How to Apply HDFC Bank Zero Balance Account | Documents, Eligibility

HDFC BANK: The Housing Development Finance Corporation or HDFC is one of India’s growing banks, it is a private sector undertaking with its headquarters in Mumbai. HDFC Bank merged with Times Bank in February 2000. This was the first merger of two private banks in the New Generation private sector banks category. Its first corporate office was inaugurated by the then Union Finance Minister,  Manmohan Singh.

HDFC Bank has a wide and diverse range of customers across India and all over the world. The bank has three main business segments: Wholesale Banking, treasury, and retail banking.

It also provides various financial products and services such as home loans, pay cards, two-wheeler loans, money transfers, EMI loans, Zero account balance, etc. The Bank has received recognition and awards from several leading organizations and publications, both domestic and international. 

What is a Zero Balance Account?

Zero balance account is one of the services rendered by HDFC bank. It provides a bank account with no minimum balance, this encourages people to open a savings Bank account and develop the habit of savings among them. It is like any other savings account which provides its customer with a free Passbook, Debit Card, mobile and net banking, free cash and cheque deposits at any branch.

Eligibility: 

Zero Balance Account can be opened by any person who is resident and is above the age of 18 years. The person should be new to the bank, he should not have any other Account being operated. He must have valid Know- your- customer (KYC) documents.

Document Required For Opening Bank account

The following document is required to open a bank account:

• Proof of Identity – Passport, Voter Id, Aadhar card, etc.
• Proof of address- Passport, Voter Id, Aadhar card, etc.
• PAN Card
• Form 16 ( only if PAN card is not available)
• 2 latest passport size photographs
• Qualification certificate (optional)

How To Open Zero Balance Account (Step By Step Guide)

There are two ways to open an HDFC Savings bank account, offline and online. One can choose any of them at their convenience.

Steps to open HDFC Savings Account offline:

Step 1: Visit the nearest HDFC bank branch along with the original and photocopies of the KYC document.

Step 2: Fill in all the required details as mentioned in the application form.

Step3: Attach the copy of all mentioned documents.

Step 4: Once the information is filled in, submit the form at the counter.

Step 5: An employee of the bank will then verify the details provided by you in the form.

Step6: After successful approval, the account will now be activated to use.

Steps To Open HDFC Savings Account Online:

Step 1: Visit the official website of HDFC bank i,e. hdfcbank.com

Step 2: Choose the ‘Accounts’ option from the ‘Select product’

Step 3: Then again select ‘Saving Account’ from the select product.

Step 4:  Click on the ‘apply online’ option.

Step 5: Select if you are an existing customer or new and then fill in all the required details.

Step 6: Enter the required information like name, address, contact details, etc.

Step 7: Verify all the details with the documents like Adhar Card, Voter ID, etc.

Step 8: The documents will now be verified by the bank.

Step 9: After the verification process, a Debit cum ATM card, PIN, and cheque book will be provided to you.

 Step10: Once the account is activated, you can register for a mobile number and can use the checkbook and Debit card for banking services.

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Benefits of Zero Balance Savings Account

• Interests Earning: HDFC Savings Account not only helps to save money but also provides a certain rate of interest on the saved amount. This encourages the people to save more and earn interest on it.
•  Cashless Facility: Savings Account customer receives ATM-cum-Debit Card, which gives them access to a wide range of network of ATMs all over India. It also provides international debit cards for people to operate outside India.
•  Bill payment: The facility of free bill payment for registered billers through net banking. Facilities like RTGS/NEFT, Demand Draft are also available 

Does HDFC Bank provide Debit Card and Net Banking With Zero Balance Account?

Yes, HDFC provides a net banking facility with zero balance account, where we can keep an eye on our financial transactions either from home, office, or anywhere with a proper internet connection. Net banking helps in getting the account summary, statements, and fund transfer details, You can also get to make Bills, order for the draft, online request for another bank, SMS alerts, and many more. You also get a debit card and ATM access through which we can withdraw money with a limit of Rs10,000 at once. Debit cards can also be used to make an online payment.

Hope this information would be of great help to you while there are few things which should be kept in mind. Zero-balance accounts usually allow a limited number of transactions per month, as its purpose is to encourage you to save your money, while at the same time helping you at the time of emergency. Usually, banks will allow you four monthly withdrawals from your Savings Account. If you do make more than the allowed number of withdrawals, then the bank will simply convert the zero-balance account into a Regular Savings Account. Some banks though may charge you a nominal fee for these extra transactions.