In digital India, banking has become more accessible and affordable for all than ever before. Today, you can even open an account with zero balance as well. Several bank offers such a service. One of the most popular is Indian Bank which is India’s leading public sector bank. The process of Indian Bank Zero Balance Account opening online is an easy way to open an account. However, you might not know where to begin. Read this article to learn as it will you through the ins and outs of the Indian Bank Zero Balance Account opening online.
Types of Indian Bank Zero Balance Accounts
Indian Banks offer several types of zero-balance accounts to meet the various demands of clients. These accounts come with various features and benefits tailored to different requirements. Below is a table outlining some common types of Indian Bank Zero Balance Accounts along with their features:
| Type of Zero Account | ||
| IB Corp SB | Features | Debit Card Insurance Account holders can enjoy 5 financial and 2 non-financial transactions at other bank ATMs monthly at no cost. A 25% discount is offered on the locker rent for the first year. An overdraft facility is available up to 80% of the net salary, with a minimum of ₹10,000 and a maximum of ₹2,00,000. Salary Credit |
| Maximum Limit | N/A | |
| Cheque Book Facility | 20 free leaves in a calendar year | |
| Monthly Withdrawal Limit | Unlimited withdrawals are allowed with a daily limit of ₹ 50,000 | |
| Debit Card | Available | |
| Credit Card | Issued to eligible customers per the Retail Asset Department guidelines. | |
How to Open Indian Bank Zero Balance Account Online?
For an Indian Bank online account opening zero balance, you just have to follow these simple steps:
- Step 1: Visit Website
- Go to the account through the Indian Bank website or mobile app (Indian Bank Mobile Banking).
- Step 2: Click on “Open Account”
- On either the website or app, locate the “Open Account” section and choose “IB Corp SB”.
- Step 3: Enter Your Details
- Enter the necessary data, such as your name, birthdate, contact information, and (optional) nomination information.
- Step 4: Aadhaar e-KYC
- After that, you’ll be sent to the Aadhaar e-KYC gateway. Confirm the OTP provided to your registered mobile number by entering your Aadhaar number. This electronically confirms who you are.
- Step 5: PAN Card Details
- To file taxes, enter the information from your PAN card.
- Step 6: Account Details
- Choose your account type (single or joint) preferred branch (optional), and set a secure password for your online banking access.
- Step 7: Review and Submit
- Carefully review all the entered information and apply.
- Step 8: Video KYC (Optional)
- A video call with a bank representative might sometimes be required for further verification. This will be intimated during the application process for Indian Bank zero balance account opening online.
- Step 9: Account Activation
- Once your application is approved, you will receive an account number and login credentials. You can now use your Indian Bank sb account opening online for online transactions and fund transfers. You have successfully completed the process of Indian Bank savings account opening online.
How to Open an Indian Bank Zero Balance Account Offline?
Follow these simple steps to open a zero balance account offline:
- Step 1: Visit Your Nearest Branch
- Visit the nearest branch to start the process of Opening an Indian Bank Zero Balance Account.
- Step 2: Inform the Bank Representative
- Tell them you want to open a zero-balance savings account (preferably “IB Digi Savings Account”).
- Step 3: Fill out the Form
- The representative will provide you with a form to fill out. Ensure you provide all details accurately and clearly.
- Step 4: Document Submission
- Along with the filled form, send in the necessary papers listed above.
- Step 5: Verification
- Your paperwork and picture ID will be checked by the bank agent. For KYC purposes, they could also take pictures of you and your fingerprints.
- Step 6: Initial Deposit
- Make the initial deposit if required by the branch.
- Step 7: Account Activation
- Once everything is verified and processed, the representative will activate your account and provide you with an account number and login credentials.
Indian Bank Zero Balance Account Interest Rates
Indian Banks offer zero balance savings accounts with varying interest rates. The interest rates are:
| Account Balance | Rate of Interest (Per annum) |
| Up to ₹ 10 lakhs | 2.75% p.a. |
| More than ₹ 50 lakhs – ₹200 crores | 2.80% p.a. |
| More than ₹200 crores | 2.90% p.a. |
Fees and Charges of Indian Bank Zero Balance Account
Zero balance accounts offered by Indian Bank often come with certain fees and charges. Here are some common fees associated with such accounts:
1. Minimum Balance
You won’t be charged if you don’t keep a certain amount in your account.
