Equitas Small Finance Bank offers convenient zero balance savings accounts for customers from all walks of life. These affordable accounts do not require maintaining any minimum balance and charge no fees whatsoever. One can easily open and operate such an account online or offline by fulfilling simple know-your-customer (KYC) norms. This blog provides comprehensive details on opening and using a zero-balance account with Equitas Bank.
Types of Equitas Bank Zero Balance Account
Equitas Bank offers different types of zero balance accounts to suit various needs.
| Account Type | Features |
| Basic Savings Account | Easy to open and maintain No minimum balance required Unlimited deposits and withdrawals ATM-cum-debit card provided |
| Salary Savings Account | For salary customers Higher interest rate than basic account Unlimited transactions after salary credit Free personal accidental insurance |
How to Open Equitas Bank Zero Balance Account Online?
Opening a zero-balance account with Equitas Bank online is simple and convenient.
- Step 1: Visit www.equitasbank.com and select account opening
- Step 2: Enter basic details to register and verify mobile number
- Step 3: Upload photo, address and identity proof
- Step 4: Read terms and conditions carefully and accept
- Step 5: Account will be opened instantly, login details sent
How to Open Equitas Bank Zero Balance Account Offline?
You can walk into the nearest Equitas Bank branch with your basic KYC documents to start the process. Here are the steps to open an Equitas Bank zero balance account offline:
- Visit the nearest Equitas Bank branch
- Carry valid identity and address proof documents
- Bank officer will assist you with the application form
- Submit photo and fill other required details
- Accept terms and conditions on tablet/PC
- Account will be instantly opened at the branch
- Activation message sent later to enable net banking
- Initial deposit can also be made on the spot if needed
- Digital account activation for full access within 1-2 days
- Friendly branch staff helps in easy and paperless onboarding
Equitas Bank Zero Balance Account Interest Rates
Equitas Bank offers competitive interest rates on its zero balance savings accounts. Interest is calculated on daily balances and credited quarterly to the account. Rates for different accounts are as follows-
| Account type | Interest rate |
| Basic Savings Account | Interest is 3.5% per annum. |
| Salary Savings Account | 5% per annum on maintaining a monthly average balance |
| Super Savings Account | 7% for daily balances above ₹1 lakh |
- Rates are reviewed periodically based on bank’s deposit rate policy.
- Customers can earn extra through their day-to-day transactions and deposits.
- Interest is an additional benefit as zero balance accounts have no maintenance charges.
- Rates are among the best in the industry for zero balance savings accounts.
Fees and charges of Equitas Bank Zero Balance Account
Equitas Bank aims to offer benefits of affordable banking through its zero balance accounts. There are no maintenance charges on these accounts.
- No minimum balance requirement ever
- Unlimited free transactions at own and other bank ATMs
- First 10 cheque leaves free in a year
- No charge on funds transfer through net banking/mobile banking
- EMIs, bill payments, merchant transactions at own ATMs are zero cost
- Beyond free limits, nominal charges apply for cheque books and ATM transactions
- Account closure done instantly with no additional fee if requested within 14 days
Eligibility Criteria to Open Equitas Bank Zero Balance Account
Opening a zero-balance account with Equitas Bank is simple with minimum eligibility criteria.
- Individuals of all ages can open this account
- Minimum documents required are one photo ID and address proof
- Valid PAN card not mandatory for initial KYC
- Aadhar card is one of the accepted ID and address proofs
- Occupation details with basic source of income/funds disclosure
- Agreeing to terms and conditions of the account
- Activation is instant on online/offline application submission
Indian residents over 18 years having necessary KYC papers can easily walk into a branch or apply online anytime to get a fully functional savings bank account with Equitas Bank. This allows everyone access to basic banking and digital payment options.
Documents Required to Open Equitas Bank Zero Balance Account
Opening an account with Equitas Bank requires only basic KYC documents for identity and address proof.
Documents required are:
- One photograph for online & offline applications
- Any one of these address proofs – Voter ID, Passport, Driving License, Aadhaar Card
- Any one of these identity proofs for name and DOB – PAN Card, Voter ID, Passport, Driving License, Ration Card, Aadhaar Card
Equitas Bank Zero Balance Account Welcome Kit
After opening your zero-balance account with Equitas Bank, you will receive an exclusive welcome kit containing important details.
- Passbook with initial entries for your reference
- Debit Card for easy purchases and cash withdrawals
- Cheque book of 25 leaves for third party payments
- Details on internet and mobile banking activation
- Contact information for branches, helpline numbers
- FAQs and terms sheet for account related queries
- Safety tips and fraud awareness pamphlet
- Gifts and vouchers from bank partners
Equitas Bank Zero Balance Account Helpline
Opening a zero-balance account with Equitas Small Finance Bank is easy. In case you need any assistance during the online application process, you can contact the bank’s helpline team. Details relating to customer care support are as follows-
| Address | 4th Floor, Spencer Plaza, No. 769, Phase II, Anna Salai Chennai. |
| Phone number | 1800 103 1222 (toll-free number) |
| Email id | [email protected] |
The helpline executives can guide you and help resolve issues in account opening. The dedicated helpline team is committed to addressing customer queries and helps them complete the account opening procedure smoothly.
Final Word
Equitas Bank strives to make basic banking services available to the common public through its zero balance savings accounts. With digital as well as physical access, maintaining these accounts is very easy. Customers can enjoy benefits like competitive interest rates, bank transfers, debit card and check book facilities at zero or nominal charges. The bank ensures an affordable and inclusive banking experience for all.
FAQs
Yes, Equitas Bank is regulated by RBI. It provides banking services securely to customers across India. Your money deposited is insured under the Deposit Insurance scheme.
Equitas Holdings Private Limited owns Equitas Small Finance Bank. It was started in 2004 to provide banking services targeted at lower- and middle-income households.
Yes, Equitas received banking license from RBI in 2016. It has been authorized under the Banking Regulation Act 1949 to carry banking activities across the country.
Yes, Equitas offers zero balance savings account where you don’t have to maintain any minimum balance. You can open and use the account without worrying about balance requirements.
Equitas savings account does not have any requirement of minimum balance to be maintained. You can use it like a zero-balance account.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
