Fino Payment Bank has gained popularity among customers as a preferred option for opening zero balance savings accounts due to its hassle-free procedures and flexible options to suit all needs. This blog aims to provide all important details regarding opening an account with Fino Bank in a simplified manner. It covers key aspects like types of accounts, online and offline opening procedures, interest rates, fee structure and eligibility to help customers make informed choices.
Types of Fino Payment Bank Zero Balance Account
Fino Payment Bank offers various types of zero balance accounts to suit different customer needs. The main types are:
1. Basic Savings Account
- No minimum balance required
- Unlimited deposits
- Monthly 3 withdrawals free, Rs 20 per extra withdrawal
- No cheque book facility
2. Smart Savings Account
- Targeted for regular banking customers
- Rs 1000 minimum balance
- 5 free withdrawals per month, Rs 20 per extra withdrawal
- Cheque book facility available
3. Prime Savings Account
- For high value banking customers
- Rs 10000 minimum balance
- Unlimited free withdrawals
- Debit card on request
- Other value added services
How to Open Fino Payment Bank Zero Balance Account Online?
Opening a zero balance account with Fino Payment Bank online is very simple and convenient. Just follow a few steps:
- Visit the official website of Fino Bank or download the mobile app. Click on ‘Open an Account’ option. Enter basic details like name, date of birth etc. Upload photo and address proof.
- Provide your mobile number for verification. An OTP will be sent to register your number. Enter the received OTP.
- Choose the type of account you want to open like Basic Savings, Smart Savings etc. depending on your needs.
- Review all the details and accept online terms and conditions. Your account will be instantly opened. Login details will be sent to your registered mobile number.
How to Open Fino Payment Bank Zero Balance Account Offline?
For customers who prefer opening a bank account offline without internet, Fino Payment Bank provides easy options are:
- Visit the nearest Fino Bank branch
- Carry valid KYC documents like address and identity proof
- An authorized representative will help with account opening
- Fill a simple one page account opening form
- Provide basic details and submit documents
- Choose type of account like Basic Savings, Smart Savings etc.
- Official will verify your details and photos
- Your account will be instantly opened offline
- Receive Internet banking login credentials on the spot
- You can now conduct transactions from the branch itself
- Offline opening is easy and quick for those without internet access
Fino Payment Bank Zero Balance Account Interest Rates
The interest rates offered on zero balance savings accounts is an important factor for customers. Fino Bank offers competitive interest rates depending on the type of account.
- Basic Savings Account – 2.5% per annum
- Smart Savings Account – 3% per annum
- Prime Savings Account – 5% per annum
Fees and charges of Fino Payment Bank Zero Balance Account
Besides offering zero balance accounts with low minimum requirements, Fino Bank also keeps fees and charges minimum for basic banking services.
- 3 free cash withdrawals per month from Basic Savings account. ₹20 per extra withdrawal.
- No charge on deposits, never-expired debit card, inter-account transfers.
- Cheque book of 10 leaves issued free once a year. Replacement attracts ₹50 charge.
- Stop-payment instructions charged ₹100 per request.
- Account closure within 6 months incurs ₹100 charge.
Eligibility Criteria to Fino Payment Bank Zero Balance Account Opening
Opening a zero balance account with Fino Bank is very simple with minimum eligibility criteria. Any individual who is a resident of India having valid identity and address proof can open an account.
- Minimum age to open all accounts is 18 years
- No maximum age limit set
- Both Indian citizens and Non Resident Indians can open
- Employees can open salary accounts
- PAN/Aadhaar card mandatory for high value accounts
- Customers need to submit basic KYC documents
Documents required to open Fino Payment Bank Zero Balance Account
Opening an account with Fino Bank is simple and convenient with minimum documentation requirements. The basic documents needed are:
- Address proof like Aadhaar/Voter ID card/Passport/Ration Card
- One passport size photograph
- PAN (Permanent Account Number) card for high value accounts
- Identity proof like Aadhaar/PAN/Voter ID card/Driving License
- Cancelled cheque of existing bank (if opening salary account)
- Income proof for high value accounts
Fino Payment Bank Zero Balance Account Welcome Kit
After successfully opening an account, Fino Bank provides a useful welcome kit to new customers. This kit contains important details to help customers start banking right away.
- Debit Card issued on the spot or shipped later for online openings
- PIN number for debit card enclosed securely
- Passbook for keeping transaction records
- Cheque book (if applied for standard account)
- Terms and Conditions booklet
- Customer care contact details
Fino Payment Bank Zero Balance Account Helpline
Fino Payment Bank offers a basic ‘zero balance’ savings account to customers without any requirement of minimum balance. This allows users to open an account and perform basic banking transactions very conveniently. However, sometimes customers may face issues in using account features or need assistance regarding account operations. For such requirements, Fino Payment Bank has a dedicated helpline support team.
The helpline can be contacted for any queries or issues related to account opening, deposits, withdrawals, balance check, statement requests, online fund transfer etc. Customers with problems can call on the toll free number 022 6868 1414 (from 9 am to 7 pm) or send an email to [email protected]. The helpline executives will strive to resolve issues at the earliest.
Fino Payment Bank Head Office is located at Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1, 8th Floor, TTC Industrial Area, MIDC Shirwane, Juinagar, Navi Mumbai – 400 706.
Final Word
Fino Payment Bank offers a simple, affordable and convenient banking experience for all customers with its zero balance savings accounts. Be it opening the account online or offline or choosing from different account types, customers have complete flexibility. The low minimum balance feature along with incentives like higher interest rates and fewer charges makes Fino Bank an ideal choice for budget-conscious customers to park their savings and reap benefits.
FAQs
Yes, you can open a zero balance account with Fino Payment Bank. They offer basic banking services like deposits, withdrawals, money transfers for customers without requiring any minimum balance. All you need is valid photo identity and address proof to open a zero balance savings account.
Yes, you can open a zero balance account with Fino Payment Bank. They offer basic banking services like deposits, withdrawals, money transfers for customers without requiring any minimum balance. All you need is valid photo identity and address proof to open a zero balance savings account.
Fino Payment Bank does not require any minimum balance to be maintained in the savings account. You can use your account for basic banking transactions like cash deposits and withdrawals without worrying about maintaining a minimum balance. This makes Fino a suitable option for customers with minimal transactions.
Fino Payment Bank is a licensed and regulated payment bank by the Reserve Bank of India, which means it follows strict regulatory guidelines on security and safety. Your money and transactions in the Fino account are insured and secure. As with any bank, there are always risks but Fino takes appropriate measures to protect customer funds and data.
Fino Payment Bank is a legitimate and legal bank regulated under the payments bank license by RBI. It is not an unauthorized or illegal financial entity. Licensed payment banks in India have to follow RBI rules and regulations to operate. Fino Payment Bank provides bonafide banking services to its customers within the payments bank scope of operations allowed by the banking regulator.
Fino Payment Bank is an Indian company incorporated under the Companies Act, 1956. It is headquartered in Mumbai, Maharashtra, India. All its business operations and services are governed by the banking laws and regulations of India and do not extend to any other country.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
