balance account holders. Some charges are applicable as per RBI rules.

  • Account Maintenance: ₹0 per month
  • ATM Cash Withdrawal: 5 free, then ₹20 per withdrawal
  • Cheque Book: As per account type, 5-20 leaves free per month
  • Debit Card: 1st year free, then ₹100 renewal annually
  • Balance Inquiry at Other Bank ATMs: ₹8 per enquiry
  • Stop Payment Charges: ₹100+GST per cheque
  • Cheque Return Charges: ₹100+GST for insufficent balance

Eligibility criteria to AU Bank Zero Balance Account Opening

To open a savings account with AU Bank, there are some basic criteria:

  • Minimum age should be 18 years (may differ for minor accounts)
  • Need valid address proof like utility bill, Aadhaar card, voter ID, rent agreement
  • Indian citizens or NRIs eligible
  • Should provide valid ID and address proof documents
  • Bank employees eligible for salary account
  • Students need bonafide certificate until ID card is available
  • Self declarations if employed in private firms, self employed businesses

Documents required to open AU Bank Zero Balance Account

To fulfill Know Your Customer (KYC) norms, certain documents must be provided while opening the account:

  • Address proof like Aadhaar, Voter ID, Passport, Rent/Utility bill (not older than 3 months).
  • One passport size photograph.
  • Valid identity proof like PAN Card, driving license, passport.
  • For minor accounts, identity and address proof of parent/guardian.
  • Additional address proof may be required if address differs from ID proof.
  • Signature and photograph will be captured digitally.
  • Address, ID proofs will be verified online through Aadhaar authentication.

AU Bank Zero Balance Account Welcome Kit

After opening a new account, AU Bank sends a welcome kit with important details to get started:

  • Debit Card – Received within 5 days to make purchases and withdraw cash
  • Internet Banking Credentials – Access account online or through mobile app
  • Cheque Book – 10-25 leaves as per account type for easy payments
  • Passbook – Maintains transaction history which can also be viewed online
  • Passcode – Generated for secure login and transactions on digital channels
  • Terms and Conditions – Mentions about account usage and bank policies

AU Bank Zero Balance Account Helpline 

AU Bank offers zero balance savings accounts which do not require customers to maintain a minimum balance. This helps customers to access basic banking services without stressing about balance requirements. In case you need any assistance regarding opening or operation of a zero balance account, our customer support helpline is there to help you.

Our helpline executives can be reached on all days at 1800 1200 1200. You can also write to us your queries at customercare@aubank.in. For any other bank related requirements, you can visit our head office at Bank House, Mile 0, Ajmer Road, Jaipur – 302001 Rajasthan, India. We strive to resolve all customer queries on priority and make banking a simple and hassle-free experience.

Final Word

AU Bank provides easy, affordable and customer friendly zero balance account options. Both online and offline account opening processes are simple. With competitive interest rates and minimal charges, these accounts are beneficial for all customers according to their needs. Following the steps mentioned in this blog, one can enjoy basic banking facilities with zero hassles.

FAQs

Does AU Bank have zero balance account?

Yes, AU Bank offers zero balance savings account where no minimum balance needs to be maintained. This allows customers access to basic banking without worrying about balance.

What is minimum balance in AU Bank?

AU Bank has a zero balance savings account where there is no requirement of maintaining any minimum balance at all times. Customers can use this account freely without balance constraints.

How safe is AU bank?

AU Bank takes utmost precautions to ensure customer funds and data is completely safe and secure. It is regulated by RBI and follows strict banking norms and regulations. Customers can bank with confidence at AU Bank.

Is Au bank under RBI?

Yes, as with all commercial banks in India, AU Bank is regulated and licensed by the Reserve Bank of India (RBI). This ensures the bank adheres to financial and banking standards set by RBI to protect customers.

Who is owner of AU Bank?

AU Bank is a private sector bank promoted and owned by AU Investments Ltd. The founder of AU Investments Ltd is Sanjay Agarwal. Sanjay Agarwal is an Indian businessperson, Chartered Accountant and founder of AU Small Finance Bank. 

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.

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