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Zero-Balance Digital Savings Account: Know All About These

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At a time when reports have come up regarding whopping sum to the tune of Rs. 5000 crore being collected by banks across the country for non-maintenance of average minimum balance in your savings account, other than the basic savings bank deposit or BSBD account, you have yet another option if you don't want to trap yourself with this commitment as zero-balance or no minimum balance digital savings account.

 
Zero-Balance Digital Savings Account: Know All About These

How to open zero balance digital Savings Account?

 

Digital savings account allows an individual to open a savings account with the bank instantaneously as it follows the aadhaar OTP-based eKYC or Know Your Customer guideline. When such an account is being opened by the individual, he or she receives an OTP or one-time password on his or her aadhaar-registered mobile number. This when entered is used to authenticate and verify the identity of the individual opening the digital account.

Note that a person verified through this means i.e. aadhaar-based eKYC is deemed as a 'partial KYC' customer. This is as per the RBI guidelines and certain limitations then apply to such a customer until and unless he or she is done with the full KYC or biometric based e-KYC or authentication for which the maximum time allowed is until one year from the account opening date.

Limitations that apply to 'Partial KYC' customers

1. The total of all balances cannot exceed Rs. 1 lakh on an annual basis
2. The total of all credits should not be over Rs. 2 lakh in a year
3. No other borrowing account except a term loan of up to Rs. 60,000 in a year is allowed to such a 'Partial KYC' customer
4. No RTGS transactions allowed

Digital Savings Accounts by different banks

BankDigital Savings AccountRate of Interest
Kotak Mahindra BankKotak 811Up to 6%
DBS BankDBS digiSavings6% on balance up to Rs. 1 lakh
Fincare Small Finance BankFincare 1016% on balance of up to Rs. 1 lakh
Equitas Small Finance BankEquitas SelfieSavings6%
RBL BankRBL Abacus5.5% on daily balance of Rs. 1 lakh
IDFC BankIDFC Zero Balance Online Savings account4% p.a. on end of day balances
Axis BankAxis ASAP3.5% for balance up to Rs. 50 lakhs
Standard Chartered BankStanChart Digital Savings account3.5%

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Read more about: savings account ekyc
Story first published: Monday, August 13, 2018, 14:24 [IST]
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