Federal Bank Zero Balance Account: How to Open Zero Balance Account in Federal Bank?

Federal Bank is one of the leading private-sector banks in the country, offering a wide range of banking services to its customers. Federal Bank allows customers to open a zero balance account without having to worry about maintaining a marginal account balance.

Whether you are a student, a first-time account holder, or someone looking for a secondary account, the Federal Bank zero balance account provides various benefits catering to a diverse range of financial requirements.

This blog will discuss Federal Bank’s zero balance accounts, the opening procedure, eligibility criteria, required documents, and much more.

What Is a Zero Balance Account in the Federal Bank?

The zero balance account offered by Federal Bank allows its customers to deposit and save their earnings without maintaining a minimum balance. It allows the account holder to keep a savings account without worrying about meeting the minimum balance criteria. 

Apart from this benefit, several other features are associated with these types of accounts, such as free internet banking, mobile banking, cheque collection, and much more. The bank offers various types of savings accounts that allow the benefit of maintaining no minimum balance, such as Basic Savings Bank Deposit Account and Fed Salary.

How to Open a Zero Balance Account in the Federal Bank?

Here are the steps guiding you to open a zero balance account in Federal Bank:

• Visit the Federal Bank's official website and download the account opening form from the ‘Forms & Stationery’ section. You can also visit your nearest bank branch and request for an account opening form from an executive.
• Fill out the form and include a passport-size photograph and your signature.
• Attach the required documents along with the duly filled account opening form and submit it.
• The bank executive will then verify your documents and process your request. Once processed, you will receive an acknowledgement slip and a welcome kit.
• You have successfully opened your zero balance account with Federal Bank. To maximize your benefits, activate your debit card and internet banking.

Federal Bank Zero Balance Account Rules

Listed below are some of the rules associated with the Federal Bank zero balance account:

• You can get access to free Internet banking and mobile banking services.
• Standard KYC documents can include an Aadhaar card, passport, PAN card or Form 60, and a recent passport-sized photograph.
• There is no criteria for maintaining a minimum balance.
• Four withdrawals are allowed in a month, including ATM withdrawals.
• The limit is capped at Rs. 1 lakh per day for UPI transactions.
• The collection of other cheques will be subject to applicable standard service charges.

Federal Bank Zero Balance Account Eligibility Criteria

Listed below are the eligibility requirements to open a Federal Bank Zero Balance Account:

• Individuals must be a minimum of 18 years of age (single or joint)
• Eligible entities include trusts, clubs, organizations and societies.
• Minors' accounts must be operated by their parents or guardians.

Federal Bank Zero Balance Account Required Documents

Here are the documents required for availing a zero balance account with the Federal Bank:

• Identity Proof: PAN Card, Passport, Aadhaar card, Voter ID card, Driving Licence, NREGA Job card
• Address Proof: Aadhaar card, Passport, Voter ID card, Driving Licence
• Two recent passport-sized photos

Federal Bank Zero Balance Account Withdrawal Limit per Day

Federal Bank allows you four free withdrawals per month. The total withdrawal limit is capped at Rs. 50,000 per day, with daily POS transactions up to Rs. 50,000. On the other hand, the limit is capped at Rs. 1 lakh in a day in the case of UPI transactions. The bank may request additional documentation or authentication to ensure compliance with anti-money laundering regulations for any substantial withdrawal amount, whether at the branch or via the internet.

Federal Bank Zero Balance Account UPI Transaction Limit

The maximum limit allowed in a UPI transaction is Rs. 1,00,000 per day, while the maximum number of P2P transactions allowed in 24 hours is 10 per account. With verified merchants, the transactions are capped at Rs. 2 lakhs per day.

Transactions of up to Rs. 5 lakh are allowed in special categories such as UPI-based ASBA IPO and retail direct schemes. While making your first UPI payment, the transaction limit will be capped at Rs. 5000.

Federal Bank is one of the premier private sector banks in the country, striving to allow anyone to save and deposit his hard-earned income in savings accounts. So, the account holder does not need to bother himself about maintaining minimum balance.

The Federal Bank also offers various other perks to its customers, though the rate of interest offered by the bank is quite basic. To clear any confusion, it is recommended that you read all the terms and conditions before opening the Federal Bank zero balance account.

Related Articles:
1. HDFC Zero Balance Account Opening Online
2. SBI Zero Balance Account
3. IndusInd Bank Zero Balance Account
4. Union Bank Zero Balance Account
5. Yes Bank Zero Balance Account

Related Federal Bank Articles:
1. Federal Bank Statement Password
2. Federal Bank Gold Loan Interest Rate
3. How to Check Federal Bank Balance