Zero Balance Current Account

This is a zero balance current account variant for Proprietorship startups that provides the majority of financial benefits to its customers.

Primary Features	Charges
Monthly Average Balance (MAB)	No minimum balance requirement for 6 months
Cash Deposit limit	Free up to 12 times of maintained MAB
Withdrawal limit (Home Branch)	Unlimited + Free
Withdrawal limit (Non-home Branch)	Rs 50,000 free per day (self only)
Monthly Account Statement	Rs 25 per month (physical statement)
Cheque leaves	100 cheque leaves free per month
Account Closing Charges (after 14 days)	Rs 1000

This current account is ideal for startups and offers various transaction benefits to its customers. This is a zero balance current account that provides facilities to the customers including free and unlimited cash withdrawal, free 100 cheque leaves per month and more.

Primary Features	Charges
Monthly Average Balance (MAB)	No minimum balance requirement for 6 months
Cash Deposit limit	Free limit up to 12 times of maintained MAB
Withdrawal limit (Home Branch)	Free and Unlimited
Withdrawal limit (Non-home Branch)	Rs 50,000 free per day (self only)
Monthly Account Statement	Rs 25 per month (physical statement)
Cheque leaves	100 cheque leaves free per month
Account Closing Charges (after 14 days)	Rs 1000

The users are not required to maintain any monthly average balance plus they can avail added advantages including free cash deposit limit of Rs.3 lakh per month, free 75 cash withdrawal transactions and more.

Primary Features	Charges
Monthly Average Balance (MAB)	Zero
Cash Deposit limit	Free up to Rs 3 lakh per month
Withdrawal limit (Home Branch)	Free (within 75 transaction limit)
Withdrawal limit (Non-home Branch)	—
NEFT Charges	Rs 25 for transactions above Rs 2 lakh
RTGS Charges	Rs 50 for transactions of Rs 5 lakh and above
Annual Charges	Rs 1,999 + Service Tax (75 free transactions  every month)

This account variant is the zero balance current account provided by Bank of Baroda. There is no upper limit on the cash withdrawal limit plus the users can get a free account statement twice a month.

Primary Features	Charges
Monthly Average Balance (MAB)	No minimum balance requirement for 2 years
Cash Deposit limit	Up to Rs 50,000 per day
Withdrawal limit (Home Branch)	Free
Withdrawal limit (Non-home Branch)	Free up to Rs 25,000 per day
NEFT , RTGS, IMPS Charges	Free for up to 2 years
Monthly Account Statement	Two times in a month free of charge
Cheque leaves	200 cheque leaves free per month (for up to 2 years)
Account Closing Charges (after 14 days)	Rs 500 for individual accounts Rs 800 for non-individual accounts

This account is zero balance current account provided by IndusInd Bank. This variant is best suited for small or medium business / enterprise. The user gets the privilege of a free cheque book.

Primary Features	Charges
Monthly Average Balance (MAB)	Zero
Cash Deposit limit	Free up to Rs 4 lakh per month
Withdrawal limit (Home Branch)	Free
Withdrawal limit (Non-home Branch)	Free
NEFT , RTGS, IMPS Charges	Free
Monthly Account Statement	Free email statement and monthly physical statement by post
Cheque leaves	Free cheque book issuance

This is a zero balance HDFC Current Account. Get a free cash deposit limit of up to Rs.50 lakh per month, free withdrawal limit of Rs 1 lakh per day, free fund transfer, free monthly account statement and more.

Primary Features	Charges
Monthly Average Balance (MAB)	Zero
Cash Deposit limit	Free up to Rs 50 lakh per month
Withdrawal limit (Home Branch)	Free
Withdrawal limit (Non-home Branch)	Free up to Rs 1 lakh per day
NEFT and RTGS Collections	Free
Monthly Account Statement	Free
Cheque leaves	Free 500 cheque leaves per month
Account Closing Charges (15 days to 6 months)	Rs 500

A zero balance current account can be opened in any commercial or non-commercial bank. One can choose from the list of top banks providing zero balance current accounts. The user needs to submit all the KYC acceptable documents along with the current account opening form at the nearest bank branch. It is to be noted that the document type may vary from individual bank to bank and the chosen account variants. Below mentioned are the steps to one can follow for online account opening:

Step 1: Go to the official website of the chosen bank.

Step 2: Go to the account opening form.

Step 3: Fill out all the required details in the ‘Personal Details’ & ‘Account Details’ section.

Step 4: Download the completed form and print it.

Step 5: Visit the nearest bank branch along with the printed form and the required KYC acceptable documents.

The customer can also get the account opening form from the nearest bank branch, fill it and submit along with all the required documents.

A zero balance current account can be opened by the below listed entities, primarily for business purposes:

• Resident Individual
• Sole Proprietor
• Partnership Firm
• Company (Private and Public Limited)
• Trust
• Hindu Undivided Family

It is to be noted that the Zero Balance Current Account opening online documents may vary from bank to bank and the type of account chosen. 

Basic common documentation for Zero Balance Current Account

1- Proof of Identity: PAN Card Voter ID Card Passport Driving License Aadhaar Card 2- Proof of Address: Utility Bills (electricity, water, telephone etc.) Rent Agreement Bank Statement Ration Card Passport Driving License 3- Passport Size Photograph

*Any one document from the proof of identity and one from the proof of address required to submit along with other documents and filled application form.

Documents for Sole Proprietor

Certificate by Sales Tax or Service Tax authorities Letter of Proprietorship

Documents for Partnership Firms

Partnership Deed

Documents for Private or Public Limited Companies

Certificate of Incorporation Memorandum and Article of Association

Documents for Trusts

Trust Deed Registration Certificate Resolution by Trustees and Board

Documents for Hindu Undivided Family

Letter of HUF duly signed by Karta and all Coparceners

Q. Which bank opens a Current Account in Zero Balance online?

A. The top banks that open Current Account with Zero Balance online include ICICI, Axis, IndusInd and Bank of Baroda.

Q. Can one open a Zero Balance Current Account without a GST number?

A. Yes for opening a Zero Balance Current Account, it is not mandatory to provide the GST number.

Q. Is PAN compulsory for opening a bank account?

A. Yes, the Reserve Bank of India (RBI) has made Aadhaar and PAN Cards mandatory for opening bank accounts.

Q. What documents are required for opening Zero Balance Current Account?

A. For account by individual, the below listed documents are required:

• 1 identity proof (PAN Card, Passport, Voter ID Card, Driving License, Aadhaar Card)
• 1 address proof (Passport, Voter ID Card, Rent Agreement, Utility Bills)
• Recent color photograph

Q. Does Current Account provide the facility of ATM?

A. ATM cards are given to individual current accounts, joint individuals and to the accounts of proprietary concerns.