AXIS bank zero bal a/c

[nRiTeCh]

My current co. has provided me an axis bank a/c.
But its all confusion for me regarding zero bal etc.

Initially when I got confirmation call from axis, I asked them what if I leave the co. after 6 months or so, will my savings a/c get converted to zero bal? and they said Yes it will and I dont need to maintain any minimum bal further.
Only thing which is mandatory is to receive salary from your co. for 3 months straight.


Well again yesterday I got another verification call and when I asked the same query the guy said no! Once you leave your co. you will have to maintain min bal of 10k. I was shocked.

This was not the case with my previous co. where they offered ICICI and now it auto got converted to zero bal savings a/c.

Also I read here axis does offers zero bal savings bank a/c. So may be in future I need to convert my a/c to this zero bal.

Axis bank a/c holders can you shed some light on this?

 

[Criminal]

this is applicable for all banks:

- zero balance is account is applicable as long as your company-sponsored account receives some money. each bank has different kinds of checks to flag non-salary accounts.

- another kind of zero balance account is meant for poor people, under the scheme of PMJDY. yes, you can open this kind of account but there are severe limitations on the kind of money and transactions you can carry out. it's also called no frills account. it'll be useless for you once you come to know about T&Cs.

- once you stop receiving salary, your account converts to "regular savings account." each bank has it's own requirement for MAB (minimum account balance) to be maintained each month/quarter. in your case it's 10K. for citibank, it's 2lac or 1lac if you had a long relationship. for state owned banks, it's 500 for rural and 1K for urban areas.

This was not the case with my previous co. where they offered ICICI and now it auto got converted to zero bal savings a/c.

not for long. they'll put MAB constraints sooner or later.

 

[singenaadam]

Almost all banks convert the 0-balance accounts to regular accounts once there are no salary deposits for (on an average) 3 months.