Double the Perks: Do you hold a Zero Balance Account with a bank? If so, this is fantastic news for you. The Reserve Bank of India (RBI) has recently rolled out new regulations for zero balance accounts (Zero Balance Account Rules), which are set to bring a wealth of benefits to ordinary customers. Read on to discover the specific advantages you can expect.
What are the New Regulations?
The Reserve Bank of India has introduced several key changes to Savings Bank Deposit Accounts, offering considerable relief to general customers. These changes include unlimited monthly deposits, the provision of a free ATM card without any renewal fees, a free checkbook of at least 25 leaves per year, and the facility for Internet and Mobile Banking usage. These particular benefits are primarily aimed at holders of zero balance accounts.
Additionally, the RBI has modified the rules governing Basic Savings Bank Deposit Accounts (BSBDA) across banks.
Banks will now be required to allow at least four free withdrawals per month. This includes transactions conducted at the bank’s own ATMs or those of other banks.
Crucially, digital payment transactions such as UPI, NEFT, or any other digital transfers will not be counted as withdrawals under this limit. This means users will not be charged separately for digital transactions.
When Will the New Benefits Take Effect?
According to several reports, these new changes are scheduled to become effective from April 1, 2026. However, they may be implemented in banks earlier based on consideration. The Reserve Bank is updating its 2025 policy to bring greater transparency to the banking system, which is why the new guidelines have been issued. Furthermore, the structure of Basic Deposit Accounts is also set to undergo changes by banks.
The primary objective of these revisions is to increase access and enhance the benefits of zero balance accounts, thereby boosting customer confidence. The new rules are particularly beneficial for accounts in local area banks, rural cooperative banks, small finance banks, cooperative banks, payment banks, and commercial banks.
Read More: India Poised to Unlock the Deep: A New Chapter in Ocean Research at 6,000 Meters Below Sea Level
