Zero balance account now becomes superpowerful! Know which 6 facilities have been made free by RBI

New Delhi: The Reserve Bank of India (RBI) has made a game-changing change to the zero balance basic savings account. Now it will be mandatory for every bank to open this account and many essential facilities will have to be provided absolutely free of cost. These new rules will be implemented across the country from April 1, 2026, but if banks want, they can start it earlier also.

RBI has given clear instructions that if any customer wishes, his existing general savings account can be converted to basic account in just seven days. For this the customer will only have to make a written or online request. Earlier many banks used to delay this process or impose additional conditions, but now this will not happen. RBI has warned that banks should not consider these accounts as having low quality or limited facilities. These should have the same facilities as normal savings accounts.

Earlier, banks had suggested in the draft rules that conditions should be imposed on the income or profile of customers for opening a basic savings account, but the RBI rejected it outright. Now there will be no annual fee on ATM card and also on its renewal.

RBI has recently issued a total of seven amendment instructions related to this. These will be applicable to all commercial banks, small finance banks, payment banks, regional rural banks, urban and rural co-operative banks. The objective of RBI is that basic savings accounts should be accessible to every section of the society and customers should get better banking services.

Let us inform you that RBI had taken this decision on October 1, 2025 and had released the draft rules. After reviewing the suggestions from the public and stakeholders, the final rules have now been implemented.

That’s why new rules came

There were difficulties in opening basic savings accounts in many banks. Complaints about setting limits on facilities, imposing additional charges or limiting digital services were reaching the RBI. Consumer organizations had described these restrictions as against the rules.

These facilities will be available free of cost

No annual fee will be charged on ATM or debit cards. You will get a check book of at least 25 pages absolutely free in a year. Internet-mobile banking and passbooks or statements will also be free. Customers will be able to withdraw free cash from ATM four times every month. Digital transactions will not count towards this limit of four free withdrawals. There will be no restriction on depositing money any number of times in a month.

Many suggestions of banks rejected

Banks had suggested that there should be criteria based on the income or profile of customers for opening a basic savings account, but the RBI rejected this. The suggestion to ban internet-mobile banking was also not accepted.

According to the new instructions, all facilities in the basic account will be available on demand to the customer. That means the customer will avail these facilities only when he himself wants. Banks cannot force him. There will also be no minimum deposit or other requirements for operating the account.