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Need suggestion for Zero Balance Account in SFBs

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tuhin

tuhin

TF Premier
Hi all,

I need one zero balance account hence I was searching in the net & found that few SFBs are providing zero balance SFB with free debit card:

1. Utkarsh - UInstant (though you can't deposit more than 1L in your account anytime)
2. Fincare - 101First - no catch

All are mentioned as zero balance & free debit card with free sms service. Now, I am little bit confused over their hidden terms. If anyone is using the same kindly confirm here. My purpose of these accounts are for UPI only.

Thanks
 
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List of accounts with zero balance wth recoverable/nill debit card charges
1) Indie by indusind (Talk of the town)- zero banking fee.
2) bob/sbi pmjdy account - zero banking fee. Can be opened by anyone. (Balance upto 1lac only supported)
3) AU Sfb (best in tech + rupay platinum DC) debit card recoverable via apay 20% offer + various other offers.
4) kotak 811 (only virtual card + disable sms, although they send all sms even after disabling)
5) neo banks were an option earlier but they too have started putting t&c to make us stay away from any type of charges.
6) Bob Lite account- free rupay platinum (valid for limited time period)

These r some of the trust worthy banks and their respective variant. Rest r on riskier side or might be am not aware of it.

Note- SFB are a big competition to Nationalised bank especially AU due to sky rocket profit and a monitored management. Even upto 5 lac are covered under dicgc. So, 5 lacs tak no tension.

Hope it helps!
 
Last edited:
Upvote 0 Downvote
Nilanchal said:
List of accounts with zero balance wth recoverable/nill debit card charges
1) Indie by indusind (Talk of the town)- zero banking fee.
2) bob/sbi pmjdy account - zero banking fee. Can be opened by anyone. (Balance upto 1lac only supported)
3) AU Sfb (best in tech + rupay platinum DC) debit card recoverable via apay 20% offer + various other offers.
4) kotak 811 (only virtual card + disable sms, although they send all sms even after disabling)
5) neo banks were an option earlier but they too have started putting t&c to make us stay away from any type of charges.

These r some of the trust worthy banks and their respective variant. Rest r on riskier side or might be am not aware of it.

Note- SFB are a big competition to Nationalised bank especially AU due to sky rocket profit and a monitored management. Even upto 5 lac are covered under dicgc. So, 5 lacs tak no tension.

Hope it helps!
Click to expand...
SBI Regular savings account MAB is NIL for now then no need to open PMJDY SBI with so many restrictions. I heard one can have only one PMJDY account.
 
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Strange said:
SBI Regular savings account MAB is NIL for now then no need to open PMJDY SBI with so many restrictions. I heard one can have only one PMJDY account.
Click to expand...
Sbi regular may charge DC fees n all.
I myself have a pmjdy account for small spends. No restrictions as such.
Once by mistakenly, I had funded the pmjdy account with more than 1lac. No issue then too..
Yes, one person can have only 1 pmjdy account and that's sufficient.
 
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Nilanchal said:
Sbi regular may charge DC fees n all.
I myself have a pmjdy account for small spends. No restrictions as such.
Once by mistakenly, I had funded the pmjdy account with more than 1lac. No issue then too..
Yes, one person can have only 1 pmjdy account and that's sufficient.
Click to expand...
PMJDY account allow only 4 free transactions in a month including UPI, debit card, cash withdrawal etc. After 4th transaction they charge fees right?
Which bank's PMJDY account you are using?
 
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Strange said:
PMJDY account allow only 4 free transactions in a month including UPI, debit card, cash withdrawal etc. After 4th transaction they charge fees right?
Which bank's PMJDY account you are using?
Click to expand...
I don't know about this t&c.
I am only aware that balance should not be above 1lac anytime.
Btw, I do 100s of upi transaction a month, no charges. Upi transactions r absolutely free ig.
In case of debit card, it only resides in my wallet, no usecase as such but restrictions same as other regular bank account for debit card.
I am using bob pmjdy
 
Upvote 0 Downvote
Nilanchal said:
List of accounts with zero balance wth recoverable/nill debit card charges
1) Indie by indusind (Talk of the town)- zero banking fee.
2) bob/sbi pmjdy account - zero banking fee. Can be opened by anyone. (Balance upto 1lac only supported)
3) AU Sfb (best in tech + rupay platinum DC) debit card recoverable via apay 20% offer + various other offers.
4) kotak 811 (only virtual card + disable sms, although they send all sms even after disabling)
5) neo banks were an option earlier but they too have started putting t&c to make us stay away from any type of charges.

These r some of the trust worthy banks and their respective variant. Rest r on riskier side or might be am not aware of it.

Note- SFB are a big competition to Nationalised bank especially AU due to sky rocket profit and a monitored management. Even upto 5 lac are covered under dicgc. So, 5 lacs tak no tension.

Hope it helps!
Click to expand...
Hello I have opened pmjdy account in Punjab and sind Bank and the kit I have rec'd has jandhan card but their docs have a mention that it will be charges 150+GST from second year but branch people said no charges....
Whom to believe?
 
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Ansh12 said:
Hello I have opened pmjdy account in Punjab and sind Bank and the kit I have rec'd has jandhan card but their docs have a mention that it will be charges 150+GST from second year but branch people said no charges....
Whom to believe?
Click to expand...
All pmjdy account have LTF debit card. Cnf the same with customer care too
 
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This SMS alert charges in AU Small Finance Bank are for debit/credit SMS too, like UPI transactions, I was charged around 14 INR few days back, didn't have it coming, I haven't selected any extra SMS stuff, so wonder if debit/credit SMS are mandotary or non-mandatory SMS
1696751020638.png
 
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