RBI Zero Balance Account Overhaul: More Free Features, No Hidden Fees

• RBI has introduced new rules for zero balance savings accounts, effective April 1, 2026, requiring all banks to offer essential features free of charge.
• Existing basic accounts can be converted within 7 days upon request, and banks must offer features comparable to regular savings accounts without treating them as inferior.
• Key free services include no annual ATM/debit card fee, a 25-page chequebook annually, free internet/mobile banking, passbook/statements, and four free ATM cash withdrawals per month.
• The RBI rejected bank proposals for income/profile-based conditions for opening accounts and restricting internet/mobile banking, ensuring broader accessibility.
• There will be no minimum deposit requirement or other conditions for operating these basic savings accounts, simplifying access for customers.

Why It Matters: RBI mandates free, accessible basic banking for all, enhancing financial inclusion.