ESAF Small Finance Bank Zero Balance Savings Account

Last Updated : April 1, 2025, 4:11 p.m.

In the evolving banking landscape of India, zero balance savings accounts have emerged as a powerful tool for financial inclusion. ESAF Small Finance Bank, established with a vision of sustainable and inclusive banking, offers several zero balance account options designed to meet the diverse needs of customers across different segments of society. This comprehensive guide covers everything you need to know about ESAF Small Finance Bank's zero balance savings accounts.

Types of ESAF Small Finance Bank Zero Balance Savings Accounts

ESAF Small Finance Bank offers the following types of zero balance savings accounts :

1. ESAF Lalit Basic Savings Bank Deposit Account (BSBDA) : A no-frills account with basic banking features
2. ESAF PMJDY Account : Account offered under the Pradhan Mantri Jan Dhan Yojana scheme
3. ESAF Krishak Bandhu: Farmers can open and maintain this savings account without needing to keep a minimum balance.

Details of Each Type of Savings Bank Account for ESAF Small Finance Bank

ESAF Basic Savings Bank Deposit Account (BSBDA)

• Zero minimum balance requirement
• RuPay ATM-cum-Debit card provided
• Four free withdrawals per month (including ATM and branch withdrawals)
• Unlimited deposits permitted
• Mobile and internet banking facilities
• Free quarterly account statement
• Passbook facility
• Maximum balance cap not specified
• Free SMS alerts for transactions
• Top savings ESAF Small Finance Bank savings account

ESAF PMJDY Account

• Zero balance account offered under government's financial inclusion program
• RuPay debit card with inbuilt accident insurance cover of ₹2 lakh
• Overdraft facility up to ₹10,000 available after satisfactory operation for 6 months
• Direct Benefit Transfer (DBT) facility for government subsidies
• Life insurance coverage of ₹30,000
• Mobile banking and SMS alert services
• No restrictions on number of deposits
• Inbuilt micro-pension scheme option
• Best savings account for individuals

ESAF Krishak Bandhu

• Zero Balance Account : Farmers can open and maintain this savings account without needing to keep a minimum balance.
• Basic Banking Facilities : It offers standard services like deposits, withdrawals, and a debit card to facilitate easy transactions.
• Farmer-Focused Services : The account is intended to support farmers by providing access to an array of financial products suited to their agricultural needs.

How to Open ESAF Small Finance Bank Zero Balance Savings Account Online?

Follow these steps to open an ESAF Small Finance Bank zero balance savings account online:

1. Visit the official ESAF Small Finance Bank website (www.esafbank.com)
2. Click on the "Open an Account" or "Apply Now" button.
3. Select the type of zero balance savings account you wish to open.
4. Fill in the required personal details (name, date of birth, mobile number, email ID, etc.).
5. Upload scanned copies of required KYC documents.
6. Complete the video KYC process for verification.
7. Receive account confirmation via SMS/email.
8. Download the ESAF Mobile Banking app to start using your account.
9. Receive welcome kit, including passbook and debit card via courier.

How to Open ESAF Small Finance Bank Zero Balance Savings Account Offline?

For those who prefer the traditional route, follow these steps to open an account offline:

1. Visit your nearest ESAF Small Finance Bank branch.
2. Request for the zero balance savings account opening form.
3. Specify the type of zero balance account you wish to open.
4. Fill in the application form with accurate personal information.
5. Submit the form along with required KYC documents.
6. Provide photograph at the branch.
7. Complete biometric verification.
8. Receive account number and temporary passbook immediately.
9. Collect your welcome kit, including permanent passbook and debit card within 7-10 working days.

Documents Needed for ESAF Small Finance Bank Account Opening

Common KYC Documents for All Account Types:

Identity Proof (Any one of the following):

• Aadhaar Card
• PAN Card
• Voter ID Card
• Driving License
• Passport
• NREGA Job Card with photograph

Address Proof (Any one of the following):

• Aadhaar Card
• Passport
• Driving License
• Voter ID Card
• Utility bills (electricity, water, gas) not older than 3 months
• Property tax receipt (not older than 1 year)
• Bank account statement from another bank (not older than 3 months)
• Letter from recognized public authority or public servant

Additional Documents for Specific Account Types:

For ESAF Basic Savings Bank Deposit Account (BSBDA):

• Recent passport-size photograph (2 copies)
• Mobile number (mandatory)
• Email ID (optional but recommended)
• PAN Card or Form 60 (if taxable income)

For ESAF PMJDY Account:

• Recent passport-size photograph
• Self-declaration if address on Aadhaar is different from current residence
• Mobile number (mandatory)

For ESAF Small Account:

• Self-attested photograph
• Signature or thumb impression
• Self-declaration of address

Approved List of ID & Address Proof for ESAF Small Finance Bank Accounts

Identity Proof Documents:

• Aadhaar Card
• PAN Card
• Passport
• Voter's ID Card
• Driving License
• NREGA Job Card with photograph
• Government ID cards
• Photo ID issued by Post Office
• Photo ID issued by recognized educational institutions
• Arms License
• Pensioner Card
• Freedom Fighter Card
• Kissan Passbook with photo

Address Proof Documents:

• Aadhaar Card
• Passport
• Voter ID Card
• Driving License
• Utility bills (not older than 3 months)
• Property/Municipal Tax receipt
• Bank account statement
• Letter from recognized public authority
• Rent Agreement (registered)
• LPG connection bill (not older than 3 months)
• Telephone landline bill (not older than 3 months)
• Post Office Savings Bank passbook
• Kissan Passbook
• Domicile Certificate with communication address

Maximum Limit for ESAF Small Finance Zero Balance Savings Account

However, there are exceptions for the Minors account and Basic Savings Bank Deposit Small account. The maximum balance for the Basic Savings Bank Deposit Small account is Rs.50,000.

UPI Transaction Limit of ESAF Small Finance Bank Zero Balance Savings Account

• Daily Transaction Limit: ₹ 40,000
• Number of Transactions Allowed Per Day: 20
• IPO Limit: ₹ 5,00,000

What is the Withdrawal Limit Per Day of ESAF Small Finance Zero Balance Savings Account?

Conclusion

ESAF Small Finance Bank's zero balance savings accounts offer accessible banking solutions for various segments of society, particularly focusing on financial inclusion and serving the underbanked population. With features like no minimum balance requirements, basic banking services, and simplified documentation processes, these accounts play a significant role in bringing more people into the formal banking system.

Whether you're opening a Basic Savings Bank Deposit Account, a PMJDY account, a Small Account with simplified KYC, or a Children's Account for your child, ESAF Small Finance Bank ensures that essential banking services are available to all without the burden of maintaining a minimum balance.

For more information or to open an account, visit your nearest ESAF Small Finance Bank branch or the official website at www.esafbank.com.