IDFC Bank offers several zero balance savings account options that are affordable and convenient for maintaining daily finances. These accounts have minimal requirements and charges, making them a suitable choice. These accounts have no restrictions on minimum balance and allow free financial transactions. This blog talks about the key features and benefits of opening a zero-balance account with IDFC Bank. It discusses the account opening process and describes different types of zero balance accounts catering to various customer segments. Read on to know more about how these accounts allow hassle-free banking without worrying about balance obligations. Let’s look into the features, benefits and procedure to open such an account both online and offline with IDFC Bank.
Types of IDFC bank zero balance account
IDFC Bank provides different types of zero balance accounts to suit various customer needs. The main accounts are:
| Account type | |
| Savings Account | Maximum Limit: No limit Cheque Book: Available Monthly Withdrawal Limit: ₹25,000 Debit Card: Available Credit Card: Not available Additional Features: Internet banking, UPI |
| Salary Account | Maximum Limit: No limit Cheque Book: Available Monthly Withdrawal Limit: ₹1,00,000 Debit Card: Available Credit Card: Not available Additional Features: Direct benefit transfer |
How to Open IDFC bank zero balance account Online?
Opening a zero-balance account with IDFC Bank online is simple and convenient. Just follow these steps:
- Visit IDFC Bank website and click ‘Open Account’
- Enter basic details like name, DOB, address etc.
- Upload scanned documents like ID proof and address proof
- Payment of initial deposit can be done via net banking/UPI
- Set login credentials for internet banking
- Account will be verified and activated within 2 working days
How to Open IDFC bank zero balance account Offline?
You can also open an IDFC Bank zero balance account by visiting a branch near your location. Just carry the required documents and follow the steps:
- Visit the nearest IDFC Bank branch with valid ID and address proof
- Fill account opening form available at branch
- Submit documents and initial deposit at branch
- Provide signature and complete KYC process
- Account will be opened and you will receive internet banking login details
- Debit card will be dispatched to registered address within 7 working days
IDFC bank zero balance account Interest rates – 2024
IDFC Bank provides competitive interest rates on zero balance Savings Accounts. The current rates are:
| Balance | Interest |
| Balance up to ₹1 lakh | 3% per annum |
| Balance above ₹1 lakh up to ₹5 lakh | 4% per annum |
| Balance above ₹5 lakh | 7% per annum |
Fees and charges of IDFC bank zero balance account
IDFC Bank zero balance accounts have minimal processing and maintenance charges. Some common charges include:
- Online monthly statement: Free
- Physical monthly statement: Rs 100+GST per quarter
- Cheque book of 10 leaves: Rs 50+GST
- Cheque return/bounce charges: Rs 150+GST
- ATM transaction fee after 3 free transactions: Rs 20+GST
- Account closure within 6 months: Rs 500+GST
- Debit card annual fee: Rs 100+GST for primary card
Eligibility criteria to open IDFC bank zero balance account
Opening a zero-balance account with IDFC Bank is easy, with minimum eligibility criteria. You need to:
- Be a resident Indian citizen/NRI
- Be 18 years or above
- Provide valid ID proof and address proof
- Have a valid mobile number for account activation
- Initial deposit is not required
- Know Your Customer (KYC) process needs to be complete
- Address on documents should match present address
Documents required to open IDFC bank zero balance account
To open a zero-balance account with IDFC Bank, you need to submit the following documents:
- Recent passport size photograph
- Valid ID proof like PAN card, Voter ID, Driving License, Passport
- Address proof like Aadhaar card, Passport, Driving License, Voter ID
- In case of minor, documents of parents or guardian required
- Signed account opening form available on bank website
- Initial deposit is not required as it is a zero-balance account
IDFC bank zero balance account Welcome Kit
Once your account is opened, you will receive an exclusive welcome kit from IDFC Bank. It includes:
- Debit card for making purchases and cash withdrawals
- Internet banking login details for transactions online
- Cheque book of 10 leaves (if opted for)
- Passbook to keep record of transactions
- Bank contact details and IFSC code
- Complimentary debit card insurance up to 1 lakh
- Debit card PIN details sent via SMS
IDFC bank zero balance account Helpline
IDFC Bank provides round-the-clock support to its customers for any queries or assistance regarding their zero balance accounts.
| Bank address | IDFC FIRST Bank Ltd., Naman Chambers,C-32,G-Block, Bandra-Kurla Complex, Bandra East,Mumbai – 400051, India |
| Helpline contact number | Customers can call the toll-free number 1800 10 888 (from an India number) or 18337039805 (if calling from an international number) for account related help. |
| Helpline email address | Customers can also email their queries to [email protected]. |
The customer care executives will respond promptly via email or phone to address issues or clarifications.
Final Word
Opening a zero-balance account with IDFC Bank is a simple process that takes less than 7 days to complete once the online or offline application is submitted along with necessary documents. Such accounts offer best in class benefits like unlimited transactions, debit card and more. IDFC Bank provides versatile zero balance account options for individuals, students and professionals. These accounts offer excellent digital banking ease combined with basic banking facilities like debit card and cash deposits/withdrawals. For people with occasional banking needs IDFC Bank assures convenient account usage and maintenance. Its widespread network and customer centric approach make zero balance accounts a sensible choice.
FAQs
The daily ATM withdrawal limit for IDFC Bank is Rs. 100000.
No, IDFC Bank is not a government or nationalized bank. It is a private sector bank established in 1998 as Infrastructure Development Finance Company (IDFC) through an act of Parliament. In 2015, it received banking license from RBI and was renamed as IDFC Bank. Though not a government bank, it is regulated by RBI and maintains high compliance of banking rules and standards.
No, IDFC Bank is not a government or nationalized bank. It is a private sector bank established in 1998 as Infrastructure Development Finance Company (IDFC) through an act of Parliament. In 2015, it received banking license from RBI and was renamed as IDFC Bank. Though not a government bank, it is regulated by RBI and maintains high compliance of banking rules and standardCs.
IDFC Bank can be considered a reliable option for banking needs due to its strong financial position and risk management. In over a decade of its operations, it has not faced any major losses due to scams or frauds. The bank adheres to RBI rules and guidelines for customer security and protection of funds. Its digital systems also meet global security standards.
Among major banks, IDFC Bank is a good option to consider for zero-balance savings account. Their Click account allows free transactions and comes without any minimum balance requirement. Other good options are SBI, Yes Bank or IndusInd Bank which also offer Functional zero-balance accounts with decent online banking facilities for day-to-day use.
IDFC Bank does not mandate any minimum balance for its Click zero-balance savings account. You are free to use this account without worrying about maintaining any prescribed minimum balance. The bank also does not charge any hidden fees if your account balance goes below a level. This makes IDFC Bank a suitable option for savings needs without a big balance.
Yes, you can open a zero-balance savings account with IDFC Bank. Their zero-balance account, called ‘Click’ account, does not require you to maintain any minimum balance. You can use this account to undertake basic banking transactions like deposits, withdrawals, online payments etc. without any constraints of minimum balance.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
