New Delhi: Zero balance savings account and small savings account are some of the banking facilities which are offered by a number of scheduled commercial banks to cater to the unserved section of people. HDFC Bank, India’s second-largest bank, provides the facility of zero balance savings account with which the individuals can avail the basic banking facilities under several restrictions.
HDFC Bank zero balance savings account can be opened by any resident individual who is not having an existing relationship with the bank and do not have complete KYC. A zero balance basic savings account can be opened with HDFC Bank which will have certain transactional and operational limits. The account holder of HDFC Bank zero balance savings account can’t maintain a balance of more than Rs 50,000 at any point of time and the total withdrawals and transfers can’t exceed Rs 10,000 in a month.
The total credits in all your account should not exceed Rs 1,00,000 at any point of time and if the balance in all your account exceeds Rs 50,000, the account holder will not be able to process any further transactions till the time account balance reduces below Rs 50,000. “If the aggregate of credits in a financial year exceeds Rs 1,00,000 no further credit transactions will be permitted in your Small account till the end of that financial year,” HDFC Bank said.
Additionally, if the withdrawals and transfers exceed Rs 10,000 no further debit transactions will be permitted in your Small account till the end of that calendar month.
HDFC Bank zero balance savings bank account holder is entitled to receive a free passbook, free cash and cheque deposits at all branches and ATMs. HDFC Bank provides a Rupay ATM-cum-debit card to all the account holders of zero balance savings bank account. With Rupay debit-cum-credit card, a person can access the account and can avail 4 free withdrawals per month including ATM/RTGS/NEFT/clearing/branch cash withdrawal/ transfer/internet debits/standing instructions/EMI, etc.