2. ATM Use
You can use Indian Bank ATMs for free. If you use other banks’ ATMs, the first 5 times a month are free.
3. Closing Account
Closing a regular savings account costs ₹51 for individuals, ₹61 for non-individuals, and ₹40 for customers like senior citizens and pensioners.
4. Cheque Collection
Collecting local cheques doesn’t cost anything.
5. NEFT Transfers
Transfers up to ₹1 lakh are free. Transfers over ₹1 lakh but under ₹2 lakh cost ₹12 each. Transfers over ₹5 lakh cost ₹28 each.
6. RTGS Transfers
Transfers over ₹2 lakh but under ₹5 lakh cost ₹25 plus a maximum of ₹30, depending on the time.
Eligibility Criteria to Open Indian Bank Zero Balance Account
An Indian Bank zero balance account opening online typically requires meeting certain eligibility criteria. The eligibility requirements for opening an Indian Bank 0 balance account are:
1. Individual or Joint Account Holders
The account can be opened by individuals either singly or jointly.
2. Age Requirement
The applicant should be a minimum of 18 years old.
3. Document Requirements
It is mandatory to have a valid UID card linked to their mobile and a physical copy of the PAN card.
4. For Salaried Individuals
The IB CORP SB account is designed for employed individuals who have been in Corporate firms, IT sector, ITES, State and Central Government Departments, Public Sector Undertakings, Semi-Government organizations, Urban development authorities, Educational Institutions, MNCs, Hospitals, Hotels, Universities, Transport Corporations, Reputed Public Sector Companies, Hotels and select Private Sector Companies with their current organization for a minimum of six months. Their salary must be credited to an Indian Bank branch.
Documents Required to Open Indian Bank Zero Balance Account
Indian Bank zero balance account opening online requires you to provide specific documents for verification and compliance purposes. The list of commonly required documents is:
1. Address Proof
- Bills for utilities like water, electricity, or phone
- Ration card
- Voter ID
2. Identity Proof
- Aadhaar Card
- Passport
- PAN card
- Voter’s Identity Card
- Driving license
- Job card from NREGA signed by a State Government officer (For Small Accounts)
- Letter from UIDAI with name, address, and Aadhaar number
- Identity card (if the bank accepts it)
- A letter confirming your identification and place of residence from a reputable public authority or public employee
- Government/Defence ID card
- ID cards from reputable Public Sector Employers
3. Business Proof
If you are opening an account for a business, you might need to provide:
- A partnership deed
- GST registration form or similar documents.
Indian Bank Zero Balance Account Welcome kit
When you open a Zero Balance Account with Indian Bank, they give you a welcome kit. This kit has items to help you use your account and do banking transactions. You will get the welcome kit after you have successfully completed the Indian Bank zero balance account opening online process. It includes the following:
1. Cheque Book
You get a chequebook with 20 free leaves in a year.
2. ATM/Debit Card
You get a free Rupay ATM card or Debit card.
3. Account Details
You get information about your account number, branch details, and other important information.
4. Internet Banking Details
You get information on how to start and use Internet banking for your account.
5. Mobile Banking Details
You receive instructions on how to download the app and set up your account in order to begin using mobile banking.
Indian Bank Zero Balance Account Helpline
Indian Bank provides comprehensive customer service for its Zero Balance Account holders. They have a dedicated helpline to address any queries or issues. The details are:
| Details | Information |
| Headquarter Address | Indian Bank, Corporate Office, PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600 014 |
| Helpline Contact Number | 1800 425 00 000 |
| Helpline Email Address | [email protected] |
Final Word
Choosing Indian Bank zero balance account opening online process is a wise choice. It helps you to enjoy banking services without the need to maintain a minimum balance. So, if you are a student, a young worker, or someone with a tight budget, open an Indian Bank zero balance account today.
FAQs
You can initiate a savings account with Indian Bank by visiting the branch and providing the necessary KYC documents and a filled-out form. The form can also be downloaded from Indian Bank’s official website.
Yes, zero-balance accounts are safe.
There are no charges imposed by the Indian Bank for non-maintenance of the minimum balance in the savings account.
Yes, Indian Bank does provide Internet banking services with its zero savings account holders.
Yes, Indian Bank issues debit cards to its zero bank account holders.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
