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Any bank which opens an account at 0 balance in India??

Discussion in 'Payment Processing' started by Digital_shubhi, Apr 20, 2009.

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  1. #1
    Well, I need to open a new bank account in India !! :)

    I already have two accounts !! ( in SBI and PNB) They are good but i need something better than them.:D

    And also don't want o give them 5k or 10 just for opening account !!

    So, can i open a account with 0 balance in HDFC, ICICI or KOTAK or etc???

    I have heard about No Frills account which can be opened at 0 balance !

    Also , i just need that account to transfer money from paypal and to withdraw that via ATM. Nothing more to with that account ! :rolleyes:

    So, help me out. :)
     
    Digital_shubhi, Apr 20, 2009 IP
    it career, pavan6993, olddocks and 2 others like this.
  2. shaileshk

    shaileshk Well-Known Member

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    #2
    I have seen the HSBC offer as below

    please visit HSBC.co.in


    Below ad text
    No Minimum Balance
    HSBC.co.in with HSBC Direct for business Banking for Businesses. Apply Here.



    Please make note I am not using HSBC account.
     
    shaileshk, Apr 20, 2009 IP
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  3. RightMan

    RightMan Notable Member

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    #3
    I have heard only salary accounts being opened with 'zero balance'. Also if you have good amount as fixed deposit, then the bank might entertain such requests.

    I am not sure, apart from this criteria, any banks would oblige opening a zero balance account! :eek:

    Regards,

    RightMan
     
    RightMan, Apr 20, 2009 IP
  4. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #4
    Digital_shubhi, Apr 20, 2009 IP
  5. MayurGondaliya

    MayurGondaliya Well-Known Member

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    #5
    There are several banks in India that allow you to open a bank account with 0 AQB. However, there are certain eligibility criteria and limitations.

    HDFC Bank
    AXIS Bank
    HSBC, etc.
     
    MayurGondaliya, Apr 20, 2009 IP
  6. tajimd

    tajimd Well-Known Member

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    #6
    You cannot open a No Frills account if you have any sort bank account anywhere in India. RBI introduced this kind of bank accounts only for those who have never done any kind of banking.

    Moreover there is a limit on how much transactions and money you can deposit in No frills account per year. I heard it is no more than 1 lakh per year.

    HSBC does opens zero balance account but that is only for business. You got show them that you operate a legal business and have to provide them with Balance sheet, P/L account and ITR forms.

    Besides, that if you have a student ID then you can open a zero balance student account in some banks, but they also have a certain limitations.

    Regards
    Tajim
     
    tajimd, Apr 20, 2009 IP
    Ganguly155 likes this.
  7. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #7
    If you can make an FD of 50000 INR in HDFC bank then you can operate your savings account at ZERO balance (no need to maintain 5000 INR quarterly balance). At the same time you'll get Interest at current rate (current rate is around 8.1% for annual FD) on your FD's. Check this with your local HDFC branch.

    DON.
     
    deluxdon, Apr 20, 2009 IP
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  8. Bohra

    Bohra Prominent Member

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    #8
    i think its possible in ICICI
     
    Bohra, Apr 20, 2009 IP
  9. prashantban

    prashantban Well-Known Member

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    #9
    No it isnt possible in ICICI..
    Though u ma try SBI
     
    prashantban, Apr 20, 2009 IP
  10. olddocks

    olddocks Notable Member

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    #10
    Just go to any nationalised bank and you can open account with 0 balance. Just ask them if they are NEFT enabled. But you will get checkbook if your balance is above 1000/- i think.

    if you earn money online and depositing money, nationalised banks not worth hassle. Go for hdfc, icici, hsbc or axis even it means 5000 deposit.
     
    olddocks, Apr 20, 2009 IP
  11. fireservice

    fireservice Well-Known Member

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    #11
    u want high quality without any fee. i think thats not possible.

    i m not sure but many bank offer new acc with 0 balance, for students and as i m remember that u r also student. so w8 for that day when any bank offer new acc with 0 balance. :)

    and i cant understand about quality, if bank provide ATM card then u not have need to go bank. only need to go for your bank statement and for passbook entry which is not need daily update.
     
    fireservice, Apr 20, 2009 IP
  12. getjimmy

    getjimmy Prominent Member

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    #12
    I think u can open account for just 500 INR in Canara bank.
     
    getjimmy, Apr 20, 2009 IP
  13. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #13
    Lol.. I won't open in that Bank at all. I don't like it at all !!

    If there won't be any bank which would open an account with 0 balance I will get my account opened in HDFC with 10k balance ! :) I feel that HDFC is the fastest for paypal ! :)

    The problem is that if i take money from that 10k they will cut some fee and i dnt like that for my own earned money ! :(
     
    Digital_shubhi, Apr 20, 2009 IP
  14. fireservice

    fireservice Well-Known Member

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    #14
    ya hdfc is the best, currently i have acc in PNB and think to open new acc in hdfc soon. they provide us cc too. :p

    and about 10k minimum balance .... my suggestion is fill your minimum balance 10k INR and then forgot about that, just thought that u have 0INR in your bank acc.

    what u think about this :)
     
    fireservice, Apr 20, 2009 IP
  15. getjimmy

    getjimmy Prominent Member

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    #15
    I know that ,Canara, SBI , Vysya, all falls in same category and their customer support sucks.

    With Axis,u can open for 2500 INR.
     
    getjimmy, Apr 20, 2009 IP
  16. Ganguly155

    Ganguly155 Banned

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    #16
    Good answer....


    Hey Digital_subhi

    I think you are telling like this due to their other services ........

    But I think Canara bank is the exact solution for you.

    1. Paypal transfer quickly to Canara like other banks. I am receiving money from paypal to Canara in third working day after request.

    2. Just you need to make very less minimum balance as per your wish.

    3. You will get ATM card and take money in any ATM even if you dont want to go canara ATM. No extra charges.

    4. No need to use this account for any other purpose. So dont bother about their other slow services...
     
    Ganguly155, Apr 20, 2009 IP
  17. Aakaash

    Aakaash Banned

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    #17
    its not posible with ICICI & HDFC
     
    Aakaash, Apr 20, 2009 IP
  18. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #18
    You can open account with Min. 5k balance in HDFC as far as i know and as i said earlier if you have an FD of 50k INR with them then your account automatically convert into 0 balance. Have you asked them this ?

    And for paypal faster withdrawal you can go with SBI account (tested already).

    @getjimmy - I think we need to maintain 5k balance in AXIS bank too.

    DON.
     
    deluxdon, Apr 20, 2009 IP
  19. getjimmy

    getjimmy Prominent Member

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    #19
    No Don,recently my friend opened his account with just 2500 INR deposit.
     
    getjimmy, Apr 20, 2009 IP
  20. RightMan

    RightMan Notable Member

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    #20
    Do keep us informed as to your progress with HDFC Bank.
    I am interested to know whether they entertained your opening of the no-frills account, on the face value itself or did they have more stringent eligibility criteria.

    Regards,

    RightMan
     
    RightMan, Apr 20, 2009 IP
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