Fino Payment Bank Zero Balance Account offers an easy solution to avoid non-maintenance charges while enjoying the freedom of unlimited transactions.
In this guide, we’ll explore everything about opening a Fino Payment Bank Zero Balance Account, including the process, required documents, associated charges, benefits, services, and whether it’s the right choice for you?
About Fino Payment Bank
Fino Payments Bank is a digital banking partner for millions of hardworking Indians, offering simple, accessible financial solutions anytime, anywhere.
Established on April 4, 2017, and backed by ICICI Bank, BPCL, Blackstone, and IFC, Fino operates across 90% of India’s districts with over 724,671 banking outlets, 54 branches, and 130 customer service points.
Fino Payment Bank Zero Balance Account Features
- No Minimum Balance: No requirement to maintain a minimum balance in your account.
- Interest Earned: Earn interest on your savings account balance.
- Free Debit Card: Receive a RuPay Platinum debit card for seamless transactions.
- UPI Payments: Enjoy the convenience of making UPI payments directly from your Fino account.
- Free Cash Deposits & Withdrawals: Deposit and withdraw cash up to certain limits without any charges.
- Accidental Insurance: Benefit from accidental insurance coverage with your debit card.
Fino Payment Bank Zero Balance Account Charges
| Charges Details | FinoPay Limited KYC Savings Account | FinoPay Full KYC Savings Account |
|---|---|---|
| Annual Subscription Charges | Nil | ₹500 |
| Monthly Average Balance (MAB) Requirement | N/A | N/A |
| Non-Maintenance of MAB | N/A | N/A |
| Initial Funding | Nil | ₹500 |
| Cash Deposit/Withdrawal Limits | Branch/CRO/Merchant | |
| – Free Limit per month (Branch + CRO + Merchant) | ₹50,000 (After which 0.5% or ₹5, whichever is higher) | |
| – Per Transaction Limit (Branch/CRO/Merchant) | N/A | Branch: Up to ₹1,00,000 CRO: Up to ₹50,000 Merchant: Up to ₹25,000* |
| – Daily Limit at Merchant | ₹100,000 | |
| – Monthly Limit | ₹3,00,000 | |
| – Free Transactions per month | 4 transactions | After which 0.5% or ₹5, whichever is higher |
| Daily Transaction Limit | Up to ₹10,000 (1 transaction) | Up to ₹10,000 (1 transaction) |
| Monthly Transaction Limit | Up to ₹50,000 (15 transactions) | Up to ₹50,000 (15 transactions) |
| Yearly Transaction Limit | Up to ₹6 Lakhs (180 transactions) | Up to ₹6 Lakhs (180 transactions) |
| Cheque Return Charges | ₹250 per instance | ₹250 per instance |
| SMS Alert Charges per Month | Nil | Nil |
| Account Closure | ₹200 (if requested within 15 days to 12 months of account opening) | ₹200 (if requested within 15 days to 12 months of account opening) |
| Issuance Fee | Nil | Nil |
| Card Replacement Fee | ₹213 + GST | ₹213 + GST |
| PIN Regeneration (Mobile Banking) | Free | Free |
| ATM Interchange per Month | 3 for Metro / 5 for Non-Metro | 3 for Metro / 5 for Non-Metro |
| Cash Withdrawal at POS Terminals | 1% of Transaction Amount | 1% of Transaction Amount |
| Daily Transaction Limit | ATM: ₹25,000 / POS/E-com: ₹75,000 | ATM: ₹25,000 / POS/E-com: ₹75,000 |
| Aadhaar Enabled Payment System (AePS) | ||
| Funds Transfer (Fino to Fino) | Free | Free |
| Funds Transfer (Fino to Other Banks) | ₹423 (Excl. GST) | ₹423 (Excl. GST) |
| Account Statement | Free | Free |
| Bill Payments | Min: ₹1 / Max: ₹50,000 | Min: ₹1 / Max: ₹50,000 |
Fino Payment Bank Zero Balance Account Required Documents
- Aadhaar Card: For identity and address verification.
- Mobile Number: A valid mobile number linked to your Aadhaar for account opening and OTP verifications.
- PAN Card: Required for financial transactions and compliance.
Fino Payment Bank Zero Balance Account Opening Process
- Download the Fino Pay app from the Play Store.
- Install and register on the app.
- Select the digital account opening option.
- Follow the on-screen instructions to complete the process.
Conclusion
Fino Payment Bank offers a convenient and affordable zero balance savings account option.
With no minimum balance requirement and a range of features like free debit card, UPI payments, and interest earned, it’s suitable for individuals looking for a hassle-free banking experience.
However, it’s important to be aware of the transaction limits and charges associated with the account.
Overall, Fino Payment Bank’s zero balance account can be a valuable option for those seeking a basic and economical banking solution.
FAQs
Is Fino Payment Bank Really Offer 0 Balance Account?
Yes, Fino Payment Bank does offer zero balance savings accounts. You don’t need to maintain monthly average balance into your account and you enjoyed all banking features.
What is the Fino Zero Balance Account Interest rates?
Fino Payment Bank Zero Balance Account interest charges can very depends upon the usage and deposits, but it can stands between 2.5% to 5.5%.
Which type of Bank is Fino Payment Bank?
Fino Payment Bank is a type of payment bank in India. Payment banks are a new category of banks introduced by the Reserve Bank of India (RBI) in 2015. They are primarily focused on providing basic banking services like deposits, withdrawals, and payments, with a focus on mobile and digital platforms.
Is Fino Payment Bank Safe for Savings?
Yes, Fino Payment Bank is generally considered safe. It is regulated by the Reserve Bank of India (RBI), which ensures that banks adhere to certain standards and regulations to protect customer funds. Your deposits with Fino Payment Bank are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme.
