Oriental Bank of Commerce (OBC) is a public sector bank established in 1907 with a vision of welfare and better banking services. After more than 100 years of efficiently satisfying its customers, it merged with Punjab National Bank from 1st April,2020. One can easily open an account and avail the various benefits with OBC now.
OBC zero balance account
The zero balance account is a basic saving account. This account can be beneficial for people who cannot afford to open a normal bank account. This account can be opened with minimum balance and there is no restriction to keep any amount of balance in your account. This is a deposit account and can be beneficial for people from the lower strata of people who are salaried under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Features of OBC zero balance account
- No minimum balance : There is no restriction on keeping a minimum balance in your savings account. You will not be penalised for not having any balance in your account.
- Initial deposit : One can open a bank account for only ₹10. That’s the least amount of deposit needed in a zero balance Account.
- No charges for fund transfer : With your zero balance bank account, you don’t have to pay any charges for any fund transfer. All your transfers can be made absolutely free of cost.
- Free ATM card : You don’t have to pay for your ATM card anymore with an OBC zero balance Account. You can avail the facilities of using an ATM without actually paying for it
- Free cheque book : Along with a free ATM, one can also get a free cheque book with 25 cheque leaves.
- Free from credit restrictions : There is absolutely no restriction on the number of credits from this one account and also no problem of having a maximum balance in the account.
- Free withdrawal : The bank offers 6 free withdrawals for a period of one month. After 6 withdrawals, ₹5 will be charged for every extra w withdrawal.
- No internet banking : The OBC Bank has not yet permitted the usage of internet banking for zero balance accounts.
- Complimentary passbook : A passbook is given at the time of opening a bank account without any charges. This can help to keep a track of the transactions.
- Special benefits by the government : People who are salaried under the PMJDY can also get additional benefits from the government through their bank accounts.
Benefits of OBC zero balance account
- Save money by depositing it into your account as well as earn interest from your money.
- With a zero bank account, you can also issue cheques for payment. There’s no restriction for that.
- Debit cards are issued for free and can be used for purchases and withdrawals.
- People can open their accounts based on occupation, income or status
- There is no restriction on minimum or maximum balance.
Eligibility to open a zero balance Account with OBC
- Nationality : The owner of the account must be a residential indian.
- Occupation : Salaried under Pradhan Mantri Jan Dhan Yojana, Self-employed.
- Must have an identity proof and an address proof
- Issued to beneficiaries of social security schemes of the Indian government
- BPL beneficiaries can avail this benefit.
How to open a zero balance Account?
- Visit your nearest branch of OBC Bank (or Punjab National Bank).
- Enquire about the zero balance Account
- The concerned facility will hand out a bank account detail form.
- Fill it duly, attach the attested copies of your identity and residential proof.
- Submit the form with your signature
- You might need to make a deposit of ₹10
After verification, your account will be shortly opened.
Don’t have a bank account yet ? Visit OBC and with bare minimum balance open a zero balance account and enjoy the amazing banking services.