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

Looking for a hassle-free savings account? IndusInd Bank has you covered! Their Zero Balance account is designed for individuals looking for the benefits of a savings account without the need to maintain a minimum balance. It provides essential features like easy transactions and the convenience of online banking without the pressure of keeping a certain amount in your account.

Here, we will explore the features, benefits, and steps of opening an IndusInd Bank Zero Balance Account. Scroll along to learn more.

What is a Zero Balance Account in IndusInd Bank?

A zero balance account is nothing but a regular savings account that does not require the maintenance of any minimum balance. It eliminates the risk of penalties or charges, thus allowing account holders greater flexibility and added peace of mind. This is also called a Basic Savings Bank Deposit (BSBD) account, a category introduced by the Reserve Bank of India (RBI) to promote financial inclusion.

IndusInd Bank zero balance account is a widely favored choice among those seeking a hassle-free and seamless banking option. Students, homemakers, lower-income employees, self-employed individuals, and many more can manage their finances efficiently without worrying about heavy balance requirements.

How to Open a Zero Balance Account in IndusInd Bank?

IndusInd Bank's online process for opening a zero balance account is quick and easy. The bank has simplified the process into four simple steps:

• Verification via PAN & Aadhaar: The first step in opening the account is to verify your identity through your PAN card and Aadhaar card, which should be linked to your mobile number.
• Fill in Your Details: The bank's online platform requires you to input basic information such as your name, contact information, and address.
• Complete KYC via Video Call: This step requires completing the Know Your Customer (KYC) process through a video call, thus verifying the account's rightful owner.
• Fund Your Account: Although this is a zero balance account, you may need to fund it with a small initial deposit, which can later be withdrawn upon activation.

IndusInd Bank Zero Balance Account Rules

Following are some of the most essential IndusInd Bank zero balance account rules you must keep in mind:

• Interest Earning: Despite it being a zero balance account, you will earn interest on your funds, similar to a regular savings account.
• Zero Minimum Balance Requirement: The most notable feature of the account is that there is no minimum balance requirement. 
• Free Digital Banking: This allows you complete access to the bank’s digital platform for convenient transactions, transfers and overall account management. 
• Debit Card Access: Account holders are usually given a physical debit card for transactions. Some accounts may offer a virtual debit card purely meant for online purchases.
• Transaction Limits: Certain accounts allow only a few free transactions per month, which when exceeded, may incur additional charges.
• Cash Deposit Limits: In accordance with RBI guidelines, there may be specific monthly limits on cash deposit amounts.

Eligibility Criteria to Apply for an IndusInd Bank Zero Balance Account 

The eligibility Criteria FOR opening an IndusInd Bank Zero Balance Account is as follows:

• Physical Copy of PAN Card: A valid PAN card is essential for identity verification and for fulfilling tax-related requirements. All financial transactions must ensure compliance with regulatory guidelines.
• Aadhaar Number Linked with Mobile Number: You must have a valid Aadhaar number linked to your mobile number. This mobile number will be used for verification purposes, especially during the video KYC process.
• Access to a Device with Camera: Since opening a Zero Balance account involves a video KYC step, you must have access to a device (such as a smartphone, laptop, or tablet) with a camera to facilitate the process. This ensures swift and hassle-free verification without the need to visit your nearest branch. 

Required Documents for an IndusInd Bank Zero Balance Account 

To make the account opening process seamless and hassle-free, ensure to keep the following documents ready:

• Aadhaar Card 
• PAN Card or Form 60 
• Driving License
• Proof of Address - telephone bill, electricity bill, bank account statement, etc
• NREGA Job Card – Duly signed by a State Government office
• Voter ID Card
• NPR Letter – Issued by the National Population Register

IndusInd Bank Zero Balance Account Withdrawal Limit Per Day

IndusInd Bank offers several convenient features for its Zero Balance Account holders, including flexible withdrawal limits and UPI transaction capabilities. Here's an overview of the withdrawal limits, transaction limits, and other related fees that apply to your account. 

• Total Withdrawal Limit Per Day:
  • Delite Account: The daily withdrawal limit is Rs. 50,000.
  • Platinum Plus Account: The daily withdrawal limit is Rs. 1,25,000.

An IndusInd Bank zero balance account's daily cash withdrawal limit varies by account type. This limit applies to withdrawals made at IndusInd Bank ATMs, ensuring you have access to funds according to your account's specific features.

• Cash Withdrawals from Own ATMs: There is no charge for cash withdrawals from your own IndusInd Bank ATMs, and the amount you can withdraw per day will depend on your account type as previously mentioned (Rs. 50,000 for Delite or Rs. 1,25,000 for Platinum Plus).
• Cash Withdrawals from Other Bank ATMs within India: You are allowed five free transactions (including cash withdrawals, balance inquiries, PIN changes, mini-statements, etc.) per month. The following charges will apply if you exceed this limit.
• Rs. 21 per cash withdrawal transaction.
• Rs. 20 approx per non-financial transaction (e.g., balance inquiry, PIN change, or mini statement).
• For metro cities, only three free monthly transactions are allowed at other bank ATMs.
• Cash Withdrawals from Other Bank ATMs outside India: The fee for international withdrawals at other bank ATMs outside India is Rs. 125 per transaction.

IndusInd Bank Zero Balance Account UPI Transaction Limit

UPI limits for IndusInd Bank typically align with the standard limits established by the National Payments Corporation of India (NPCI), as mentioned below:

• Daily Limit: Customers can conduct UPI transactions up to Rs. 1,00,000 per day for general transactions.
• Per Transaction Limit: Each UPI transaction is capped at Rs. 1,00,000.
• Higher Limits: Higher limits, possibly up to Rs. 5,00,000, may apply to specific categories like tax payments, payments to educational institutions and hospitals, IPO applications, and transactions under the RBI Retail Direct Scheme.
   

The IndusInd Bank zero balance account is a perfect option for those looking for the best of both—flexible payments, a rewarding bank experience, and no minimum balance. It offers the expertise of a regular savings account with competitive rates of up to 7% p.a., with complete access to its digital banking platform, thus making it ideal for salaried and self-employed individuals.

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