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Zero Balance Digital Current Account
- Thread starter tuhin
- Start date
- Replies 13
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techprince
TF Premier
You have to choose one, either keep MAB then you will get free debit + SMS or be ready to pay for both if you dont want to keep MAB. Zero Balance current accounts are provided by Kotak, BOB, IDFC, IndusInd, Yes and AU.
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tuhin
TF Premier
If I select ZERO MAB then which is the best one, basic purpose is for taking UPI payments. I was going through BOB LITE Current Account, how is it? Do they provide virtual dc on BOB WORLD for this variant?
kotak 811 ac
techprince
TF Premier
Easiest to open of all i mentioned. You get a physical DC. You can block that and apply for a virtual DC. BUT all transactions except UPI are chargeable, including NEFT and RTGS.
For taking UPI Payments, check UPI Top 50 Member Beneficiary Performance in the link : https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics
Match the bank names i provided with the lowest TD% and go for that one.
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tuhin
TF Premier
How is AU Bank Digital Current Account? Does it have hidden charges like BOB LITE CURRENT ACCOUNT has folio charges but the bank didn't declare it on the product page. Pls confirm those who are using AU BANK Current Account.
Does AU Bank provide virtual debit card instead of using the physical card?
Does AU Bank provide virtual debit card instead of using the physical card?
What is folio charges, why it's important
tuhin
TF Premier
BOB has folio charges, it's the debit credit entry irrespective of channels.
techprince
TF Premier
No but they will ask for 2 business proofs. Udyam+PETC is best for an Individual and Udyam+GST/Gumasta seems to be best for any type of business entity.
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UPI in/out also chargeable? Is UDYAM mandatory?
techprince
TF Premier
Only for non-ADC transactions beyond the free limit of 50.
Metro- Urban Savings Bank Accounts – ( excluding BSBD and FI accounts**)
- Upto 50 debit entries Charges – Not applicable
- Exceeding 50 debit entries : Rs 15/- per debit
- Standing Instructions
- Transactions through ADC incl. ECS
- Auto sweep, system generated (service charge, interest etc.)
** For BSBD and FI accounts there is no service charges
Non-ADC transactions (Chargeable beyond free limit of 50):
🔹 Cheque-related
- Cheque deposits
- Cheque clearing
- Cheque returns / bounce / dishonour
🔹 Branch Transactions:
- Cash deposits at branch
- Cash withdrawals at branch
- Demand Draft (DD) issuance at branch
- Pay Order / Banker’s Cheque issuance
- Manual NEFT/RTGS at the branch counter
🔹 Others:
- Branch-assisted account transfers
- Manual inward/outward remittances
So as long as you stick to automated entries, there wont be any folio charges. But any manual transaction from the list above will count towards the free limit of 50.
No, UPI is free everywhere. Udyam is not mandatory in BOB, but it is in almost every other bank.
tuhin
TF Premier
This thread is for Current Account which can be opened with Zero AMB facility. BOB Lite Curtent account does have folio charges (Rs 147) beyond 25 entries & all other digital outward transactions are chargeable like NEFT/IMPS/RTGS even after initiating through ADC. Otherwise, BOB Lite Current Account is one of the best available Zero AMB in the market but charges on digital transactions are making it less attractive.
I am not sure on AU Bank, if any user is giving a feedback on it, it will be helpful. In my opinion, AU BANK CA is comparatively better one than BOB LITE
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