How To Open An Hdfc Zero Balance Account Online

You can open a savings account with HDFC Bank without maintaining the minimum balance. The account opening process is very simple since HDFC Bank offers video KYC facility. Thus you can verify your identity quickly through secure video interactions. Let us now see the process of opening an HDFC Zero Balance account online.

What is an HDFC Bank Zero Balance Account?

HDFC Bank has designed a zero balance account for people who cannot or do not want to keep a minimum balance in their accounts. The key highlights of an HDFC Bank Zero Balance Account include 

• The HDFC Bank zero balance account provides an interest rate of 3.5% p.a. for zero balance accounts upto Rs. 50 lakhs. 
• For more than 50 lakhs, the interest rate is 4% p.a. 

Types of HDFC Bank Zero Balance Accounts 

There are mainly two types of HDFC Bank zero balance accounts

• Basic Saving Bank Deposit Account (BSBDA): 
  • It is a type of savings account that does not require to maintain any minimum balance. 
  • With the BSBDA account, you can access banking services across multiple branches and ATMs across the country. 
  • With the BSBDA account, you can access banking services across multiple branches and ATMs across the country. 
  • You can also make transactions digitally through the internet and mobile banking services available on the account. 
  • When this account is opened, you will get free passbooks, 25 cheque leaves, a debit card, and email statements with the card. 
• Salary account: Salary accounts are opened by companies for organized and easy salary distribution. This account does not require you to maintain a minimum balance. On salary day, the bank takes money from the company’s account and credits it to yours. 

Read Also: Top 10 Best Banks For Savings Account In India

Steps to Open an HDFC Zero Balance Account Online

Here are the steps to open an HDFC Zero Balance account Online

Step 1: Go to the official website of HDFC Bank:

 Go to the official website of HDFC Bank. Navigate to the option to open an HDFC zero balance account. Enter all the essential details required like your name, date of birth, email address, etc. 

Step 2: Provide the required documents:

It is essential to submit complete documents. Documents providing inaccurate details or incomplete information will lead to the rejection of the loan. So, while applying online, keep the documents readily available. You may have to upload scanned copies or pictures of your documents during the online account opening process. 

Step 3: Complete the video KYC process:

Complete your video KYC online through a video call by making your location accessible through your connecting device such as your laptop or mobile. Click on the ‘Video KYC’ button to complete the account opening process. 

Step 4: The process of verification and activation:

Once the documents are verified by the bank within 2 to 3 business days, you will receive the details about activation and login through email or SMS. You can log in to your online banking account using these login credentials. You can expect to receive your debit card within 15 to 25 days. 

Step 5: Start using your account 

Once you receive your customer ID and account number, you can start using your account. Log into netbanking and create a new password. After creating your zero balance account, you can enjoy the privilege of accessing multiple online banking services including cash withdrawals, deposits, etc. without the need for a debit card. 

What are the Eligibility Criteria for Opening an HDFC Bank Zero Balance Account? 

 

Required Documents for Opening an HDFC Bank Zero Balance Account

The following documents have to be submitted to open a zero balance account

 

FAQs on HDFC Zero Balance Account

1. What is the upper limit of an HDFC zero balance account?

There is no limit on an HDFC zero balance account. You can deposit any amount without any upper or lower threshold in the account. When it comes to free debit card transactions, the upper limit is 10. A penalty of Rs. 20 plus GST is levied if you cross this limit. The limits for debit card transactions are set to prevent fraud. 

2. How should I change my HDFC account to a zero balance account?

HDFC Bank currently does not offer any provision to change a savings account to a zero balance account. However, individuals can open a savings account called Basic Saving Bank Deposit Account (BSBDA) without maintaining a minimum balance.